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ECON 201 DEPARTMENT OF ECONOMICS CONCORDIA UNIVERSITY MIDTERM EXAMINATION WITH ANSWERS
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ECON 201 DEPARTMENT OF ECONOMICS CONCORDIA UNIVERSITY MIDTERM EXAMINATION WITH ANSWERS
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ECON 201 DEPARTMENT OF ECONOMICS CONCORDIAUNIVERSITY MIDTERM EXAMINATION WITH ANSWERS
Multiple Choice Questions (3 marks each).
1. Suppose you give up a job that pays $30,000 a year in order to pursue
your university education. Every year, you pay $4,000 for tuition and books,
and $16,000 for food and rent.What is your opportunity cost of spending one
year in university?
a) $ 46,000.
b) $ 50,000.
c) $ 34,000.
d) $ 30,000.
2. Suppose that Zoe and Ben can produce bar soaps and DVDs. For a given
day, Zoe can make either 10 soaps and 0 DVD or 0 soaps and 20 DVDs or other
combinations in between.Ben can make either 5 soaps and 0 DVDs or 0 soaps
and 15 DVDs or other combinations in between. Assuming that Zoe and Ben
are self-sufficient and they split their day to produce both soaps and DVDs.
What would be the consumption bundles for Zoe and Ben?
a) Zoe consumes (5S, 20DVD) and Ben consumes (5S, 10DVD).
b) Zoe consumes (10S, 10DVD) and Ben consumes (5S, 7.5DVD).
c) Zoe consumes (8S, 2DVD) and Ben consumes (5S, 8DVD).
d) Zoe consumes (5S, 10DVD) and Ben consumes (2.5S, 7.5DVD).
3. A basket of goods in 2005 costs $625, while the value of the same basket in
2010 costs
$800. If the base year is 2005, what is the value of this price index in 2005?
a) 100.
b) 78.125.
c) 128.
d) 155.
4. Which of the following would be considered as cross section data?
a) The mortgage payments of Anna, Ben and John between 2005 and 2010.
b) The rise in the cost of living over the past five years.
c) Inflation rates between 1990 and 2010.
d) The income and gasoline consumption of 1,000 residents in Montreal in
, 2012.
5. If the demand equation changes from P=25-6Q to P=30-6Q, which of
the followingstatements is CORRECT?
a) The demand for this product has decreased, which is a shift to the right.
b) The demand for this product has increased, which is a shift to the right.
c) The demand for this product has decreased, which is a shift to the left.
d) The demand for this product has increased, which is a shift to the left.
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