One of the Important Elements for a Successful Technological Innovation

question 29

Multiple Choice

One of the important elements for a successful technological innovation is that it

• A) be relatively expensive to adapt to existing needs, creating monopoly profits.
• B) reflect a comprehension of market realities and be encouraged by market forces.
• C) is derived from technological development taking place outside the country.
• D) lead to at least a doubling of an existing capital-output ratio.
• E) lower output per person per hour, thus raising labor productivity.

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Definitions:

Equipment

Equipment refers to the tools, machinery, and other durable assets used by a company in its operations.

Supplies

Supplies are consumable items used in the daily operations of a business, such as office or cleaning materials, that are not resold to customers.

Petty Cash

A small amount of cash on hand used for minor, incidental expenses of a business.

Petty Cash Fund

A small amount of cash kept on hand for making minor payments.