In a rapidly growing economy, a change in technology which is labour saving is likely to cause
Residual unemployment
Structural unemployment
Disguised unemployment
Frictional unemployment
Correct answer is B
The concept of structural unemployment, a lasting level of joblessness that does not disappear even at the high point of the business cycle, became popular in the 1960s. For pessimists, technological unemployment is one of the factors driving the wider phenomena of structural unemployment.
Since the 1980s, even optimistic economists have increasingly accepted that structural unemployment has indeed risen in advanced economies, but they have tended to blame this on globalization and offshoring rather than technological change.
A mixed economy combines the characteristics of both
Planned and capitalist economies
Exchange and subsistence economies
Subsistence and planned economies
Capital and exchange economies
Correct answer is A
No explanation has been provided for this answer.
The economic system in which the state takes the economic decision s through detailed planning is
Capitalism
Socialism
Traditional economic system
Mixed economic system
Correct answer is B
No explanation has been provided for this answer.
Agriculture is important to the economy of West African countries because it is the source of
Power
Equipment supply
Industrial input
Technological progress
Correct answer is C
No explanation has been provided for this answer.
Co-operative farming
Commercial farming
Subsistence farming
Plantation farming
Correct answer is C
No explanation has been provided for this answer.