In 1971, a bank worker could process 265 checks in 1 hour. Currently, computers with built-in reader-sorter processing capacity have pushed that number above 100,000 checks per hour. Economists describe this type of activity as
a. exploitation of labor.
b. an increase in labor productivity.
c. speed-up.
d. comparative advantage.
e. mutual gains from voluntary trade.
b
You might also like to view...
The income effect of a price increase for a Giffen good outweighs the substitution effect
Indicate whether the statement is true or false
The credit spread between government bonds and corporate bonds is ________
A) countercyclical and coincident B) procyclical and coincident C) procyclical and lagging D) countercyclical and leading E) acyclical
In a nation with a market economy, workers are free to:
a. choose their employer b. set their salary or wage c. take office supplies home d. take as many paid vacation days as they want.
Since 1976 our merchandise balance of trade has been ____ and our services balance of trade has been _____.
A. positive; positive B. negative; negative C. negative; positive D. positive; negative