Which of the Following Definitions Is Correct

question 146

Multiple Choice

Which of the following definitions is correct?

• A)Labor force = number of employed.
• B)Labor force = population - number of unemployed.
• C)Unemployment Rate = (number of unemployed ÷ [number of employed + number of unemployed]) × 100.
• D)Unemployment Rate = (number of unemployed ÷ adult population) × 100.

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Definitions:

Direct Cost

Expenses that can be directly traced to the production of specific goods or services, such as raw materials and labor.

Indirect Cost

Costs associated with operations that cannot be directly linked to a specific product, service, or project (e.g., utilities, rent, and managerial salaries).

Period Cost

Expenses not directly tied to the production of goods, thereby charged to the accounting period in which they occur.

Product Cost

Costs that are incurred to acquire or manufacture a product, including direct materials, direct labor, and manufacturing overhead.