GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which is NOT a benefit of technological change?
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Production method becomes more efficient, increases profit
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Allow consumers to search and compare prices
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Machinery replace labour, causing unemployment
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New technologies create new job opportunities
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Explanation:
Detailed explanation-1: -Any technological development in the economy in the form of new machinery lowers the demand for labor and therefore raises the unemployment in the economy since capital is replacing the labor at a rapid pace.
Detailed explanation-2: -This results in increased demand and thus increased demand for labor. Secondly, because technological changes increase the efficiency of labor in an occupation, relatively more labor can be demanded from that occupation compared to others.
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