Improvements in Inventory Control Represent a Positive Technological Change Because

question 40

Multiple Choice

Improvements in inventory control represent a positive technological change because they allow firms to produce the same output with fewer inputs.In recent years, many firms have adopted an inventory system in which firms accept shipments from suppliers as close as possible to the time they will be needed.Magna International has been a pioneer in using inventory control systems to adopt this in its stores.This type of inventory system is called a ________ inventory system.

• A)first-in-first-out
• B)cash-and-carry
• C)just-in-time
• D)buy-now-pay-later

---

Definitions:

Troughs

The low points in the economic cycle, characterized by reduced economic activity and lower levels of production and employment.

Unanticipated Inflation

A rate of inflation that is either higher or lower than expected.

Creditors and Debtors

Creditors are entities or individuals to whom money is owed, while debtors are those who owe money to another party.

Unemployed

The state of being without a paid job despite actively seeking work.