ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Faster communication allows consumers to avoid the information overload that makes decisions harder to make.
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Better communication makes it easier to get the information needed to come to a well-informed decision.
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Improved communication devices make it more convenient for people to talk with each other while making decisions.
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Reductions in waiting time that result from widely-available communication devices enable consumers to avoid making hasty decisions.
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Detailed explanation-1: -Which best explains why improvements in communication technology allow people to make better economic decisions? Better communication makes it easier to get the information needed to come to a well-informed decision.
Detailed explanation-2: -Which explains why the Internet can help people make better economic decisions? Information is crucial for making good decisions. all correct !
Detailed explanation-3: -The correct answer is Option C. An economy-wide increase in productivity caused by improved technology would most likely increase output, but decrease employment. It is because the improvement in technology would help the producer to produce more with the same cost. Hence, the output will also increase.
Detailed explanation-4: -On December 1, 1913, Henry Ford installs the first moving assembly line for the mass production of an entire automobile. His innovation reduced the time it took to build a car from more than 12 hours to one hour and 33 minutes.