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Data for an Economy Show That the Unemployment Rate Is

question 102

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Data for an economy show that the unemployment rate is 10%,the participation rate is 80%,and 200 million people 15 years or older are not in the labour force.How many people are employed in this economy?

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Definitions:

Direct Materials

Raw materials and components used in the manufacturing process that are directly incorporated into the final product.

Direct Labor-Hours

Represents the total hours worked by employees directly involved in the manufacturing process.

Variable Overhead

Costs that fluctuate with production volume, such as utilities and raw materials, contrasting with fixed overhead costs.

Direct Materials

The raw materials that are directly traceable to the manufacturing of a product and included in the cost of the product.

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