The Development of New Technologies Has ________

question 5

Multiple Choice

The development of new technologies has ________.

• A) increased the speed of change implementation
• B) reduced the importance of skilled labor
• C) restricted the flow of information
• D) reduced the time-horizon of strategic planning

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Definitions:

Price Mechanism

The way in which prices rise and fall as a result of changes in demand and supply, guiding the allocation of resources in a market economy.

External Benefit

A benefit from a good or service that is received by someone not directly involved in the transaction or production of that good or service, also known as a positive externality.

Pollution

The introduction of contaminants into the natural environment that cause adverse changes and harm to the ecosystem.

Market Failure

A situation where the allocation of goods and services is not efficient, often leading to a net social welfare loss.