How can technological innovations be a source of unemployment?
What will be an ideal response?
Technological innovation can be a source of unemployment at times. There are times when new technology substitutes for labor instead of complementing them. Introduction of such technologies in a particular industry can make workers redundant in that industry, thereby creating unemployment.
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A monopolist earning short-run economic profit determines that at its present level of output, marginal revenue is $23 and marginal cost is $30 . Which of the following should the firm do to increase profit?
a. Raise price and lower output. b. Lower price and lower output. c. Raise price and raise output. d. Lower price and raise output. e. Lower output but leave price unchanged.
IRAs, and 401(k) and 403(b) plans
a. impose added taxes on those who save. b. place no limits on the amount people can deposit into these programs. c. impose penalties for withdrawals except under certain circumstances. d. None of the above is correct.
Judy has just looked through her favorite catalog that came in the mail and has placed an order. The catalog is an example of
A. mass marketing. B. direct marketing. C. indirect marketing. D. interactive marketing.
Relating to the Economics in Practice on page 357: A long-term study of Huntington's disease patients found that individuals who carry the Huntington's disease genetic mutation are up to five times as likely as the general population to buy long-term care insurance. This is an example of ________ in the health insurance market.
A. market signaling B. moral hazard C. adverse selection D. risk-loving