Increased Use of Machinery Always Hurts Workers by Lowering the Demand

question 59

True/False

Increased use of machinery always hurts workers by lowering the demand for their labor.

Recognize free riders and their effects on the provision of public goods and common resources.

Describe situations where public or private provision of goods leads to optimal or suboptimal outcomes.

Explain the criteria for goods being rivalrous and excludable, and how these properties influence their classification.

Understand the implications of goods that are non-excludable and/or non-rival in terms of potential market failures.

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Definitions:

New Technology

The latest advancements or innovations in technology that offer improved solutions or efficiency.

Service Sector

A segment of the economy that provides intangible goods or services to consumers, including retail, healthcare, and financial services.

Labour-intensive

Describing a process or industry that requires a large amount of manual work relative to capital or machinery.

Skilled Labour

Refers to workers who have specialized training or skills, typically acquired through education or on-the-job experience, necessary for performing specific tasks or jobs.