Before ATMs, the Average Bank Branch Employed 20 Employees; After

question 206

Multiple Choice

Before ATMs, the average bank branch employed 20 employees; after ATMs, the average branch employed 13 employees, but banks have opened more branches. These developments suggest that

• A)ATMs are purely substitutes for labor in banking.
• B)labor and ATMs are substitutes in some bank functions, complements in others.
• C)ATMs are purely complements for labor in banking.
• D)labor and ATMs are neither substitutes nor complements in banks' various functions.

Understand how committed fixed costs behave in the short run and their impact on cost management.

Understand the different classifications of costs including direct and indirect costs, and their implications on financial statements.

Distinguish between product costs (manufacturing costs) and period costs.

Identify specific examples of direct materials, direct labor, and manufacturing overhead.

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Definitions:

Machine Learning

A subset of artificial intelligence (AI) that enables systems to learn, improve from experience, and make decisions with minimal human intervention.

Fine Motor Skills

The coordination of small muscles in movements, typically involving synchronization of hands and fingers with the eyes.

Augmented Reality

A technology that superimposes digital information and images onto the physical world, enhancing the user's perception of reality.

3-D Holograms

Three-dimensional images produced by the interaction of laser beams, creating a visual representation that appears to float in space.