In the late 1970s, people feared that the introduction of computers into the workplace would create enormous unemployment because secretaries and data entry clerks would be unemployed. This was a baseless fear, at least for the long run, because
a. computers and employment are unrelated
b. the elasticity of work with respect to technology is positive
c. technologies that enhance productivity will reduce the supply of labor
d. technologies that enhance productivity will reduce the demand for labor
e. technologies that enhance productivity will increase the demand for labor
E
You might also like to view...
The absence of barriers to entry in monopolistic competition means that in the long run, firms
A) earn an economic profit. B) earn zero economic profit. C) incur an economic loss. D) earn either an economic profit or zero economic profit. E) earn either zero economic profit or suffer an economic profit.
Historically, technology has:
A. worsened and the demand for labor has increased as output has decreased. B. improved and the demand for labor has decreased as output has increased. C. worsened and the demand for labor has decreased as output has decreased. D. improved and the demand for labor has increased as output has increased.
When there are fewer substitutes for a product, the ________ for the product is ________.
A. income elasticity; smaller B. demand; more price elastic C. income elasticity; greater D. demand; less price elastic
If a good is normal and its price increases,
a. the income effect will be positive and the substitution effect will be positive. b. the income effect will be negative and the substitution effect will be negative. c. the income effect will be positive and the substitution effect will be negative. d. the income effect will be negative and the substitution effect will be positive.