Which Statement Provides a Correct Match of Work Activity and the Nature

question 125

Multiple Choice

Which statement provides a correct match of work activity and the nature of the underlying technology?

• A) Automobile assembly at General Motors - small-batch production
• B) Automated chemical plants - continuous-process production
• C) Custom furniture restoration - mass production
• D) Oil refineries - mass production
• E) Steel mills - small-batch production

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Definitions:

Relative Efficiency

A measure of how effectively an entity (such as a firm or economy) utilizes its resources compared to another, often used to identify opportunities for improvement.

Absolute Efficiency

A state where resources are allocated in the most effective way possible, achieving maximum output with given inputs.

Natural Endowment

Resources found in nature that have economic value or utility, such as minerals, forests, and water.

Merchandise Trade Deficit

A situation where a country's imports of goods exceed its exports of goods, leading to a negative balance of trade.