In the 1970s, Alternate Channels Like Bank Machines (ATMs) Allowed

question 54

Multiple Choice

In the 1970s, alternate channels like bank machines (ATMs) allowed banks to reduce their

• A) advertising costs.
• B) personal selling costs.
• C) cost to serve the customer.
• D) media costs.
• E) product development costs.

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Definitions:

Technology Available

Refers to the tools, devices, systems, and solutions that are currently accessible and can be used to resolve problems, improve efficiency, or enhance quality of life.

Labor Productivity

The measurement of economic output created per unit of labor input.

Productivity Of Labor

The measure of the output produced per unit of labor; an increase in labor productivity typically means more output is produced with the same amount of labor.

Total Real Output

The total value of all goods and services produced within a country adjusted for inflation or deflation.