Question

Question 1a:
The theory of rational behavior: A) implies that people will always take the time to make perfectly informed decisions. B) assumes that people will behave in the best interest of society as a whole. C) is an assumption that economists make to have a useful model for how decisions are made.

1b: If demand decreases and supply remains constant, what happens to the market equilibrium?​ A) Quantity rises and price falls. B) Quantity and price both fall. C) Quantity and price both rise.​

1c: Which of the following is included in a measure of GDP? A) spending on used goods B) spending on non-market transactions like painting your house C) spending on public infrastructure

1d: With the introduction of robotics to automotive manufacturing, there have been sweeping changes to the automotive assembly line, management and operations at plants. As an example, in a truck manufacturing plant, identify who would most likely be impacted by this technology change and suffer long term structural unemployment?

A) The inventory control manager with 5 years experience in managing parts inventory, a Bachelor of Business administration and 2 years of experience using inventory software. B) An assembly line worker with 10 years of screwing together truck panels and a high school diploma. C) A computer programer working the IT department with a bachelors in computer science and 5 years of programming experience.

Answer 1