If a Country's Labour Force Is 15 Million People,and 1

question 16

Multiple Choice

If a country's labour force is 15 million people,and 1 million of those are unemployed,the country's unemployment rate is

• A)2.5%.
• B)3.3%.
• C)4.5%.
• D)6.7%.
• E)7.1%.

---

Definitions:

Work in Process Inventory

Products that are in the manufacturing process but are not yet complete, considered a current asset on the balance sheet.

Gross Profit

The difference between sales revenue and the cost of goods sold, before deducting overheads, taxes, and interest payments.

Operating Expenses

Costs related to the day-to-day functions of a business outside of direct production costs, such as rent, salaries, and utilities.

Direct Materials

Raw materials that are directly traceable to the manufacturing of a product and considered variable costs.