Productivity Percentage Change Quiz and Flashcards

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Questions and Answers

During the Third Industrial Revolution, what marked the beginning of the era?

Development of electricity (correct)

Discovery of chemicals

Invention of the Crompton mule

Creation of the Watt steam engine

Which of the following industries was not a significant part of the Fourth Industrial Revolution?

Internet

Coal (correct)

Aircrafts

Automobiles

What marked a significant evolution during the Second Industrial Revolution?

Cort’s puddling and rolling process for making iron (correct)

Invention of the telephone

Development of electricity

Discovery of chemicals

Which transportation mode was associated with the Third Industrial Revolution?

Automobiles Signup and view all the answers

What type of technology is General Purpose Technology (GPT) known for?

Technology of wide application across various industries Signup and view all the answers

During which Industrial Revolution did the development of nuclear power as a source of energy become significant?

Fourth Industrial Revolution Signup and view all the answers

What is the formula for calculating labor productivity ratio?

Output / Input Signup and view all the answers

If a company produces 300 cars in a month with 5,000 total hours of work, what is the labor productivity ratio?

0.06 cars per hour Signup and view all the answers

In June, what was the total number of pairs of shoes produced by the shoe manufacturer?

130,456 pairs of shoes Signup and view all the answers

How many employees did the shoe manufacturer have in July?

20 employees Signup and view all the answers

If each worker worked 8 hours a day, 5 days a week, for 4 weeks, how many total hours did each worker work in June?

240 hours Signup and view all the answers

Calculate the percentage increase in productivity if a company's output increased from 10,000 to 12,000 units.

20% Signup and view all the answers

What is the formula for calculating multifactor productivity?

Usable output / (Labor cost + Material cost + Overhead cost) Signup and view all the answers

In the given scenario, what is the material cost if 800 pounds of material are used?

$400 Signup and view all the answers

What does the price index measure?

The average level of prices for specified goods and services compared to a base period Signup and view all the answers

How is labor cost calculated in the context provided?

$480 Signup and view all the answers

What is the overhead cost in the scenario when 4 workers are employed instead of 3?

$960 Signup and view all the answers

What is the relationship between increases in productivity and the cost of production?

Increases in productivity lower the cost of production Signup and view all the answers

If the usable output is increased to 400 units, how would this change affect multifactor productivity?

Increase Signup and view all the answers

How did the assembly line impact manufacturing and society?

Significantly increased productivity and reduced costs Signup and view all the answers

What pivotal change did Henry Ford's assembly line spark in 1913?

Revolutionized the production of automobiles Signup and view all the answers

How does an increase in productivity affect prices?

Increases in productivity lead to price reductions Signup and view all the answers

What is the formula to calculate labor productivity percentage increase?

(Difference of productivity / Productivity in 1st Year) X 100% Signup and view all the answers

What is the main focus of Industrial Biotech?

Producing bio-based products using biological processes Signup and view all the answers

Which technology involves the use of enzymes and microorganisms?

Industrial biotech Signup and view all the answers

Which technology aims at mass customization and flexible production processes?

Servitization Signup and view all the answers

What is a key effect of Game Changing Technologies according to the text?

Increasing centrality of information Signup and view all the answers

In terms of work and employment, what does upgrading of occupations refer to?

Enhancing the quality and skills of job roles Signup and view all the answers

What does the term 'Servitization' imply about the future of economic activities?

A complete shift from manufacturing to services Signup and view all the answers

Study Notes

Industrial Revolutions

The Third Industrial Revolution was marked by the beginning of the era of digital technology.
The Fourth Industrial Revolution did not significantly involve the agricultural industry.
The Second Industrial Revolution was marked by the significant evolution of the steel industry.

Technology and Productivity

General Purpose Technology (GPT) is known for its ability to transform entire economies.
Labor productivity ratio is calculated as output per hour worked.
Formula for calculating labor productivity ratio: Total output ÷ Total hours worked.
Example: If a company produces 300 cars in a month with 5,000 total hours of work, the labor productivity ratio is 300 cars ÷ 5,000 hours = 0.06 cars per hour.

Industrial Revolution and Energy

The development of nuclear power as a source of energy became significant during the Fourth Industrial Revolution.

Productivity and Cost

Formula for calculating multifactor productivity: Output ÷ (Labor hours + Materials + Capital).
An increase in productivity leads to a decrease in the cost of production.
Labor cost is calculated as total labor hours worked × labor cost per hour.
Overhead cost increases when more workers are employed.

Manufacturing and Society

The assembly line, introduced by Henry Ford in 1913, revolutionized manufacturing and society.
An increase in productivity leads to a decrease in prices.
An increase in multifactor productivity leads to an increase in usable output.

Biotech and Technology

The main focus of Industrial Biotech is the use of enzymes and microorganisms to produce goods.
Additive manufacturing aims at mass customization and flexible production processes.
Game Changing Technologies have a significant impact on the economy and society.
Upgrading of occupations refers to the need for workers to acquire new skills.
Servitization implies that the future of economic activities will involve the provision of services rather than just products.

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Description

Learn how to calculate the percentage increase in productivity using a simple formula. Practice with an example where the difference in productivity is provided to determine the percentage increase relative to the initial year.

Calculate Percentage Increase in Productivity