In the Middle of 2009 __________;By February 2010 __________

question 19

Multiple Choice

In the middle of 2009 __________;by February 2010 __________.

• A)over 8 million jobs were lost;short-run output bottomed out at over -6 percent
• B)short-run output bottomed out at over -6 percent;over 8 million jobs were lost
• C)inflation was 5 percent;the unemployment rate was 12 percent
• D)the federal funds rate was 5 percent;it had fallen to 1 percent
• E)unemployment fell to 8 percent;home sales were rising steadily

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Definitions:

Equivalent Units

A concept used in cost accounting to convert partially completed goods into a number of complete units for inventory accounting purposes.

Cost Of Production Report

A document detailing the total cost incurred during the production of goods, including material, labor, and overhead expenses.

Work In Process

Inventory that is in the production process and is not yet complete; it includes raw materials, labor, and overhead costs incurred for products that are at various stages of production.

Direct Materials

Raw materials that are directly used in the production of a product and can be easily traced to the finished product.