Asked by Christopher Adams on May 07, 2024
Verified
_____ can temporarily create dislocations as displaced workers try to find jobs elsewhere and,at the same time,make existing products more affordable.
A) Technological change
B) Changes in the rate of interest
C) Population changes
D) Changes in the price level
E) An increase in public expenditure
Technological Change
The innovation or improvement in technology, leading to increased efficiency or new capabilities.
Dislocations
Economic disturbances or shifts that result in significant changes to employment, prices, or resource allocation.
Affordability
The degree to which a good or service is financially accessible to consumers, often considering income levels and prices.
- Examine the impact of technological evolution on economic progress and the displacement of employees.
Verified Answer
KC
Kunal ChandMay 09, 2024
Final Answer :
A
Explanation :
Technological change can lead to temporary dislocations, such as job loss or displacement, as workers adjust to new industries or tasks. However, over time, technological advancement can also reduce the cost of production, making existing products more affordable.
Learning Objectives
- Examine the impact of technological evolution on economic progress and the displacement of employees.
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