High Value-Added Per Employee Is Associated with

question 26

Multiple Choice

High value-added per employee is associated with

• A) "high-tech," capital intensive industries.
• B) "low-tech," labor intensive industries.
• C) the shoe industry in 1860.
• D) the use of unskilled labor.

Explain the impact of technology, like ATMs, on resource demand and employment.

Understand the concept of least-costly and profit-maximizing combinations of resources and their impact on profits.

Recognize how elasticity of resource demand is measured and the factors that affect it.

Differentiate between derived demands for labor and other types of resource demands.

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Definitions:

Major Union Victory

A significant battle or campaign won by the Union forces during the American Civil War, often turning the tide in favor of the North.

Richmond

is the capital city of Virginia, United States, known for its historical significance during the Civil War as the capital of the Confederacy.

General Butler

Benjamin Franklin Butler, a controversial Union general during the American Civil War, known for his strong enforcement of policies in the territories he commanded.

Runaway Slaves

Refers to slaves who escaped from their enslavers in search of freedom or to join abolitionist territories or movements.