Which of the following is a potential negative impactof rapid technological innovation on the economy?A) Job creationB) Increased economic efficiencyC) Technological unemploymentD) Higher wages

•Technological unemployment is a significant concern associated with rapid technological innovation.…

Answered: Which of the following is a potential…

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter2: Production Possibilities Frontier Framework

Section: Chapter Questions

Problem 11QP

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Similar questions

True or False A production function in "economics" summarizes the technological relationship between inputs and outputs.
1. With our economy becoming more and more dependent upon machines, what will that mean for the future of employment (jobs)? 2. What will happen to the empfoyees who lose their jobs to machines? Do we have a responsibility to help these workers get training to do a new job? 3. Do you feel that technology positively or negatively impacts the economy? Cite two examples from the lesson to support your statement.
Which of the following is an example of technology as the responsible determinant of productivity in the economy of Canada? Oon-the-job experience a) terrain in Ontario that contains large deposits of nickel is discovered O the city of Sarnia announces the opening of a solar panel factory newly invented laser saws are introduced in the diamond industry
Which would shift the production function upward? Group of answer choices An increase in the price of oil. a decrease in the supply of labor. an improvement in technology. a decline in birth rates.
“When computers were first introduced in production, what affect do you think they had on labor productivity? Explain and illustrate this effect on the long-run equilibrium levels of output and the price level.”
Identify 10 examples of direct factors (labor, capital, technology, resources) used for production and 10 examples of indirect factors (i.e factors other than labor, capital, technology, or resources).
What is the difference between the short-run and long-run production periods? Why is it relevant to the economics analysis of firms? If different types of inputs are not as easy to adjust in a certain time period, what difference does this make to the graphs of cost curves for economic analysis?
Given the labor force, either more capital or better technology will shift the production function downward. True False
Over the last several decades improvements in computer software, hardware and robotics have dramatically altered the ability of machines to do complex repetitive tasks. i) Discuss the implications for semi-skilled skilled workers as a result of this improvement. ii) Discuss how the cost of the new technology influences the choice of inputs used in production and the rate of adoption of the new technology.
A positive technological change will Group of answer choices shift the per-worker production function down. move the economy along a given per-worker production function to the left. shift the per-worker production function up. move the economy along a given per-worker production function to the right.
A firm employs M workers per week and the length of the workweek at the firm is H Let MPM be the added output from an additional employee and let MPH be the added output from a one hour increase in the workweek at the firm. MEM and MEH are, respectively, the marginal expense of an added worker and of an added hour of work. At present, the cost of an added unit of output produced by hiring more workers is $5 while the cost of an added unit of output produced by employing existing workers for more hours is $3. Is the firm maximizing profits given its current employment level and workweek? If your answer is yes, explain why. If your answer is no, explain why not and discuss what adjustments the firm should make. It's a general question. There's no given output being produced by added workers and additional hours.
‌According to an article by the Wall Street Journal, the U.S. is at risk of running out of occupational therapists, railroad engineers, mathematicians, machinists and other workers. As a result, In the next 10 to 15 years, we expect U.S. employers to demand more labour than will be available, which will, in turn, constrain overall economic growth. On the top of that, U.S. president Donald J. Trump has put executive orders to ban nationals of selected countries from entering the U.S. Meanwhile, the top economic analysts and leaders believe that the country is going to strengthen and tighten its immigration polices to a much greater extent in the coming days. a) Referring to the above extract, briefly state in a line what do you think will happen to the U.S. labour market. b) With the help of appropriate diagrams, graphically show and briefly comment on what will happen to the U.S. real wage rate, labour hours and real GDP, due to the changes in the U.S. labour market that you stated in…

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Which of the following is a potential negative impact of rapid technological innovation on the economy? A) Job creation B) Increased economic efficiency C) Technological unemployment D) Higher wages