Over the Long Run,technological Change Increases Both Labor Productivity and Unemployment

question 20

True/False

Over the long run,technological change increases both labor productivity and unemployment rates.

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Definitions:

Income Inequality

The unequal distribution of an economy’s total income among households or families.

Minimum Standard

A predefined level of quality, performance, or capability that products, services, or processes must meet or exceed, often set by regulatory bodies.

Marginal Tax Rate

The marginal tax rate is the percentage of tax applied to your income for each tax bracket in which you qualify, essentially the tax rate on your last dollar of income.

Progressive Tax

A tax system in which the tax rate increases as the taxable amount increases, often aimed at ensuring tax equity.