Question 9. 9. In the early 1980s, U.S. economic policy was directed toward redu

Question

Question 9. 9. In the early 1980s, U.S. economic policy was directed toward reducing inflation. What would you have expected to observe during this short period of time? (Points : 5) Inflation fell and unemployment fell. Inflation and unemployment were both unaffected. Inflation fell and unemployment increased. Inflation fell and unemployment was unchanged. Question 10. 10. Efficiency (Points : 5) and equality both refer to how much a society can produce with its resources. and equality both refer to how fairly the benefits from using resources are distributed between members of a society. refers to how much a society can produce with its resources. Equality refers to how evenly the benefits from using resources are distributed among members of society. refers to how evenly the benefits from using resources are distributed between members of society. Equality refers to how much a society can produce with its resources Question 11. 11. According to a recent study of Chilean bus drivers, drivers who are paid by the number of passengers they transport have higher productivity than drivers who are paid by the hour. If Chilean bus drivers are paid by the number of passengers they transport and Colombian bus drivers are paid by the hour, we can conclude that (Points : 5) Chilean bus drivers likely have a higher standard of living than Colombian bus drivers. Colombian bus drivers likely have a higher standard of living than Chilean bus drivers. Chilean and Colombian bus drivers likely have the same standard of living. Chilean and Colombian bus drivers likely have a higher standard of living than US bus drivers. Question 12. 12. A rational decisionmaker takes an action if and only if (Points : 5) the marginal benefit of the action exceeds the marginal cost of the action. the marginal cost of the action exceeds the marginal benefit of the action. the marginal cost of the action is zero. the opportunity cost of the action is zero. Question 13. 13. A model that shows how dollars flow through markets among households and firms is called the (Points : 5) production possibilities frontier. circular-flow diagram. demand and supply diagram. comparative advantage model.

Explanation / Answer

Question 9.9

Inflation fell and unemployment increased

This is because to counter inflation government has to either increase interest rates or curb money supply both of which will damage economy leading to unemployment

Question 10. 10

refers to how much a society can produce with its resources. Equality refers to how evenly the benefits from using resources are distributed among members of society

Here how evenly is important because everyone needs to get their exact share

Question 11. 11

Colombian bus drivers likely have a higher standard of living than Chilean bus drivers.

because colombian bus drivers would be paid even if there are no passengers thus they enjoy better life

Question 12. 12.

the marginal benefit of the action exceeds the marginal cost of the action

If marginal benefit is higher than marginal cost then you are in benefit, So it is always rational to get benefited

13. 13.

circular-flow diagram

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