Which of the Following Is NOT True About Technological Progress

question 32

Multiple Choice

Which of the following is NOT true about technological progress?

• A)allow for the production of a larger quantity of goods using the same number of workers
• B)lead to the production of new goods
• C)lead to the disappearance of old goods
• D)cause a reduction in employment in the short run
• E)none of the above

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Definitions:

Forward Buying

Purchasing large quantities of goods when prices are lower to use or sell over time, often to hedge against price increases.

Marginal Subcontracting Cost

The additional cost incurred for outsourcing a unit of production or service beyond the normal capacity.

Layoff Cost

The expenses incurred by a company when reducing its workforce, including severance pay, benefits continuation, and potential legal costs.

Hiring And Training Cost

(new definition) Reflects the financial outlays involved in attracting, selecting, and enhancing the skills of employees to fulfill organizational roles.