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BSNS113 - Quiz Questions And Answers Latest Update
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BSNS113 - Quiz Questions And Answers Latest Update
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BSNS113 - Quiz Questions And AnswersLatest Update
Microeconomics can be described as the study of... - ANS - how households and
firms make decisions and how they interact in individual markets
- how well markets work
- how firms and households make choices in the face of scarcity
An example of macroeconomics in regards to the Reserve bank is... - ANS The role
of the Reserve Bank controlling inflation
Is "The government should increase minimum wages" a normative or positive
statement? - ANS Normative Statement
Is "If the Reserve Bank increases interest rates, the New Zealand dollar is likely to
increase in value" a normative or positive statement? - ANS 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 and back. You had to bring a pencil, which you already owned. What is
the opportunity cost to you of sitting this exam? - ANS $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,
listed 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 Uni is the... - ANS direct cost of
attending Otago Uni (fees, books, etc.) plus the income and work experience she
could have earned at the brewery.
You paid $100 for a ticket (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? - ANS $60
The slope of the production possibilities frontier (PPF) is equal to.... - ANS The
opportunity cost of the good measured on the horizontal axis
A straight line (i.e. constant sloped) production possibilities frontier (PPF)
indicates... - ANS Opportunity cost remains constant as more and more of one
good is produced.
Which of the points on a diagram should New Zealand choose to produce at? -
ANS Any point on or below the curve
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