In 1971, a Bank Worker Could Process 265 Checks in 1

question 221

Multiple Choice

In 1971, a bank worker could process 265 checks in 1 hour.Currently, computers with built-in reader-sorter processing capacity have pushed that number above 100,000 checks per hour.Economists describe this type of activity as

• A)exploitation of labor.
• B)an increase in labor productivity.
• C)speed-up.
• D)comparative advantage.
• E)mutual gains from voluntary trade.

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Definitions:

Fraudulent Activity

Intentional deceit or trickery used to gain some unfair or dishonest advantage, often involving financial transactions.

Journalizing

The process of recording business transactions in the accounting journals as part of the accounting cycle.

Ledger

A ledger is a comprehensive collection of accounts where financial transactions are categorized and recorded in a double-entry bookkeeping system.

Journal Entries

Records of financial transactions in the accounting system, documenting the details of transactions and their impact on the accounts.