A Breakthrough in Technology Is Most Likely To

question 59

Multiple Choice

A breakthrough in technology is most likely to:

• A)reduce the labor needed to produce a given amount of output.
• B)decrease the demand for all goods and services in a country.
• C)increase the cost of production for a firm.
• D)reduce the availability of skilled workers.
• E)lower the standard of living in a country in the long run.

---

Definitions:

Outplacement Service

A service provided by some organizations to assist former employees in finding new employment, often through career counseling and job search assistance.

Defined-benefit Plan

A type of pension plan where an employer promises a specified pension payment upon retirement, based on the employee's earnings history, tenure of service, and age.

Defined Contribution Plan

A type of retirement plan where the employee, employer, or both make contributions on a regular basis, and the benefits at retirement depend on the account's performance.

Administrative Costs

Expenses incurred in the day-to-day operations of a business that are not directly tied to production.