Which of the Following Statements Is False

question 167

Multiple Choice

Which of the following statements is false?

• A)Improvements in technology make most workers worse off because they lose their jobs to capital.
• B)Technological improvements affect most industries, including oil exploration, fast-food restaurants, and pet stores.
• C)When technology improves or changes, some jobs are lost.
• D)Technological improvements that make capital more productive often leads to higher wages for labor.

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Definitions:

Accounting Profits

The financial gain calculated by subtracting total explicit costs from total revenue, according to standard accounting practices.

Industry Expansion

The growth in production, workforce, or market share within a specific sector of the economy.

Constant-cost Industry

An industry in which the costs of production or the prices of inputs do not change as the industry expands or contracts.

Entry or Exit

The process of a firm beginning operations in a market (entry) or leaving a market (exit), influenced by factors like profitability and barriers to entry.