A Rise in the Average Productivity of Labor

question 1

Multiple Choice

A rise in the average productivity of labor

• A)always reflects technical progress.
• B)reflects technical progress if other input usage hasn't changed.
• C)reflects technical progress only if labor input hasn't changed.
• D)reflects technical progress only if the quantity of output is increased.

Understand the integration of areas in supply chain management.

Identify typical value chain support activities.

Know the definition and importance of value creation.

Understand the objectives and components of value chain management.

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Definitions:

Increasing Returns to Scale

A situation in production where an increase in the quantity of inputs leads to a proportionally larger increase in output.

Comparative Advantage

The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than competitors.

Geegaws

Decorative trinkets or gadgets that are often considered unnecessary or superficial.

Doodads

Non-essential, often whimsical objects that serve as decorative items or gadgets with no critical function.