Consider a Small Economy Where Factor Supply Is 4000 Units

question 53

Multiple Choice

Consider a small economy where factor supply is 4000 units, the factor utilization rate is 0.8 and a simple measure of productivity (GDP per factor employed) is $50. This economy's GDP is

• A)$200 000
• B)$320 000
• C)$160 000
• D)$40 000
• E)$500 000

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Definitions:

Top-down Change

What occurs when change initiatives come from senior management.

Incremental Change

Gradual, step-by-step modifications or improvements made to processes, systems, or products over time, rather than dramatic or radical transformations.

Outside-in Change

An approach to change management that starts with external market or environmental sentiments and trends, then works inward to adjust organizational strategies, structures, and processes.

Inside-out Change

Transformation initiated from within an organization or individual, focusing on internal improvements or developments to effect external outcomes.