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BSNS113 Quiz Multiple-Choice Questions And Answers Latest Update
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BSNS113 Quiz Multiple-Choice Questions And Answers Latest Update
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BSNS113 Quiz Multiple-Choice Questions AndAnswers Latest Update
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. - ANS 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 - ANS 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. - ANS 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. - ANS 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. - ANS C)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?
A) $0
B) $40
C)$100
D)$60 - ANS D) $60
Imagine a country where it is not yet compulsory to wear seat belts in cars. If
wearing seat belts was made compulsory, this is likely to?
A) Reduce the number of traffic accidents
B) Lead to fewer injuries to cyclists
C) Lead to more injuries to cyclists
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