Long-Term Growth in Production Can Be Explained by _____

question 45

Multiple Choice

Long-term growth in production can be explained by _____

• A) an improvement in the quality of resources available.
• B) the same level of technology and know-how.
• C) a rapid and accelerating increase in the price level.
• D) a trade surplus that leads to the accumulation of gold.
• E) the peaks and troughs of economic fluctuations.

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Definitions:

Minimum Wage

The lowest legal hourly pay for workers, set by government regulation.

Scientific Management

An early management theory that emphasizes the use of scientific methods to determine the most efficient ways to work, enhance productivity, and reduce waste.

Frederick Taylor

An engineer who is considered the father of scientific management, emphasizing efficiency, systematic management, and task specialization.

Scientific Management

A management theory developed by F.W. Taylor that emphasizes efficiency and productivity through the measurement, and analysis of workflow.