The Effects of Unionization on Wages in the Sectors of the Economy

question 46

Multiple Choice

The effects of unionization on wages in the sectors of the economy that are unionized causes the supply of labor in other sectors of the economy to

• A)decrease,raising wages in industries that are not unionized.
• B)decrease,reducing wages in industries that are not unionized.
• C)increase,raising wages in industries that are not unionized.
• D)increase,reducing wages in industries that are not unionized.

Account for the purchase, use, and requisition of raw materials in manufacturing.

Differentiate between direct and indirect labor costs and their impact on product cost.

Close out overapplied or underapplied manufacturing overhead to the appropriate accounts.

Record transactions involving the transfer of costs from Work in Process to Finished Goods and from Finished Goods to Cost of Goods Sold.

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Definitions:

Guaranteed

A commitment or assurance, often by a third party, that certain conditions will be fulfilled, including payments or the performance of contractual obligations.

Interest Rate

The rate at which a portion of money is applied as a fee for its loan, commonly expressed per annum.

Present Value

The calculated present value of future monetary sums or cash flow series, with a defined rate of return.

Invest

The process of investing funds or assets in a project with the aim of earning extra income or gains.