Capital, Labor, and Natural Resources Combine to Produce Goods and Services

question 20

Multiple Choice

Capital, labor, and natural resources combine to produce goods and services. Which of the following will not lead to an increase in the ability of an economy to produce goods and services?

• A) increased training for workers
• B) establishing a more productive technology
• C) new government restrictions on which technologies may be used to produce goods and services
• D) discovery of new oil reserves

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Definitions:

Predicted Effects

Refers to the anticipated or forecasted impacts of a particular decision, action, or event on certain variables.

Queue Time

refers to the duration that items or tasks spend waiting in line to be processed, which can impact the efficiency and throughput of operations.

Non-Value-Added Time

Time spent in production that does not directly add value to the product or service, often targeted for reduction in process improvement initiatives.

Balanced Scorecard

A strategic planning and management system used to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organizational performance against strategic goals.