An Example of the Frictionally Unemployed Is A(n)

question 7

Multiple Choice

An example of the frictionally unemployed is a(n) :

• A) autoworker who is temporarily laid off because of a decline in sales.
• B) geologist who is permanently laid off from an oil company because of a technological advance.
• C) worker at a fast-food restaurant who quits work and attends college.
• D) real estate agent who leaves a job in Texas and searches for a similar, higher-paying job in California.

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Definitions:

Moving-Average Method

The Moving-Average Method is an inventory costing method that averages the costs of inventory over time to determine the value of sold and remaining stock.

Perpetual Inventory System

An inventory control method that records the sale or purchase of inventory in real-time through the use of computerized systems.

Work In Process

A classification of inventory for items that are in the process of being produced but are not yet completed.

Retail Inventory Method

An accounting approach used by retailers to estimate inventory cost by calculating a cost to retail price ratio and applying it to the ending inventory at retail prices.