A breakthrough in technology is most likely to:
A)reduce the labor needed to produce a given amount of output.
B)decrease the demand for all goods and services in a country.
C)increase the cost of production for a firm.
D)reduce the availability of skilled workers.
E)lower the standard of living in a country in the long run.

Question

Quizplus · Accepted Answer

Technological breakthroughs are generally aimed at making production processes more efficient and productive, which will result in a decrease in the labor needed to produce a given amount of output. This reduction in labor will lead to lower production costs and prices, which will, in turn, increase demand for goods and services. Therefore, option A is the most likely outcome of a technological breakthrough.

A Breakthrough in Technology Is Most Likely To