The Change Spawned by the Microchip and the Internet Which

question 189

Multiple Choice

The change spawned by the microchip and the Internet which has also enhanced the acquisition, analysis, and transmission of information is known as _____

• A) the Information Revolution.
• B) the Innovation Revolution.
• C) the Manufacturing Revolution.
• D) the Industrial Revolution.
• E) the Agricultural Revolution.

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Definitions:

Wages

The fixed regular payment, typically calculated on an hourly, daily, or piecework basis, made by an employer to an employee, especially to manual or unskilled workers.

Tax Burden

The total amount of tax paid by individuals or businesses, often expressed as a percentage of income or GDP.

Inelastic

Refers to a condition where the demand for a product or service changes very little when there is a change in its price.

Price Elasticities

A measure of how much the quantity demanded or supplied of a good changes in response to a change in its price.