When an Emerging Industry Renders an Existing Industry Obsolete Because of Advances in Technology?

Similarly, When an American buys a good from someone in China rather than buying the good from an American Which of the following is true?

Which of the following is true when an American buys something from a Chinese person rather than an American? Regardless of country, both business partners profit from voluntary exchange.

Also, it is asked, How can the use of new technology in industry benefit Consumers?

How can consumers profit from the deployment of new technologies in industry? Consumers now have more information at their fingertips. What is one way that technology may help with product distribution? Container ships are capable of transporting a large quantity of items at the same time.

Secondly, Why do nations impose trade barriers such as those instituted during the Great Depression that make it difficult for their own citizens to trade with people in other countries?

Why do countries often erect trade obstacles that make it harder for its residents to do business with persons in other countries? Often, trade restrictions benefit well-known special interest groups while incurring a less obvious cost on the broader public.

Also, Which of the following accurately describes the difference between a change in supply and a change in quantity supplied?

D. A shift in supply is a shift in the whole supply curve, while a change in amount provided is a movement along the supply curve. You just finished studying 30 terms!

People also ask, Which of the following would be expected if the tariff on foreign produced automobiles was increased?

Which of the following would be anticipated if the tax on autos made in other countries was raised? Foreign vehicle supply to the domestic market would be curtailed, resulting in higher auto prices.

Related Questions and Answers

Which of the following might you believe if you say that it’s their fault that the United States runs a trade deficit?

Which of the following would you believe if you said that the United States’ trade imbalance is “their fault”? Nontariff barriers have been employed by other nations to keep US products out. On global markets, it advantages those whose abilities are relatively rare, while it damages those whose skills are relatively prevalent.

What is the best definition of technology technology is replacing?

Human labor are being replaced by mechanical or electrical technologies as a result of technological advancements. b. Technology is the use of scientific knowledge to solve problems and discover solutions.

What is one way that technology can improve the production of goods websites can allow consumers to purchase goods online?

What is one way that technology may help with product development? Consumers may buy things online using websites. Container ships are capable of transporting a large quantity of items at the same time. Automation allows for the production of items at a lower cost and with more ease.

What might happen if an economy is unable to produce wanted goods and services?

What happens if a country’s economy is unable to supply the products and services that people want? People will search for them elsewhere.

Which items are consequences of globalized trade for a developed nation that begins to import more goods and services from less developed countries?

What are the effects of globalization on a developed country that starts to import more products and services from developing countries? Consumers benefit from decreased labor expenses and cheaper pricing.

Why do countries impose trade restrictions on goods and services they import from other countries?

Typically, trade restrictions are imposed to safeguard domestic businesses and employees from foreign competition. A country’s protectionist policy prohibits the importation of products and services produced in other nations.

Why other countries are imposing barriers to international trade?

Governments often erect obstacles to safeguard local industry or “penalize” a trade partner. Economists generally agree that trade restrictions are harmful to the economy and reduce overall efficiency. The notion of comparative advantage helps explain this.

What are the causes of change in supply?

Changes in production costs, technological advancements, taxes, subsidies, weather conditions, and animal and crop health are some of the reasons that might lead to a shift in supply. It is also influenced by the cost of other goods.

Which of the following accurately describes the difference between an individual supply curve and a market supply curve?

What is the difference between an individual supply curve and a market supply curve? A market supply curve considers a larger number of providers than a single supply curve.

Which of the following would be expected if the tariff on foreign produced goods were decreased?

Which of the following would be anticipated if the tax on shoes made in other countries was reduced? The cost of shoes in the United States would decrease.

Why would intra industry trade occur between developed and developing countries?

Intra-industry trade between comparable nations generates economic benefits because it enables employees and businesses to learn and develop on specific products—and, in many cases, to concentrate on certain areas of the value chain.

What would likely occur in the US if a new import quota were placed on imported plastic?

What would happen in the United States if a new import quota was imposed on imported plastic? Plastic output in the United States should be increased. Tariffs, according to economists, safeguard domestic manufacturers of products.

Which of the following events would not cause India to decrease their exports of call center services to the United States?

When imports outnumber exports, the nation is said to be in a trade deficit. Which of the following situations is NOT likely to force India to stop exporting contact center services to the US? The dollar’s worth versus the rupee has increased.

What does it mean to say a country has a trade deficit?

When a country’s imports surpass its exports during a specific time period, it has a trade imbalance. A negative trade balance is another term for it (BOT).

Which of the following is a frequent cause of US trade deficits group of answer choices?

The main reason of the trade imbalance is the low rate of domestic savings in the United States by consumers, businesses, and the government in comparison to its investment requirements. To make up the difference, Americans must borrow from other nations (such as China) using their surplus savings.

How can the use of new technology in industry benefit?

How might employees profit from the usage of new technologies in the workplace? Workers may learn new skills and information.

How can the use of new technology in the industry benefit consumers?

How can consumers profit from the deployment of new technologies in industry? Consumers now have more information at their fingertips. What is one way that technology may help with product distribution? Container ships are capable of transporting a large quantity of items at the same time.

What is the best definition of technology quizlet technology and economics?

The best definition of technology in economics is “the process through which a corporation converts inputs into outputs.” Being able to create more output with the same inputs and producing the same result with less inputs are both examples of positive technical advancement.

What is one way that technology can improve the distribution of goods workers can take Internet classes to gain new skills?

What is one way that technology may help with product distribution? Workers may learn new skills by taking online programs. Automation allows for the production of items at a lower cost and with more ease.

What is the one way that technology can improve the production of goods websites can allow?

What is one way that technology may help with product development? Consumers may buy things online using websites.

How can I use a new technology and industry benefit the US government?

How can the US government gain from the usage of new technologies in industry? The government has the ability to buy resources from wherever. To save expenses, the government may depend on automation. The government has the ability to respond promptly to economic developments.

What role do government agencies play in a mixed market economy they run shipping companies and other sources of distribution?

In a mixed market economy, what function do government agencies play? They are in charge of shipping businesses and other distribution channels. They own farms, factories, and other manufacturing facilities. Some parts of manufacturing and distribution are regulated by them.

Which of the following will be accomplished by efficient allocations of the factors of production?

Many of society’s needs/wishes will be met if efficient allocations of resources are made to the components of production.

Which describes the difference between a trade surplus and a trade deficit?

Which of the following best defines the distinction between a trade surplus and a trade deficit? When a nation exports more than it imports, it has a trade surplus, and when imports exceed exports, it has a trade deficit.

What are the gains and losses of international trade for developing countries?

In emerging countries, commerce is now drifting. Services trade increased by 3.2 percent in 2019 but fell by 24.8 percent in 2020. In emerging countries, overall exports of goods and services were US$10.4 trillion in 2019, but only US$9.4 trillion in 2020.

Conclusion

This Video Should Help:

The “funds are most likely to be spent efficiently when individuals: *” is a question that can be answered by looking at the changes in technology. In this case, the music industry has been rendered obsolete because of advances in technology.

  • individuals economize and respond predictably to
  • which of the following statements reflect sound economic reasoning?
  • efficient and unbiased enforcement of contracts will
  • investments and improvements in technology are primarily the result of
  • why do individuals have a strong incentive to develop skills that enhance their productivity?
Scroll to Top