Structural Unemployment

question 87

Multiple Choice

Structural unemployment

• A) is also known as frictional unemployment.
• B) is the main component of cyclical unemployment.
• C) is said to occur when people are waiting to be called back to previous jobs.
• D) may involve a locational mismatch between unemployed workers and job openings.

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Definitions:

Process Costing

An accounting method typically used in manufacturing, where costs are assigned to batches or processes, useful for products that are indistinguishable from each other.

Conversion Costs

The sum of direct labor and manufacturing overhead costs, representing the costs to convert raw materials into finished goods.

Process Costing

A costing method used for homogenous products, where costs are accumulated throughout the production process.

Weighted-Average Method

A costing method that calculates the cost of goods sold based on the average cost of all similar items in inventory.