BSNS 113 REVIEW | Questions and answers | 2025/2026 | Latest
Update
Terms in this set (54)
QUIZ #1: Which of the following is b. the role of the Reserve Bank in controlling inflation
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 people's behavior
QUIZ #1: Consider the following a. (i) is a positive statement and (ii) is a normative statement
two statements:
i. Humans tend to have effectively
unlimited wants for goods and
services.
ii. Humans should limit
their consumption for the sake
of the environment.
Which of the following is true?
a. (i) is a positive statement
and (ii) is a normative
statement
b. both statements are normative
c. both statements are positive
d. (i) is a normative statement
and (ii) is a positive statement
,QUIZ #1: Suppose that to sit an c. $100 plus a few cents for the "wear-and-tear" to your pencil
exam you had to take three
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 and back.
You had to bring a pencil, which
you already owned. What is the
opportunity cost to you of sitting
this exam?
a. nothing at all, if you enjoy the exam
b. just $10 for the buses
c. $100 plus a few cents for the
"wear-and- tear" to your pencil
d. $100 plus the total cost of the
pencil
QUIZ #1: After leaving high school, c. direct cost of attending Otago University (fees, books, etc.) plus
Sandra considered three options the income and work experience the could have earned at the
for what to do next, listed in brewery.
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 have
received from attending
Auckland University.
b. direct cost of attending Otago
University (fees, books, etc.).
c. direct cost of attending Otago
University (fees, books, etc.)
plus the income and work
experience the could have earned
at the brewery.
d. direct cost of attending Otago
University (fees, books, etc.)
plus living expenses (food,
clothing, etc.) plus the income
and work experience she could
, have earned at the brewery.
QUIZ #1: You paid $100 for a ticket c. $60
(which is non-refundable) to go to
a concert on Saturday night.
Your boss calls Saturday
afternoon to see if you're willing to
work for three hours that night.
She'll pay you $20 per hour
instead of your usual $10. What is
your opportunity cost if you
choose to go to the concert?
a. $0
b. $40
c. $60
d. $100
Update
Terms in this set (54)
QUIZ #1: Which of the following is b. the role of the Reserve Bank in controlling inflation
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 people's behavior
QUIZ #1: Consider the following a. (i) is a positive statement and (ii) is a normative statement
two statements:
i. Humans tend to have effectively
unlimited wants for goods and
services.
ii. Humans should limit
their consumption for the sake
of the environment.
Which of the following is true?
a. (i) is a positive statement
and (ii) is a normative
statement
b. both statements are normative
c. both statements are positive
d. (i) is a normative statement
and (ii) is a positive statement
,QUIZ #1: Suppose that to sit an c. $100 plus a few cents for the "wear-and-tear" to your pencil
exam you had to take three
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 and back.
You had to bring a pencil, which
you already owned. What is the
opportunity cost to you of sitting
this exam?
a. nothing at all, if you enjoy the exam
b. just $10 for the buses
c. $100 plus a few cents for the
"wear-and- tear" to your pencil
d. $100 plus the total cost of the
pencil
QUIZ #1: After leaving high school, c. direct cost of attending Otago University (fees, books, etc.) plus
Sandra considered three options the income and work experience the could have earned at the
for what to do next, listed in brewery.
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 have
received from attending
Auckland University.
b. direct cost of attending Otago
University (fees, books, etc.).
c. direct cost of attending Otago
University (fees, books, etc.)
plus the income and work
experience the could have earned
at the brewery.
d. direct cost of attending Otago
University (fees, books, etc.)
plus living expenses (food,
clothing, etc.) plus the income
and work experience she could
, have earned at the brewery.
QUIZ #1: You paid $100 for a ticket c. $60
(which is non-refundable) to go to
a concert on Saturday night.
Your boss calls Saturday
afternoon to see if you're willing to
work for three hours that night.
She'll pay you $20 per hour
instead of your usual $10. What is
your opportunity cost if you
choose to go to the concert?
a. $0
b. $40
c. $60
d. $100
