Which of the Following Pieces of Information Do You Need

question 229

Multiple Choice

Which of the following pieces of information do you need to calculate the labor force participation rate?
I. the number of employed persons
II. the number of unemployed persons
III. the population
IV. the working age population

• A) I and II
• B) I and III
• C) I, II and III
• D) I, II and IV

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Definitions:

Labor Efficiency Variance

The difference between the actual labor hours taken to produce something and the standard labor hours expected, multiplied by the labor rate.

Direct Labor

The wages and salaries for workers who are directly involved in the production of goods.

Raw Materials

The basic materials and substances used in the initial stages of production to manufacture goods.

Standard Costs

Predicted costs associated with manufacturing or providing a service, used for budgetary control and performance analysis.