Which of the Following Is an Example of Something Economists

question 318

Multiple Choice

Which of the following is an example of something economists study?

• A) Kate chooses to work overtime to earn extra income for her family.
• B) Ryan sells his economics textbook from last semester to his roommate for half the price of a new textbook.
• C) The unemployment rate in the United States is at its highest level in over fifty years.
• D) All of the above are correct.

Understand the concept of job-order costing system and its application in manufacturing.

Calculate direct labor cost from given manufacturing overhead cost and predetermined overhead rates.

Determine the total cost of a job using job cost sheet data, including material, labor, and applied overhead.

Compute predetermined overhead rates based on estimates of total manufacturing overhead and activity base.

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Definitions:

FICA

Federal Insurance Contributions Act; a U.S. law that requires a payroll tax on both employees and employers to fund Social Security and Medicare.

Unemployment Taxes

Taxes imposed on employers by the government to fund unemployment insurance programs.

Taxable Wage Base

The maximum amount of an employee's earnings that are subject to certain taxes, such as Social Security tax, within a given tax year.

Employer's Portion

The part of employment taxes and benefits that the employer is responsible for paying, separate from employee withholdings.