BSNS 113 Final Exam Questions With
Correct Answers
"Economy-wide |phenomena |including |inflation, |unemployment |and |economic |growth" |is |what
|type |of |economics? |- |CORRECT |ANSWER✔✔-Macroeconomics
"The |study |of |how |house |holds |and |firms |make |decisions |and |how |they |interact |in |markets" |is
|what |type |of |economics? |- |CORRECT |ANSWER✔✔-Microeconomics
What |is |Positive |Analysis? |- |CORRECT |ANSWER✔✔-A |statement |describing |how |something |is
What |is |Normative |Analysis? |- |CORRECT |ANSWER✔✔-A |statement |describing |how |something |
should |be
Which |of |the |following |is |most |likely |a |macroeconomic |topic?
a. |Who |gains |and |who |loses |from |international |trade.
b. |The |role |of |the |Reserve |Bank |in |controlling |inflation.
c. |What |the |"optimal" |amount |of |pollution |is.
d. |How |taxes |affect |peoples' |behaviour. |- |CORRECT |ANSWER✔✔-b. |The |role |of |the |Reserve |
Bank |in |controlling |inflation.
Consider |the |following |two |statements:
Humans |tend |to |have |effectively |unlimited |wants |for |goods |and |services.
Humans |should |limit |their |consumption |for |the |sake |of |the |environment.
Which |of |the |following |is |true?
, a. |Both |statements |are |normative.
b. |Both |statements |are |positive.
c. |(i) |is |a |positive |statement |and |(ii) |a |normative |statement.
d. |(i) |is |a |normative |statement |and |(ii) |a |positive |statement. |- |CORRECT |ANSWER✔✔-c. |(i) |is |a |
positive |statement |and |(ii) |a |normative |statement.
Which |of |the |points |on |the |diagram |represent |technically |feasible |combinations |of |goods |and |
services |producible |in |New |Zealand?
a. |B, |C, |D, |and |E
b. |A, |B, |C, |and |E
c. |A, |B, |and |C
d. |A, |B, |C, |and |D |- |CORRECT |ANSWER✔✔-d. |A, |B, |C, |and |D
Which |of |the |points |on |the |diagram |represent |combinations |of |goods |and |services |that |
require |technically |efficient |production |methods?
a. |A, |B, |and |C
b. |E
c. |A, |B, |C, |and |D
d. |D |and |E |- |CORRECT |ANSWER✔✔-a. |A, |B, |and |C
Which |of |these |points |is |unfeasible |or |impossible |to |achieve?
a. |B
b. |D
c. |E
d. |A |- |CORRECT |ANSWER✔✔-c. |E
Correct Answers
"Economy-wide |phenomena |including |inflation, |unemployment |and |economic |growth" |is |what
|type |of |economics? |- |CORRECT |ANSWER✔✔-Macroeconomics
"The |study |of |how |house |holds |and |firms |make |decisions |and |how |they |interact |in |markets" |is
|what |type |of |economics? |- |CORRECT |ANSWER✔✔-Microeconomics
What |is |Positive |Analysis? |- |CORRECT |ANSWER✔✔-A |statement |describing |how |something |is
What |is |Normative |Analysis? |- |CORRECT |ANSWER✔✔-A |statement |describing |how |something |
should |be
Which |of |the |following |is |most |likely |a |macroeconomic |topic?
a. |Who |gains |and |who |loses |from |international |trade.
b. |The |role |of |the |Reserve |Bank |in |controlling |inflation.
c. |What |the |"optimal" |amount |of |pollution |is.
d. |How |taxes |affect |peoples' |behaviour. |- |CORRECT |ANSWER✔✔-b. |The |role |of |the |Reserve |
Bank |in |controlling |inflation.
Consider |the |following |two |statements:
Humans |tend |to |have |effectively |unlimited |wants |for |goods |and |services.
Humans |should |limit |their |consumption |for |the |sake |of |the |environment.
Which |of |the |following |is |true?
, a. |Both |statements |are |normative.
b. |Both |statements |are |positive.
c. |(i) |is |a |positive |statement |and |(ii) |a |normative |statement.
d. |(i) |is |a |normative |statement |and |(ii) |a |positive |statement. |- |CORRECT |ANSWER✔✔-c. |(i) |is |a |
positive |statement |and |(ii) |a |normative |statement.
Which |of |the |points |on |the |diagram |represent |technically |feasible |combinations |of |goods |and |
services |producible |in |New |Zealand?
a. |B, |C, |D, |and |E
b. |A, |B, |C, |and |E
c. |A, |B, |and |C
d. |A, |B, |C, |and |D |- |CORRECT |ANSWER✔✔-d. |A, |B, |C, |and |D
Which |of |the |points |on |the |diagram |represent |combinations |of |goods |and |services |that |
require |technically |efficient |production |methods?
a. |A, |B, |and |C
b. |E
c. |A, |B, |C, |and |D
d. |D |and |E |- |CORRECT |ANSWER✔✔-a. |A, |B, |and |C
Which |of |these |points |is |unfeasible |or |impossible |to |achieve?
a. |B
b. |D
c. |E
d. |A |- |CORRECT |ANSWER✔✔-c. |E
