Premium Essay

Lyn Tilton

In: Business and Management

Submitted By stewarc
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Pages 13
Exercise 8 Solution Chapter 10 Technology, Production, and Costs 10.1 Technology: An Economic Definition 1) A firm has successfully adopted a positive technological change when A) it can produce more output using the same inputs. B) it produces less pollution in its production process. C) can pay its workers less yet increase its output. D) it sees an increase in worker productivity. Answer: A Comment: Recurring Diff: 2 Page Ref: 326/326 Topic: Technological Change Objective: LO1: Define technology and give examples of technological change. AACSB: Reflective Thinking Special Feature: None 2) Which of the following is an example of market "production", as used by economist? A) Garvey takes out a low-cost government loan to start his pet-sitting business. B) Heidi makes a pizza for her family's dinner. C) Katrina works as a cashier at the local produce stand. D) The theatre and film studies department in Fine Art's College stages a play at the local theatre. Answer: D Comment: Recurring Diff: 1 Page Ref: 326/326 Topic: Technology Objective: LO1: Define technology and give examples of technological change. AACSB: Reflective Thinking Special Feature: None 3) A firm increased its production and sales because the firm's manager rearranged the layout of his factory floor. This is an example of A) investment in human capital. B) economies of scale. C) positive technological change. D) inspired management. Answer: C Comment: Recurring Diff: 1 Page Ref: 326/326 Topic: Technological Change Objective: LO1: Define technology and give examples of technological change. AACSB: Reflective Thinking Special Feature: None 4) Which of the following is an example of positive technological change? A) A firm offers workers a

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