As a Result of Technological Changes

question 65

Multiple Choice

As a result of technological changes,

• A)it now seems possible that work, as we know it, will disappear
• B)capital is replacing labor everywhere
• C)some production has shifted away from large, centralized workplaces
• D)unemployment has been rising and will continue to rise
• E)agricultural production is becoming increasingly urbanized

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Definitions:

Average Total Cost

Represents the total cost of production (fixed plus variable costs) divided by the total quantity produced, indicating the cost per unit of output.

Subsidized

Financial support extended by the government or another body to reduce the cost of goods, services, or activities to encourage more consumption or participation.

Natural Monopolist

A single provider of a good or service in a market, where the nature of the product or service makes competition impractical due to high infrastructure or start-up costs.

Regulatory Commission

A governmental body responsible for enforcing specific regulations and overseeing the practices within certain industries.