New Technological Advancements, Such as Robots Are

question 90

Multiple Choice

New technological advancements, such as robots are

• A) harmful because they put people out of work.
• B) helpful because they improve worker productivity.
• C) harmful because robots are likely to have electrical problems which could cause injuries to people.
• D) both a and c above.

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Definitions:

Monopoly

A market condition where a single firm has exclusive control over a product or service, eliminating competition.

Negative Externalities

Adverse effects suffered by a third party or the public as a result of an economic transaction or activity.

Principal-Agent Problem

At a firm, a conflict of interest that occurs when agents (workers or managers) pursue their own objectives to the detriment of the principals’ (stockholders’) goals. In public choice theory, a conflict of interest that arises when elected officials (who are the agents of the people) pursue policies that are in their own interests rather than policies that would be in the better interests of the public (the principals).

Private Sector

The private sector encompasses businesses and entities that are not owned or operated by the government, operating primarily for profit.