Consider Two People Who Are Currently Out of Work

question 230

Multiple Choice

Consider two people who are currently out of work. Tim is not looking for work because there have been many job cuts where he lives, and he doesn't think it likely that he will find work. Bev is not currently looking for work, but she would like a job, and she has looked for work in the past. The Bureau of Labor Statistics considers

• A)both Tim and Bev to be marginally attached workers.
• B)neither Tim nor Bev to be marginally attached workers.
• C)only Tim to be a marginally attached worker.
• D)only Bev to be a marginally attached worker.

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Definitions:

FIFO Method

An inventory valuation technique where the first items placed in inventory are the first ones sold, standing for "First In, First Out."

Equivalent Unit

A concept in cost accounting used to allocate costs to partially completed units of product, treating them as an equivalent of a proportionate number of fully completed units.

Direct Materials

Raw materials directly used in the production of a product, easily traceable to the finished product.

Weighted Average Method

An inventory valuation method that calculates the cost of goods sold and ending inventory based on the average cost of all similar items in inventory.