If the Unemployment Rate Is 10 Percent and the Number

question 93

Multiple Choice

If the unemployment rate is 10 percent and the number of employed is 20 million, then the labour force equals _____ million.

• A)20.2
• B)30.4
• C)18.8
• D)22.2

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Definitions:

FIFO Method

An inventory valuation method where the first items placed in inventory are the first sold, standing for First-In, First-Out.

Average-Cost Method

An inventory valuation method that determines the cost of goods sold and ending inventory value by computing the average cost of all similar items.

Ending Inventory

The value of goods available for sale at the end of an accounting period, after accounting for purchases and sales.

Merchandise Inventory

Merchandise inventory refers to the goods available for sale to customers, which are considered current assets on a company's balance sheet.