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. - ACCURATE ANSWERD) All of the above
Whi...
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. - ACCURATE ANSWER✅✅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 - ACCURATE
ANSWER✅✅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. - ACCURATE ANSWER✅✅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. - ACCURATE
ANSWER✅✅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. - ACCURATE
ANSWER✅✅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?
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