Technological improvements are generally harmful to society because new machines replace human beings, causing increased unemployment.
Answer the following statement true (T) or false (F)
False
Technological improvements are good for society-the new machines sometimes substitute for humans, but more often increase a human's productivity. Also there are people who benefit from creating and building the new machines.
You might also like to view...
Which of the following occurred during World War I (1914–18)?
(a) Private markets largely influenced resource allocation. (b) Non-market controls imposed by the government. (c) New income taxes financed 100 percent of the war. (d) Corporate America voluntarily financed 100 percent of the war efforts to protect their interests.
Which of the following best describes circumstances surrounding the breakdown of the Bretton Woods system?
a. The United States was enjoying a persistent trade surplus. b. There was too much dependence on the dollar because no other country had a stable currency. c. Germany, with its strong currency, refused to defend the dollar. d. Speculators were betting on the fall of the dollar. e. All the other nations basically wished their currencies to appreciate, which was impossible under the system.
For most goods and services, income elasticity of demand tends to be smaller in the short run than in the long run. However, a recent study shows that the demand for a durable good such as automobiles tends to be more income-elastic in the short run than in the long run. Why?
What will be an ideal response?
Assume the reserve requirement is 10 percent. First National Bank has vault cash and deposits with the Fed of $30 million, loans and securities of $60 million, and checking deposits of $300 million. First National is in a position to make
a. no additional loans. b. $5 million of additional loans. c. $10 million of additional loans. d. $15 million of additional loans.