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BSNS 113 LATEST FINAL EXAM PREP 2024 WITH
200 EXAM QUESTIONS AND CORRECT
ANSWERS (100% CORRECT ANSWERS) BSNS 113
FINAL EXAM 2024/2025 WITH EXTRA
TERMINOLOGIES STUDY GUIDE (BRAND NEW)
Which statement is true about point d in the diagram?(a) The combination of bicycles and buses represented by point d is unattainable with the available resources.(b) Although more bicycles can be produced at point d, no more buses can be produced.(c) The combination of bicycles and buses represented by point d implies that the available resources are not being efficiently employed.(d) Pointd is preferred to point a.(e) Point d is preferred to point b.(c) The combination of bicycles and buses represented by point d implies that the available resources are not being efficiently employed.
Which of the points on the diagram represent technically feasible combinations of goods and services producible in New Zealand?
- B, C, D, and E
- A, B, C, and E 1 / 4
pg. 2
- A, B, and C
- A, B, C, and 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, B, and C
- E
- A, B, C, and D
- D and E
- A, B, and C
Which of these points is unfeasible or impossible to achieve?
- B
- D
- E
- A
- E 2 / 4
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"The ability to produce a good using the smallest amount of inputs/resources than someone/another company" represents what?Absolute Advantage "The cost of something in regards to what we give up or could have been doing instead" is the definition of what?Opportunity Cost Suppose that a monopolist discovers a way to successfully price discriminate. As a result, allocative efficiency (a) decreases, but consumer surplus increases.(b)increases and consumer surplus increases.(c) increases, but profit decreases.(d)decreases, but profit increases.(e) increases and profit also increases.(e) increases and profit also increases.What is the main idea behind Adam Smith's theory of the "invisible hand"?(a) God looks after everyones best interests.(b)Individuals in the pursuit of their own interests generate an efficient outcome for society in the sense that total economic surplus is maximised (c) Government has a major role to play in the economy.(d) The division of labour (ie specialisation) ensures efficiency in the workplace (e) Market outcomes are the fairest for everyone.(b)Individuals in the pursuit of their own interests generate an efficient outcome for society in the sense that total economic surplus is maximised Which one of the following statements is true? 3 / 4
pg. 4 (a) Point a is associated with a higher opportunity cost of producing bicycles in terms of buses foregone than point b.(b) Point b is associated with a higher opportunity cost of producing bicycles in terms of buses foregone than point c.(c) Point a is associated with a lower opportunity cost of producing bicycles in terms of buses foregone than point b.(d) Point a is associated with a lower opportunity cost of producing buses in terms of bicycles foregone than point b.(e) Point b is associated with a lower opportunity cost of producing buses in terms of bicycles foregone than point c.(c) Point a is associated with a lower opportunity cost of producing bicycles in terms of buses
Suppose you observed that the equilibrium price of T-shirts increased and the equilibrium quantity fell. Which of the following events in the T-shirt market best fits this observation?(a) An increase in demand and no change in supply.(b) An increase in demand and an increase in supply.(c) A decrease in supply and no change in demand.(d) A decrease in demand and no change in supply.(e) An increase in supply and no change in demand.(c) A decrease in supply and no change in demand.If all costs of producing a good are borne directly by sellers, and if all benefits from the good accrue directly to buyers, then the market equilibrium should (a) leave no unexploited opportunities for individuals.(b) be efficient.
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