31. Technological advances contribute to: Group of answer choices Labor-intensive production. Productivity increases. Higher prices. Unemployment of workers.
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Technological advances typically refer to improvements in technology that enhance efficiency, effectiveness, and productivity in various sectors. Show more…
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The model of aggregate demand and long-run aggregate supply predicts that, all other things unchanged, improved technology will: A) reduce employment. B) lower real wages. C) increase the demand for labor and boost real wages. D) increase the supply of labor and boost real wages.
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The fictional country of Yieng has had an influx of updated technology to its manufacturing plants and the medical field in the last three years. This has boosted the growth of the country's productivity by 75%, but this year the pace has significantly dropped off. Wages were at first slow to respond to the growth, but now have reached new heights. Now that productivity growth has stopped increasing, what do you expect to happen to the natural unemployment rate for this stimulated growth period? A) The natural rate of unemployment will decrease as the new technology displaces workers in the aforementioned industries. B) The natural rate of unemployment will increase because productivity has decreased, wages are high, and there is a gap between demand and labor supplied. C) The natural rate of unemployment will remain unchanged because frictional and structural unemployment are not affected by productivity growth.
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QUESTION 21 Technological advancements have led to the automation of many manufacturing processes, resulting in job losses for factory workers. Which type of unemployment does this situation illustrate? A. Frictional unemployment B. Cyclical unemployment C. Seasonal unemployment D. Structural unemployment QUESTION 22 In a manufacturing plant, additional workers are hired to increase production output. However, as more workers are added beyond a certain point, the increase in output per additional worker declines. What economic concept does this scenario best illustrate? A. Economies of scale B. Comparative advantage C. Diminishing returns to labour D. Price elasticity of demand QUESTION 23 Which of the following is an example of a pro-growth argument? A. Implementing strict environmental regulations to protect natural resources B. Advocating for higher taxes on corporations to redistribute wealth C. Enforcing price controls to prevent inflationary pressures D. Investing in infrastructure projects to stimulate economic development
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