The Highest Unemployment Rate in Recent Australian History Was About

question 26

Multiple Choice

The highest unemployment rate in recent Australian history was about

• A) 7 per cent in 2001.
• B) 11.1 per cent in 1992.
• C) 10.2 per cent in 2009.
• D) 16.2 per cent in 1982.
• E) 4 per cent in 2008.

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Definitions:

Variable Manufacturing Overhead

The portion of manufacturing overhead costs that varies with production volume.

Opportunity Cost

The value of the best alternative foregone as a result of making a decision, representing the benefit that could have been gained from the next best choice.

Fixed Manufacturing Cost

This refers to the consistent expenses incurred by a company for its manufacturing operations, excluding variable costs; it includes costs like rent, salaries of permanent staff, and depreciation of factory equipment.

Variable Manufacturing Cost

Costs that vary directly with the level of production output, such as raw materials and direct labor.