Closely Watched Indicators Such as the Inflation Rate and Unemployment

question 109

Multiple Choice

Closely watched indicators such as the inflation rate and unemployment are released each month by the

• A)Bureau of the Budget.
• B)Bureau of Labor Statistics.
• C)Department of the Treasury.
• D)President's Council of Economic Advisors.

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Definitions:

Idle Capacity

Unused or underutilized resources within a business, often indicating inefficiency, where machinery, space, or labor is not being employed to full capacity.

Variable Overhead Cost

Costs that vary with the level of production output, such as supplies and utilities for manufacture.

Variable Costing

An accounting method that includes only variable production costs (direct materials, direct labor, and variable manufacturing overhead) in the cost of goods sold, excluding fixed overhead costs.

Absorption Costing

A cost accounting method that includes all manufacturing costs - direct materials, direct labor, and both variable and fixed overhead - as part of the cost of a finished product.