BSNS113 Quiz Multiple-Choice Questions| Distinction
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 th...
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. - ✔️✔️- 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 - ✔️✔️- 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. - ✔️✔️- 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. - ✔️✔️- 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.)
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