Technological Advances Are Difficult to Predict

question 363

Multiple Choice

Technological advances are difficult to predict.One great advance can replace or substitute for existing products in a relatively short period of time.As shown in the Logitech-Skype ad above,the Logitech Web TV HD camera with Skype connectivity are MOST LIKELY to replace or substitute for __________.

• A)TV broadcasts
• B)digital video recorders
• C)telephones
• D)printed books
• E)online video games

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Definitions:

Monetary Policy

The process by which the central bank or monetary authority of a country controls the supply of money, often targeting an inflation rate or interest rate to ensure stability and economic growth.

Discretion

The freedom to decide what should be done in a particular situation, often referring to judgment in professional and personal contexts.

Aggregate Demand

The complete need for every product and service within an economy at a specific overall price level during a certain time frame.

Aggregate Supply

The total supply of goods and services that firms in an economy are willing to sell at a given overall price level in a given time period.