The Increase in the Average Unemployment Rate in the 1970s

question 117

Multiple Choice

The increase in the average unemployment rate in the 1970s was the result of

• A)the reduction of overly generous unemployment benefits in the 1970s.
• B)repeated increases in the minimum wage.
• C)an increase in the birth rate in the early 1970s.
• D)higher real wage rates.
• E)an increase in the birth rate in the late 1940s and early 1950s.

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Definitions:

Materials Price Variance

The variance between the standard cost and the actual expense of materials, calculated by multiplying the actual volume of materials utilized.

Total Labor Variance

A metric that measures the difference between the actual cost of labor and the standard or budgeted cost.

Materials Quantity Variance

This refers to the difference between the expected amount of materials needed for production and the actual amount used, which can impact manufacturing costs.

Predetermined Overhead Rate

A calculated rate used to allocate manufacturing overhead costs to products or job orders, based on a specific activity basis.