The Official U-3 Unemployment Rate

question 383

Multiple Choice

The official U-3 unemployment rate

• A) counts discouraged workers as unemployed.
• B) counts people with part-time jobs who want full-time jobs as unemployed.
• C) includes persons without a job, whether they are actively searching for work or not.
• D) includes persons without a job who have made efforts in the last week to find a job.

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Definitions:

LIFO

"Last In, First Out," an inventory valuation method where the most recently produced or purchased items are the first to be expensed.

Cost Flow Assumption

An accounting principle that determines how costs are allocated to inventory and cost of goods sold, examples include FIFO, LIFO, and average cost methods.

Cost of Goods Sold

The immediate expenses related to the creation of products that a company sells.

Merchandise on Credit

Goods that have been sold but not yet paid for, implying that the buyer owes the seller money.