201-tutorial-1

# 201-tutorial-1 - Econ 201 Tutorial#1 Date Week of Jan 18-24...

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Econ 201 Tutorial #1 Date: Week of Jan. 18-24, 2010 Coverage: Chapters 1 and 2 Introduction and Tools of Analyses I. Multiple Choice Questions: 1. Complete the following sentence: Microeconomics is a. concerned with the size of the total amount of income earned by all households in an economy. b. unrelated to macroeconomics. c. concerned exclusively with the role of the government in the economy. d. the branch of economics that studies the decisions of individual households and firms. e. none of the above. 2. When asked in an interview what she missed the most because of the time she spent training for the Olympics, a rower revealed that she had given up a job that paid \$30,000 per year to train full-time. She received a grant of \$8,000 per year from Sports Canada, but this could not cover all her training expenses. Her food and rent were \$10,000 per year and training expenses were \$15,000 per year. What is the annual opportunity cost, expressed in dollars, to this rower of “Going for Gold”? a. \$25,000. b. \$30,000. c. \$37,000. d. \$47,000. e. None of the above. 3. The Canadian Federal government has decided to lend money to Bombardier at the interest rate of 5% per year. If this sum of money were invested in a savings account, the interests would have been 7% per year. Which of the following is true? a.

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201-tutorial-1 - Econ 201 Tutorial#1 Date Week of Jan 18-24...

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