BSNS 113 Quiz Questions With Correct
Answers
Microeconomics |can |be |described |as |the |study |of...
A) |How |households |and |firms |make |decisions |and |how |they |interact |in |individual |markets.
B) |How |well |markets |work
C) |How |firms |and |households |make |choices |in |the |face |of |scarcity.
D)All |of |the |above. |- |CORRECT |ANSWER✔✔-D) |All |of |the |above
Which |of |the |following |is |most |likely |a |macroeconomic |topic?
A) |The |role |of |the |Reserve |Bank |in |controlling |inflation.
B) |Who |gains |and |who |loses |from |international |trade
C) |What |the |"optimal" |amount |of |pollution |is
D) |How |taxes |affect |peoples' |behaviour |- |CORRECT |ANSWER✔✔-A) |The |role |of |the |Reserve |
Bank |in |controlling |inflation.
Consider |the |following |two |statement:
(i) |The |government |should |increase |minimum |wages
(ii) |If |the |Reserve |Bank |increases |interest |rates, |the |New |Zealand |dollar |is |likely |to |increase |in |
value.
A)(i) |Is |a |normative |statement |and |(ii) |a |positive |statement
B) |(i) |Is |a |positive |statement |and |(ii) |a |normative |statement
, C) |Both |statements |are |positive
D) |Both |statements |are |normative. |- |CORRECT |ANSWER✔✔-A) |(i) |is |a |normative |statement |
and |(ii) |a |positive |statement
Suppose |that |to |sit |an |exam |you |had |to |take |two |hours |off |from |your |tele-marketing |job |that |
you |do |from |home. |The |job |pays |$30 |per |hour. |As |well, |because |you |live |on |the |other |side |of |
town, |you |had |to |pay |$10 |in |total |for |buses |to |get |to |the |exam. |You |had |to |bring |a |pencil, |
which |you |already |owned. |What |is |the |opportunity |cost |to |you |of |sitting |this |exam?
A) |$70 |plus |the |total |cost |of |the |pencil
B) |$70 |plus |a |few |cents |for |the |"wear-and-tear" |to |your |pencil.
C) |Just |$10 |for |the |buses
D) |Nothing |at |all, |if |you |enjoy |the |exam. |- |CORRECT |ANSWER✔✔-B) |$70 |plus |a |few |cents |for |
the |"wear-and-tear" |to |your |pencil.
After |leaving |high |school, |Sandra |considered |three |options |for |what |to |do |next, |listened |in |
order |of |preference:
1. |Attend |Otago |University
2. |Work |at |Speights |brewery |in |Dunedin, |or
3. |Attend |Auckland |University
Sandra's |opportunity |cost |of |attending |Otago |University |is |the?
A) |Net |benefit |she |would |received |from |attending |Auckland |Uni
B) |Direct |cost |of |attending |Otago |uni |(fees, |books, |etc.)
C)Direct |cost |of |attending |Otago |Uni |(fees, |books, |etc.) |plus |the |income |and |work |experience |
she |could |have |earned |at |the |brewery.
D) |Direct |cost |of |attending |Otago |Uni |(fees, |books, |etc.) |plus |living |expenses |(food, |clothing, |
etc.) |plus |the |income |and |work |experience |she |could |have |earned |at |the |brewery. |- |CORRECT |
Answers
Microeconomics |can |be |described |as |the |study |of...
A) |How |households |and |firms |make |decisions |and |how |they |interact |in |individual |markets.
B) |How |well |markets |work
C) |How |firms |and |households |make |choices |in |the |face |of |scarcity.
D)All |of |the |above. |- |CORRECT |ANSWER✔✔-D) |All |of |the |above
Which |of |the |following |is |most |likely |a |macroeconomic |topic?
A) |The |role |of |the |Reserve |Bank |in |controlling |inflation.
B) |Who |gains |and |who |loses |from |international |trade
C) |What |the |"optimal" |amount |of |pollution |is
D) |How |taxes |affect |peoples' |behaviour |- |CORRECT |ANSWER✔✔-A) |The |role |of |the |Reserve |
Bank |in |controlling |inflation.
Consider |the |following |two |statement:
(i) |The |government |should |increase |minimum |wages
(ii) |If |the |Reserve |Bank |increases |interest |rates, |the |New |Zealand |dollar |is |likely |to |increase |in |
value.
A)(i) |Is |a |normative |statement |and |(ii) |a |positive |statement
B) |(i) |Is |a |positive |statement |and |(ii) |a |normative |statement
, C) |Both |statements |are |positive
D) |Both |statements |are |normative. |- |CORRECT |ANSWER✔✔-A) |(i) |is |a |normative |statement |
and |(ii) |a |positive |statement
Suppose |that |to |sit |an |exam |you |had |to |take |two |hours |off |from |your |tele-marketing |job |that |
you |do |from |home. |The |job |pays |$30 |per |hour. |As |well, |because |you |live |on |the |other |side |of |
town, |you |had |to |pay |$10 |in |total |for |buses |to |get |to |the |exam. |You |had |to |bring |a |pencil, |
which |you |already |owned. |What |is |the |opportunity |cost |to |you |of |sitting |this |exam?
A) |$70 |plus |the |total |cost |of |the |pencil
B) |$70 |plus |a |few |cents |for |the |"wear-and-tear" |to |your |pencil.
C) |Just |$10 |for |the |buses
D) |Nothing |at |all, |if |you |enjoy |the |exam. |- |CORRECT |ANSWER✔✔-B) |$70 |plus |a |few |cents |for |
the |"wear-and-tear" |to |your |pencil.
After |leaving |high |school, |Sandra |considered |three |options |for |what |to |do |next, |listened |in |
order |of |preference:
1. |Attend |Otago |University
2. |Work |at |Speights |brewery |in |Dunedin, |or
3. |Attend |Auckland |University
Sandra's |opportunity |cost |of |attending |Otago |University |is |the?
A) |Net |benefit |she |would |received |from |attending |Auckland |Uni
B) |Direct |cost |of |attending |Otago |uni |(fees, |books, |etc.)
C)Direct |cost |of |attending |Otago |Uni |(fees, |books, |etc.) |plus |the |income |and |work |experience |
she |could |have |earned |at |the |brewery.
D) |Direct |cost |of |attending |Otago |Uni |(fees, |books, |etc.) |plus |living |expenses |(food, |clothing, |
etc.) |plus |the |income |and |work |experience |she |could |have |earned |at |the |brewery. |- |CORRECT |
