If There Were No Factors Keeping Wages from Reaching Equilibrium

question 18

Multiple Choice

If there were no factors keeping wages from reaching equilibrium then there would be no

• A)cyclical unemployment.
• B)frictional unemployment.
• C)structural unemployment.
• D)natural rate of unemployment.

Distinguish between different types of corporations (e.g., S corporation, close corporation) and their unique characteristics.

Describe the conceptual and practical distinctions between partnerships, limited liability companies (LLCs), and corporations.

Identify the requirements and legal status for corporations to be recognized as de jure, de facto, or by estoppel.

Explain the corporate citizenship concept and its implications for where a corporation can legally operate.

---

Definitions:

Overhead Applied

The portion of manufacturing overhead costs allocated to individual products or job orders based on a predetermined overhead rate.

Products

Goods or commodities that are manufactured or refined for sale.

Variable Overhead Efficiency Variance

The difference between actual hours taken to produce something and the standard hours expected, multiplied by the variable overhead rate.

Budget Variance

The difference between the budgeted or planned amount of expense or revenue, and the actual amount incurred or received.