Workers Whose Skills Become Obsolete as a Result of Technological

question 211

Multiple Choice

Workers whose skills become obsolete as a result of technological change are often paid a lower wage as a result of

• A)natural ability.
• B)geographic location of employment.
• C)chance.
• D)work effort.

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Definitions:

Total Utility Data

Information that represents the total satisfaction received from consuming a certain amount of goods or services.

Money Income

The total amount of monetary earnings or receipts accruing to an individual or household before taxes and other deductions.

Rational Consumer

An individual who makes purchase decisions that maximize their utility, given their budget constraints.

Utility Schedule

A utility schedule is a table or graph showing the levels of satisfaction or utility that a consumer gets from consuming different quantities of a good or service.