Average Labour Productivity

question 56

Multiple Choice

Average labour productivity

• A)is more variable than real GDP.
• B)is procyclical.
• C)is about as variable as investment.
• D)is a leading economic variable.
• E)is a lagging economic variable.

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Definitions:

Work in Process

Partially finished goods that are in the process of being converted into final products in manufacturing.

Equivalent Unit

A measure used in cost accounting to represent the amount of work done on partial units of output, making it possible to calculate costs in process costing systems.

Process Costing

A costing method used for homogenous products, where costs are accumulated for a continuous process and then assigned to units of output.

Conversion Costs

The sum of direct labor and manufacturing overhead costs, representing expenses to convert raw materials into finished products.