An Entity Where Professional Labour Is $60 000 and All

question 45

Multiple Choice

An entity where professional labour is $60 000 and all other costs are $24 000, has a predetermined overhead rate per labour dollar of:

• A) $2.50.
• B) $0.45.
• C) $0.40.
• D) $0.50.

Recognize the role and calculation of the consumer price index (CPI) in measuring inflation.

Identify factors that cause shifts in real GDP and nominal GDP across different time periods.

Apply knowledge of economic indicators to assess the health and trends in an economy.

Learn how to calculate changes in price levels and inflation rates between different years.

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Definitions:

Economic Development

The process of improving the economic well-being and quality of life for a community, by increasing jobs and wealth and creating a stable economic base.

Vitality of the Economy

An indication of how dynamic, robust, and prosperous an economy is, often measured by factors like growth rates, employment levels, and innovation.

Megacity

A metropolitan area with a total population in excess of ten million people.

Customer Service

The support and assistance provided by a company to the people who buy or use its products or services.