Which of the Following Statements Is Incorrect

question 20

Multiple Choice

Which of the following statements is incorrect?

• A)​Demand and supply curves for labor are constantly shifting.
• B)​The typical unemployment compensation in the United States is one's full salary for up to 26 weeks.
• C)​Unemployment compensation decreases the opportunity cost of being unemployed to a worker.
• D)​Unemployment compensation encourages longer job searches, which may lead to a better match between jobs and employees.

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Definitions:

Equivalent Units

A concept in cost accounting used to express the amount of materials or labor in terms of fully completed units.

Conversion Costs

The combination of direct labor costs and manufacturing overhead costs that are incurred to convert raw materials into finished products.

Process Cost System

An accounting methodology used for homogenous products that accumulates costs in each process or department and assigns them to units of product evenly.

Production Cost Reports

Documents summarizing the costs associated with production processes, including materials, labor, and overhead.