Table 6.1 Employment Status of the Working Age

question 92

Multiple Choice

Table 6.1
Employment status of the working age
population of Metropolis is approximately:

-Suppose that 50 percent of the part-time workers of Metropolis are looking for full-time jobs. Given the data in Table 6.1, if these workers were counted as not employed and looking for work, the unemployment rate of Metropolis would be approximately

• A) 6 percent.
• B) 13 percent.
• C) 16 percent.
• D) 21 percent.

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Definitions:

Uncertainty

The state of having limited knowledge where it is impossible to exactly describe existing state or future outcomes, often affecting decision-making processes.

Budgeted Profit and Loss Statement

A financial statement forecasting the revenue, expenses, and profit for a future period, based on management's estimates.

Operating Expenses

Ongoing expenses for operating a business, excluding the cost of goods sold but including costs like rent, utilities, and payroll.

Budgetary Slack

The practice of underestimating revenues or overestimating costs when preparing a budget, to create a buffer that makes budget targets easier to achieve.