Improvements in Inventory Control Represent a Positive Technological Change Because

question 279

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. Wal-Mart has been a pioneer in using inventory control systems to 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

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Definitions:

Cashier's Check

A check guaranteed by a bank, drawn on the bank's own funds and signed by a cashier, often used for significant transactions where the payment needs to be secure.

Keys

Objects that are used to operate locks, typically to secure doors, gates, or other secured entities.

Unconscionability

A legal doctrine that describes terms that are so unjust or overwhelmingly one-sided in favor of the party with more power.

Immigrant

A person who comes to live permanently in a foreign country.