How can technological innovations be a source of unemployment?
What will be an ideal response?
Technological innovation can be a source of unemployment at times. There are times when new technology substitutes for labor instead of complementing them. Introduction of such technologies in a particular industry can make workers redundant in that industry, thereby creating unemployment.
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Explain the funding structure of the Social Security and Medicare programs. Why are these programs in danger of running out of funds in the future?
What will be an ideal response?
Suppose consumers view the George Foreman Grill and the Weber charcoal grill as close substitutes. Other things constant, a fall in the price of the George Foreman Grill would tend to
A) increase the demand for the Weber grill. B) increase the demand for the George Foreman Grill. C) decrease the demand for the Weber grill. D) decrease the demand for the George Foreman Grill.