The Total Labour Force Is Comprised of

question 6

Multiple Choice

The total labour force is comprised of

• A)the unemployed and the employed.
• B)only the employed.
• C)all individuals over 16 years of age,whether or not they work or are seeking work.
• D)only full-time employed individuals between the ages of 18 and 55.

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Definitions:

Overall

Pertaining to the total, aggregate, or general effect, situation, or assessment.

Absorption Costing

In this accounting method, the complete cost of manufacturing a product, taking into account direct materials, direct labor, along with variable and fixed overheads, is included in the product's price.

Variable Costing

An accounting method that includes only variable production costs (direct materials, direct labor, and variable manufacturing overhead) in product cost calculations, excluding fixed overhead.

Unit Product Cost

The total cost (both fixed and variable) to produce a unit of product, often used in pricing and decision-making processes.