A Person Who Is Not Employed and Claims to Be

question 37

Multiple Choice

A person who is not employed and claims to be trying hard to find a job but really is not trying hard to find a job

• A)is counted as out of the labor force but should be counted as unemployed.
• B)is counted as unemployed but should be counted as out of the labor force.
• C)is correctly counted as out of the labor force.
• D)is correctly counted as unemployed.

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Definitions:

Equivalent Units

Equivalent units are a concept in process costing that represents the amount of work done on a product in terms of fully completed units, used to allocate costs in manufacturing.

Production Cost

Production cost is the total expense incurred in the process of creating goods or services, including raw materials, labor, and overhead costs.

Conversion Costs

Refers to the combined costs of direct labor and manufacturing overheads that are incurred to convert raw materials into finished goods.

Manufacturing Costs

Costs that are directly associated with the manufacturing of products, including raw materials, workforce expenses, and indirect costs.