Explain how a technological advancement in one sector of the economy can lead to a change in the number of people who work in another sector of the economy. Give an example to help support your answer
A technological advancement in one sector of the economy can lead to fewer people being needed to produce the goods in that sector. This will release people from that sector and allow them to take jobs in other sectors of the economy. This is what happened in the farming industry during the 20th century. As more and more farming tasks that had once been performed by people were being performed by machinery and computers, the former farmers were then free to find jobs in fields such as manufacturing and service industries.
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Which of the following best describes exchanges rates that are determined by the demand and supply foreign exchange in the absence of official intervention?
A) floating exchange rates B) the gold standard C) target zones D) the Bretton Woods system
If the simultaneous game is instead changed into a sequential game where the shoplifter can see whether the security guard is vigilant or not before deciding to steal. What is the Nash equilibrium of the game?
a. Steal, Vigilant b. Steal, Not vigilant c. Not steal, Vigilant d. Not steal, Not vigilant
Which of the following statements is not true?
a. growing employment in retailing and restaurants contributes to the wage decline of high school graduates. b. the decline in union membership has contributed to income inequality. c. the increased use of technology in manufacturing has increased income inequality. d. since service industries are less likely to use technology, they are more likely to be unionized.
The most common data for testing economic theories come from
a. carefully controlled and conducted laboratory experiments. b. computer models of economies. c. historical episodes of economic change. d. centrally planned economies.