During the Off Season, a Fruit Picker Did Not Work

question 11

Multiple Choice

During the off season, a fruit picker did not work, so he should be considered:

• A) cyclically unemployed.
• B) frictionally unemployed.
• C) structurally unemployed.
• D) seasonally unemployed.
• E) naturally unemployed.

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Definitions:

Net Income

Net income is the total profit of a company after all expenses, taxes, and costs have been deducted from total revenue.

Cost of Goods Sold

The immediate expenses associated with manufacturing the products a company sells, encompassing both materials and labor costs.

Collections

The process of receiving payment on accounts receivable or the amounts collected.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including the cost of the materials and labor directly used to create the product.