To improve package delivery, one change UPS made involved improvements in how packages were routed. The firm started using more detailed maps to plan the routes for packages
As a result, the typical delivery driver could travel several miles less per day while delivering more packages. Which of the following statements best describes this change at UPS?
A) The firm is able to produce more output (deliver more packages) using the same number of inputs (trucks and drivers). Therefore, UPS has implemented a positive technological change.
B) Technological change refers only to the introduction of new products or improvements to existing products. As such, the scenario described in the question is not technological change.
C) The change implemented is not an example of technological change because it did not require the use of new machinery or equipment.
D) The scenario described is an example of management efficiency and not technological change. Essentially, the chain changed its way of operating its business.
A
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Use the information below to explain adjustments that move the economy to a long-run equilibrium. Assume that firms and workers have adaptive expectations
The current unemployment rate = 7%. The natural rate of unemployment = 5.5%. Last year's inflation rate = 5%. This year's inflation rate = 4%.
Demand is said to be inelastic when
A) a given percentage change in price will result in a less than proportionate percentage change in the quantity demanded. B) demand exhibits zero responsiveness to price changes. C) small price increases will lead to zero quantity demanded. D) a given percentage change in price will result in a greater than proportionate percentage change in the quantity demanded.
If $.80 U.S. = $1.00 Canadian,
A. a U.S. nickel is worth four Canadian cents. B. a U.S. quarter is worth 40 Canadian cents. C. 40 Canadian cents are worth 50 U.S. cents. D. $.04 U.S. is worth 5 Canadian cents.
Suppose that the maximum price for rent in New York City is set above the equilibrium price. Which of the following statements is incorrect?
A. It reduces the quantity supplied. B. It increases the quantity demanded. C. Consumers want to buy more than producers want to sell. D. All of these are incorrect.