Technological advancement creates unemployment in firms that shut down or labor that is laid off. Wealth in this case is
a. Destroyed, since firms are shutting down and production of certain goods and services decreasing
b. Created, since the dislocated labor and resources are absorbed by new firms created through the technological innovation, moving them to higher value use
c. Destroyed, since technological progress is leading to higher unemployment
d. None of the above
b
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A hypothesis in an economic model is a statement that ________ about an economic variable
A) is correct B) is incorrect C) may be either correct or incorrect D) can not be proven either correct or incorrect
Which of the following is NOT true about marginal revenue?
A. It is a firm's marginal benefit. B. It is defined as the extra revenue generated by the production of one more unit. C. It can be expressed mathematically as MR = [R(Q - ?Q) - R(Q)]/?Q. D. It can be expressed mathematically as ?R/?Q.
If the quantities in the demand schedule in the table above were reduced by 2 units at each price, you would conclude that
A. demand increased.
B. demand decreased.
C. the demand curve shifted to the right.
D. both demand increased and the demand curve shifted to the right.
Right-to-work laws give
A. the firm the right to permanently fire anyone who strikes. B. workers the right to be represented by a union. C. a nonunion worker the right to enjoy union benefits without paying union dues. D. firms the right to hire replacement labor when the union strikes. E. workers the right to not join a union.