- Study guides, Class notes & Summaries

absolute advantage - Answer The ability of a country, individual, company or region to produce a good or service at a lower cost per unit than the cost at which any other entity produces that good or service. Aggregate Demand - Answer the relationship between the quantity of real GDP demanded and the price level bond market - Answer the market in which bonds issued by firms and governments are traded capital - Answer the tools, equipment, machinery, buildings and factories t...

Which of the following is a macroeconomic rather than a microeconomic topic? (a) The economic incidence of a subsidy. (b) Welfare economics. (c) The causes of inflation. (d) The optimal level of pollution. - Answer (c) The causes of inflation. Which of the following goods is least likely to be scarce? (a) Tickets to an All Blacks rugby test in Dunedin. (b) Places to study Medicine at Otago University. (c) Water in Africa during a drought. (d) Water in Dunedin during winte...

What are the three economic questions? - Answer What to produce? How to produce? For whom to produce? Is a Normative statement fact or opinion? - Answer Opinion Is a Positive statement fact or opinion? - Answer Fact What is GDP? - Answer It aims to measure the market value for all final goods and services in a given period of time. What are the 3 types of resources? - Answer Land, Labour, Capital What is the function of the quantity of goods produced? - Answer f(...

When a binding price floor is imposed in a market (A) some suppliers are better off while other suppliers are worse off and all demanders are worse off. (B) the market clears because the price floor improves fairness. (C) demanders and suppliers benefit equally. (D) the government is attempting to improve market efficiency. - Answer (A) some suppliers are better off while other suppliers are worse off and all demanders are worse off. New Zealand's most valuable export commodity (in ...

If the price of cheese falls by 1% and the quantity demanded increases by 4%, then the price elasticity of demand (є) for cheese is (A) 0.25 (B) 0.4 (C) 1.0 (D) 4.0 - Answer (D) 4.0 If the business managers at Otago University were thinking of increasing student fees in the hope of raising more revenue from students, which of the following values would it prefer as the price elasticity of demand for enrolments? (A) 0.3 (B) 1.0 (C) 3.0 (D) ∞, i.e., infinitely or perfectly elastic...

Scarcity - Answer Sometime is scarce if there is not enough for everyone if it were free Implies the need for trade offs Unlimited wants - Answer People have unlimited wants, but the resources to satisfy those wants is limited. Positive economics - Answer Studying how the economy works Normative economics - Answer figuring out how the economy should be GDP - Answer Gross domestic product Measures the market value of all final goods and services in a country What G...

"Economy-wide phenomena including inflation, unemployment and economic growth" is what type of economics? - Answer Macroeconomics "The study of how house holds and firms make decisions and how they interact in markets" is what type of economics? - Answer Microeconomics What is Positive Analysis? - Answer A statement describing how something is What is Normative Analysis? - Answer A statement describing how something should be Which of the following is most lik...

positive economics - Answer how systems work normative economics - Answer about change 'should' shift PPF out - Answer resources technology 3 economic questions - Answer what how whom resource heterogeneity - Answer resources vary in productive characteristics, increase production we have to move resources less well suited Pros of terms of trade - Answer open international markets prevents monopolies increases efficiency greater specialisation Con...

Bullseye (Sustainability Model) - Answer 1. Economy 2. Society 3. Environment Friedman Doctrine - Answer Maximise profits, but do so within the rules of the game. Rules of the game - Answer Refers to rules which are unwritten, e.g. ethics and attitude, and those laws by govt. Invisible Hand - Answer Adam Smith - everyone acting in their own self interest will positively effect society. Cadbury Old vs. New - Answer CSR used to be the main focus, then it was only about...

BSNS 113 FINAL EXAM NEWEST ACTUAL EXAM COMPLETE 250 QUESTIONS AND CORRECT ANSWERS