Last Year,a Government Reported an Increase in the Number of People

question 3

Multiple Choice

Last year,a government reported an increase in the number of people who were employed and an increase in the unemployment rate.Which of the following would best explain the report?

• A)There was an increase in labour force.
• B)There was a decrease in labour force.
• C)There was an increase in adult population.
• D)There was a decrease in adult population.

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Definitions:

Cost of Goods Sold

Costs directly tied to the creation of products sold by a business, covering materials, labor, and factory overhead.

Balance Sheet

A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, providing insight into its financial position.

Spreadsheet

A digital worksheet or a software application that allows for the organization, analysis, and storage of data in tabular form.

Job-Order Costing

An accounting method that assigns costs to specific batches or job orders, making it possible to track the financial inputs and outputs of individual jobs.