Which of the Following Is NOT Included in the Working-Age

question 88

Multiple Choice

Which of the following is NOT included in the working-age population?

• A)discouraged workers
• B)involuntary part-time workers
• C)retired workers
• D)students over the age of 15
• E)All of the above are included in the working-age population.

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Definitions:

Actual Labour Hours

The real amount of labor time spent by employees on the production of goods or provision of services.

Standard Labour Rate

The pre-determined cost per unit of labor time, used in calculating labor expenses in manufacturing.

Variable Manufacturing Overhead

Variable manufacturing overhead includes all manufacturing costs that vary with the level of production, such as utilities or materials needed in the production process.