Table 20-1 Consider the Data Above for a Simple Economy

question 52

Multiple Choice

Table 20-1
Consider the data above for a simple economy.
-Refer to Table 20-1. The labor force participation rate for this simple economy equals

• A) (1,000/1,100) × 100.
• B) (1,000/15,000) × 100.
• C) (1,100/15,000) × 100.
• D) (1,100/20,000) × 100.

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Definitions:

Credit

An accounting entry that increases liabilities or equity, or decreases an asset or expense account, on a company's balance sheet.

Posting Reference

An identifier used in journals and ledgers to link transactions, facilitating tracking and cross-referencing between the two records.

Two-Column Journal

A financial journal that has a simple format with only a debit and a credit column for recording transactions.

Transactions

Transactions involve the exchange of goods, services, or funds between two or more parties, forming the basic activities recorded in accounting.