Which of the Following Best Defines the Labour Force

question 161

Multiple Choice

Which of the following best defines the labour force?

• A) the number of employed
• B) the population minus the number of unemployed
• C) the population aged 15 or over
• D) the number of unemployed plus the number of employed

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Definitions:

Estimated Cost

An approximation of the cost for goods or services based on available information, used for budgeting and planning purposes.

Lower of Cost or Market

An accounting principle that requires inventory to be reported at the lower value between its original cost and current market price.

Retail Inventory Method

A technique used by retailers to value inventory based on the retail price of goods, adjusted for sales and inventory changes.

FIFO Method

"First In, First Out" is an inventory valuation method where goods are sold or used in the order in which they are acquired.