BSNS 113 REVIEW TEST
BSNS 113 REVIEW TEST WITH GUARANTEED ACCURATE ANSWERS
QUIZ #1: 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 people's behavior - ACCURATE ANSWER✅✅b.
the role of the Reserve Bank in controlling inflation
QUIZ #1: Consider the following 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 -
ACCURATE ANSWER✅✅a. (i) is a positive statement and (ii) is a
normative statement
QUIZ #1: Suppose that to sit an 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 - ACCURATE ANSWER✅✅c.
$100 plus a few cents for the "wear-and-tear" to your pencil
QUIZ #1: 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 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. - ACCURATE ANSWER✅✅c.
direct cost of attending Otago University (fees, books, etc.) plus the
income and work experience the could have earned at the brewery.
QUIZ #1: 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. $60
d. $100 - ACCURATE ANSWER✅✅c. $60
BSNS 113 REVIEW TEST WITH GUARANTEED ACCURATE ANSWERS
QUIZ #1: 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 people's behavior - ACCURATE ANSWER✅✅b.
the role of the Reserve Bank in controlling inflation
QUIZ #1: Consider the following 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 -
ACCURATE ANSWER✅✅a. (i) is a positive statement and (ii) is a
normative statement
QUIZ #1: Suppose that to sit an 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 - ACCURATE ANSWER✅✅c.
$100 plus a few cents for the "wear-and-tear" to your pencil
QUIZ #1: 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 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. - ACCURATE ANSWER✅✅c.
direct cost of attending Otago University (fees, books, etc.) plus the
income and work experience the could have earned at the brewery.
QUIZ #1: 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. $60
d. $100 - ACCURATE ANSWER✅✅c. $60
