Practice 10 questions on ECON201ELEC(7344) - Microeconomics 201 at Concordia University. Free AI-generated quiz on uNotes — track your score, retake anytime.
1Calculate the opportunity cost of pursuing a university education for one year, given that you forgo a job paying $30,000 annually and incur $4,000 in tuition/books and $16,000 in living expenses.
2Zoe can produce 10 soaps and 0 DVDs, or 0 soaps and 20 DVDs. Ben can produce 5 soaps and 0 DVDs, or 0 soaps and 15 DVDs. If they split their day to produce both goods, what are possible consumption bundles for Zoe and Ben if they are self-sufficient?
3A basket of goods cost $625 in 2005 and $800 in 2010. If 2005 is the base year, what is the value of the price index in 2005?
4Which of the following data sets best represents cross-sectional data?
5If the demand equation shifts from P=25-6Q to P=30-6Q, which statement is correct?
6Given a demand equation P=10-Q and a supply equation P=2+Q, if a price ceiling results in a quantity bought and sold of Q=2, what is the price ceiling?
7Which of the following statements about income elasticity of demand is INCORRECT?
8Butter manufacturers in Quebec lobby to prevent margarine from being labeled 'tastes like butter.' What is their primary goal?
9When the government imposes a percentage tax on consumers, and the supply curve is more inelastic, what is the effect?
10A marginal abatement curve is positively sloped because the cost associated with achieving close-to-zero pollution is much higher than cleaning up just a bit of existing pollution. True or False?
