Technology and Economics

How does the use of new technology in industry benefit producers more so than consumers? -Producers can purchase services online. -Producers can buy goods 24 hours a day. -Producers can instantly contact companies. -Producers can quickly transport global goods.

Producers can quickly transport global goods.

How can the use of new technology in industry benefit the US government? -The government can purchase materials from anywhere. -The government can rely on automation to reduce costs. -The government can react to economic changes quickly. -The government can transport goods around the world.

The government can react to economic changes quickly.

How can the use of new technology in industry benefit workers? -Workers can react to economic change quickly. -Workers can identify economic emergencies. -Workers can gain new knowledge and skills. -Workers can make economic forecasts.

Workers can gain new knowledge and skills.

How has information technology impacted the economy? Choose three answers. -It has allowed economists to better predict how resources should be allocated. -It has assisted governments to make better economic policy decisions. -It has become more difficult for businesses to identify when shortages will occur. -It has steadily increased the amount of time to share data between locations. -It has expanded growth and outlook in information technology careers.

-It has allowed economists to better predict how resources should be allocated. -It has assisted governments to make better economic policy decisions. -It has expanded growth and outlook in information technology careers.

What is one way that technology can improve the distribution of goods? -Workers can take Internet classes to gain new skills. -Automation can create goods more cheaply and easily. -Businesses can hire factory workers across the world. -Container ships can transport a number of goods at once.

Container ships can transport a number of goods at once.

What is the best definition of economic data? -Economic data is information used for calculation, analysis, or planning. -Economic data is the fastest time it takes to use the fewest resources. -Economic data is knowledge that can be applied to create solutions. -Economic data is a determination based on patterns and evidence.

Economic data is information used for calculation, analysis, or planning.

What is the best definition of technology? -Technology is replacing human workers with mechanical or electronic devices. -Technology is applying scientific knowledge to find answers and fix problems. -Technology is using fewer resources to manufacture goods more efficiently. -Technology is hiring workers from all over the world to manufacture goods.

NOT: Technology is replacing human workers with mechanical or electronic devices.

Which of these is an example of automation benefiting producers? -New machines allow a factory to produce goods using fewer workers. -New shipping methods allow a producer to manufacture goods overseas. -New manufacturing plants open in areas where labor costs are cheaper. -New education is provided to workers to operate new machinery.

New machines allow a factory to produce goods using fewer workers.

The government of country A has determined there is a coal shortage based on mining reports. As a result of these data, the government decreases coal exports to other nations. Access to information helped country A -allocate resources. -limit consumption. -purchase goods. -increase sales.

allocate resources.

Technology can help governments handle economic emergencies, such as -the reliance on automation. -crop and resource shortages. -the fall of the unemployment rate. -instant sales and communication.

crop and resource shortages.

Which group typically predicts trends in industry based on patterns? consumers economists producers shippers

economists

When the US government becomes aware of economic changes, the discovery is most likely to influence -how the nation allocates resources. -how companies interest buyers. -how producers ship products. -how economists study trends.

how the nation allocates resources.

Producers can generate instant sales by using -devices. -forecasts. -patterns. -websites.

websites

This graph shows the US unemployment rate from August 2010 to November 2011. This graph suggests unemployment in the United States -will continue to fall. -will continue to rise. -will remain the same. -will only change a little.

will continue to rise

One consequence of automation is that producers need fewer -customers. -machines. -materials. -workers.

workers