Cyclical Unemployment Occurs When

question 253

Multiple Choice

Cyclical unemployment occurs when

• A) individuals enter into the labor market making the rounds of potential employers.
• B) individuals with skills no longer valued in the labor market cannot find employment.
• C) individuals give up the search for employment.
• D) a business cycle recession decreases employment.

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Definitions:

Operations

The day-to-day activities required for the continued functioning of a business, focusing on producing goods or providing services.

Weighted-Average Method

An inventory costing method that assigns the same cost to each unit, calculated as the total cost of goods available for sale divided by the total units available.

Process Costing

A method of costing used for homogenous products, where costs are accumulated over a period and assigned to units of output on an average basis.

Conversion Costs

The total cost of direct labor and overhead incurred in the process of converting raw materials into finished goods.