Q. How can automation impact labor markets?
A.
By creating more low-skilled jobs
B.
By increasing the demand for high-skilled labor
C.
By reducing overall employment opportunities
D.
By stabilizing wage levels
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Solution
Automation tends to increase the demand for high-skilled labor as tasks become more complex and require advanced technical skills.
Correct Answer:
B
— By increasing the demand for high-skilled labor
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Q. How does automation influence consumer prices?
A.
Always increases prices
B.
Reduces production costs, potentially lowering prices
C.
Has no effect on prices
D.
Only affects luxury goods prices
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Solution
Automation can reduce production costs, which may lead to lower consumer prices if the savings are passed on to consumers.
Correct Answer:
B
— Reduces production costs, potentially lowering prices
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Q. What is a key challenge for central banks regarding automation?
A.
Managing inflation without affecting innovation
B.
Ensuring all jobs are automated
C.
Controlling the stock market
D.
Eliminating all forms of technology
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Solution
A key challenge for central banks is managing inflation while fostering an environment that encourages innovation and technological advancement.
Correct Answer:
A
— Managing inflation without affecting innovation
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Q. What is a potential macroeconomic consequence of widespread automation?
A.
Increased income inequality
B.
Uniform wage growth across all sectors
C.
Stabilization of the job market
D.
Reduction in technological advancements
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Solution
Widespread automation can lead to increased income inequality as high-skilled workers benefit more than low-skilled workers.
Correct Answer:
A
— Increased income inequality
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Q. What is the impact of automation on the demand for financial services?
A.
Decreases demand for all financial services
B.
Increases demand for technology-related financial products
C.
Has no impact on financial services
D.
Only affects investment banking
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Solution
Automation increases the demand for technology-related financial products as businesses seek funding and services to support their automation initiatives.
Correct Answer:
B
— Increases demand for technology-related financial products
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Q. What is the primary goal of monetary policy in the context of robotics and automation?
A.
To increase employment in traditional sectors
B.
To control inflation and stabilize the economy
C.
To promote technological advancements
D.
To reduce government spending
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Solution
The primary goal of monetary policy is to control inflation and stabilize the economy, which is crucial as robotics and automation can disrupt traditional economic structures.
Correct Answer:
B
— To control inflation and stabilize the economy
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Q. What role does the Reserve Bank of India (RBI) play in the context of financial instruments related to automation?
A.
Regulating the stock market only
B.
Issuing guidelines for technology investments
C.
Controlling interest rates for automation loans
D.
Overseeing only traditional banking operations
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Solution
The RBI controls interest rates, which can affect loans for automation investments, thereby influencing the adoption of robotics in industries.
Correct Answer:
C
— Controlling interest rates for automation loans
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Q. Which financial instrument is commonly used to fund automation projects?
A.
Equity shares
B.
Government bonds
C.
Venture capital
D.
Savings accounts
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Solution
Venture capital is often used to fund automation projects, as it provides the necessary capital for startups and innovative technologies.
Correct Answer:
C
— Venture capital
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Q. Which of the following is a microeconomic effect of robotics in production?
A.
Increased competition among firms
B.
Higher unemployment rates across all sectors
C.
Decreased consumer choice
D.
Uniform pricing across industries
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Solution
Robotics can lead to increased competition among firms as they adopt new technologies to improve efficiency and reduce costs.
Correct Answer:
A
— Increased competition among firms
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Q. Which of the following is a potential effect of robotics on productivity?
A.
Decrease in overall productivity
B.
Increase in production costs
C.
Increase in efficiency and output
D.
Reduction in technological innovation
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Solution
Robotics can significantly increase efficiency and output, leading to higher productivity levels in various industries.
Correct Answer:
C
— Increase in efficiency and output
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