If the Population of a Country Is 1,000,000 People,its Labor

question 56

Multiple Choice

If the population of a country is 1,000,000 people,its labor force consists of 500,000,and 40,000 people are unemployed,the unemployment rate is:

• A) 50.0 percent.
• B) 8.0 percent.
• C) 7.4 percent.
• D) 4.0 percent

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Definitions:

Direct Labor Cost

The total expense a company incurs for employees who work directly on the manufacturing or production of products.

Variable Costing

An accounting method that only allocates variable costs to inventory, treating fixed costs as expenses of the period.

Unit Product Cost

The total cost (direct materials, direct labor, and manufacturing overhead) divided by the number of units produced, representing the cost per individual unit.

Direct Labor Cost

Wages that are paid to workers who are directly involved in the production of goods or services.