In a Country with a Working-Age Population of 22 Million,16

question 64

Multiple Choice

In a country with a working-age population of 22 million,16 million are employed,2 million are unemployed,and 1 million of the employed are working part-time,half of whom wish to work full-time.The employment-to-population ratio is

• A)72.7 percent.
• B)65 percent.
• C)75.5 percent.
• D)57.5 percent.
• E)none of the above.

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Definitions:

Direct Labor Cost

The wages or salaries directly attributable to the production of goods or services, excluding indirect costs such as supervision and maintenance.

Overhead Applied

Refers to the allocation of indirect costs to specific cost objects, such as products or services, based on a predetermined rate or basis.

Direct Labor-Hours

The total hours of labor directly involved in the manufacturing process, used as a basis for allocating manufacturing overhead to products.

Departmental Predetermined Overhead Rates

The estimated overhead rates assigned to different departments within a company, used for more accurate product costing.