A Manager Has Just Replaced Three Workers with a Machine

question 38

Multiple Choice

A manager has just replaced three workers with a machine that is cheaper to operate than the cost of the three replaced workers. Output is expected to remain the same. Which of the following is true?

• A) labor productivity will decrease
• B) machine productivity will increase
• C) multifactor productivity will decrease
• D) multifactor productivity will increase
• E) the value of output will decrease

Grasp the implications of joint and several liability in commercial contracts.

Learn the defenses available to sureties and guarantors in the event of a default.

Understand the concept of being "judgment-proof" in the context of debt obligations.

Recognize the risks associated with different types of credit transactions from the perspective of creditors.

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Definitions:

Intellectual Skills

Abilities related to thinking, reasoning, problem-solving, and learning.

Qualitative

Pertains to research or data that focuses on descriptions and characteristics that are observed but not measured.

Quantitative

Involving the measurement or assessment of quantities; relating to, measuring, or measured by the quantity of something.

Preoperational

The stage in Piaget's theory of cognitive development, occurring approximately from ages 2 to 7, characterized by the development of language and symbolic thinking but not yet capable of logical problem-solving.