ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Devices are designed.
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Inventions are made.
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Results are improved.
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Jobs are lost.
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Detailed explanation-1: -Which is most likely to occur when technology advances? Results are improved.
Detailed explanation-2: -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-3: -Which is one way that technology can improve productivity? Machines replace workers, reducing production costs.
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.
Detailed explanation-5: -1#6) List four ways that technology affects the game of economics. Increasing productivity, lowering prices, speeding up distribution, and increasing supply/demand.