Practice Questions
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How does technological adaptation typically impact labor demand in various industries?
Technology changes the way we work. Other options are incorrect because Many think technology only helps low-skilled workers; Some believe technology ...
How does automation typically affect labor demand in various industries?
Automation can replace some jobs, especially in industries like manufacturing. Other options are incorrect because Some people think automation always...
How has the rise of the gig economy contributed to wage polarization in the labor market?
The gig economy offers many high-paying jobs, like tech and design work. Other options are incorrect because Some people think gig work means more job...
How does the rise of technology in the gig economy contribute to wage polarization and the need for reskilling among workers?
Technology creates many low-skilled jobs, like driving for ride-sharing apps. Other options are incorrect because Some think technology makes all jobs...
How does the adaptation of technology in the workplace contribute to wage polarization, particularly in the context of the skills gap?
Technology often replaces jobs that require less skill. Other options are incorrect because Some might think technology helps all workers equally; It'...
How does automation typically affect labor demand in various industries?
Automation helps machines do tasks faster and better. Other options are incorrect because Some might think that machines create more jobs for low-skil...
What is a common effect of technological advancements on labor demand, particularly in terms of job displacement?
Technology can automate tasks, which means machines do jobs that people used to do. Other options are incorrect because Some might think that technolo...
How does the advancement of technology primarily affect the demand for labor in various industries?
As technology improves, many jobs need special skills. Other options are incorrect because Some might think that technology means more low-skilled job...
A manufacturing company has recently implemented advanced automation technology, resulting in a significant increase in the productivity of its unskilled labor force. Which of the following statements best explains the impact of this technological change on the company's labor demand?
With automation, workers can produce more in less time. Other options are incorrect because Many think automation means fewer workers are needed; Some...
When productivity per worker increases due to technological advancements, the _______ rises, leading to a higher demand for workers in a perfectly competitive labor market.
When workers are more productive, they create more value for the company. Other options are incorrect because Some might think that higher productivit...
Arrange the following steps in the correct order to explain how technological advancements impact labor demand in a perfectly competitive labor market: A) Increase in productivity per worker B) Rise in marginal revenue product C) Higher demand for labor D) Increased hiring decisions
When technology improves, workers can produce more in less time. Other options are incorrect because This option suggests that companies would hire mo...
A manufacturing company has recently adopted an advanced automation technology that increases the productivity of its unskilled labor. Given that the marginal revenue product of labor has risen, how should the company adjust its hiring strategy in response to this technological change?
With the new technology, each unskilled worker can produce more. Other options are incorrect because Some might think more workers are needed since th...
Which of the following statements accurately describe the impact of technology on labor demand? Select all that apply.
Other options are incorrect because Some think that if workers are more productive, companies will need more workers; It's a common belief that techno...
How does the introduction of new technology generally affect the demand for unskilled labor in a competitive market?
New technology often makes work faster and easier. Other options are incorrect because Some might think that machines replace workers completely; It's...
If a company experiences an increase in the demand for its product due to technological advancements, what is the most likely underlying cause for this increase in labor demand?
When technology improves, workers can produce more in less time. Other options are incorrect because Some might think lowering wages will attract work...
If the introduction of automation in a factory leads to fewer workers needed for the same output, then the relationship between technology and labor demand can be analogized as: Increased productivity in a factory : Increased demand for skilled labor :: Increased automation : ?
When machines do more work, fewer unskilled workers are needed. Other options are incorrect because Some might think that fewer workers means higher p...
How does technological advancement typically affect the demand for unskilled labor in a competitive labor market?
When technology improves, it helps workers do more in less time. Other options are incorrect because Many people think that machines replace workers; ...
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