Which of the Following Is an Example of Frictional Unemployment

question 9

Multiple Choice

Which of the following is an example of frictional unemployment?

• A) An autoworker is temporarily laid off from an automobile company due to a decline in sales
• B) A geologist is permanently laid off from an oil company due to a new technological advancement
• C) A worker at a fast-food restaurant quits work to attend college
• D) A real estate agent leaves a job in Texas and searches for a similar, higher paying job in California

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Definitions:

Budgeted Sales Price

Projected price at which a product is expected to be sold, used in financial planning and analysis.

Standard Costs

Pre-determined or estimated costs to perform an operation, produce a product, or offer a service, used as a basis for pricing and budgetary control.

Work In Process Inventory

Items that are partially completed in a manufacturing process but are not yet finished goods.

Standard Control Account

An account used to monitor variances between actual costs and standard (expected) costs within an accounting period.