BSNS 113 Final Exam Revision
Questions and Answers 100% Solved
"Economy-wide phenomena including inflation, unemployment and
economic growth" is what type of economics? - ✔✔Macroeconomics
"The study of how house holds and firms make decisions and how they
interact in markets" is what type of economics? - ✔✔Microeconomics
What is Positive Analysis? - ✔✔A statement describing how something is
What is Normative Analysis? - ✔✔A statement describing how something
should be
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 peoples' behaviour. - ✔✔b. The role of the Reserve
Bank in controlling inflation.
Consider the following two statements:
Humans tend to have effectively unlimited wants for goods and services.
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, Humans should limit their consumption for the sake of the environment.
Which of the following is true?
a. Both statements are normative.
b. Both statements are positive.
c. (i) is a positive statement and (ii) a normative statement.
d. (i) is a normative statement and (ii) a positive statement. - ✔✔c. (i) is a
positive statement and (ii) a normative statement.
Which of the points on the diagram represent technically feasible
combinations of goods and services producible in New Zealand?
a. B, C, D, and E
b. A, B, C, and E
c. A, B, and C
d. A, B, C, and D - ✔✔d. A, B, C, and D
Which of the points on the diagram represent combinations of goods and
services that require technically efficient production methods?
a. A, B, and C
b. E
c. A, B, C, and D
d. D and E - ✔✔a. A, B, and C
Which of these points is unfeasible or impossible to achieve?
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Questions and Answers 100% Solved
"Economy-wide phenomena including inflation, unemployment and
economic growth" is what type of economics? - ✔✔Macroeconomics
"The study of how house holds and firms make decisions and how they
interact in markets" is what type of economics? - ✔✔Microeconomics
What is Positive Analysis? - ✔✔A statement describing how something is
What is Normative Analysis? - ✔✔A statement describing how something
should be
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 peoples' behaviour. - ✔✔b. The role of the Reserve
Bank in controlling inflation.
Consider the following two statements:
Humans tend to have effectively unlimited wants for goods and services.
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, Humans should limit their consumption for the sake of the environment.
Which of the following is true?
a. Both statements are normative.
b. Both statements are positive.
c. (i) is a positive statement and (ii) a normative statement.
d. (i) is a normative statement and (ii) a positive statement. - ✔✔c. (i) is a
positive statement and (ii) a normative statement.
Which of the points on the diagram represent technically feasible
combinations of goods and services producible in New Zealand?
a. B, C, D, and E
b. A, B, C, and E
c. A, B, and C
d. A, B, C, and D - ✔✔d. A, B, C, and D
Which of the points on the diagram represent combinations of goods and
services that require technically efficient production methods?
a. A, B, and C
b. E
c. A, B, C, and D
d. D and E - ✔✔a. A, B, and C
Which of these points is unfeasible or impossible to achieve?
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
