ECON101 Tutorial 4 (Chapter 11)
Describe the three problems that make the consumer price index an imperfect measure
of the cost of living.
1. The three problems in the consumer price index as a measure of the cost of living are: (1)
ECON101 Chapter 20 Tutorial Questions and Answers
Questions for Review
List and explain the three reasons the aggregate demand curve is downward sloping.
The aggregate-demand curve is downward sloping because: (1) a decrease in the price level m
ECON101 Chapter 18 Solution
(Questions 5, 7, 8, 9 and 11)
5. Would each of the following groups be happy or unhappy if the US dollar appreciated?
Dutch pension funds holding U.S. government bonds
U.S. manufacturing industries.
ECON101 Tutorial 3 (Chapter 10)
1. The government purchases component of GDP does not include spending on transfer
payments such as unemployment benefits. Thinking about the definition of GDP explain why
transfer payments are excluded.
ECON100 Tutorial Work Week 3
- Choices And Trade-Offs In The Market
CHAPTER 2 Review Questions
1.3) What is meant by increasing marginal opportunity costs? What are the implications of this
idea for the shape of the production possibility frontier?
ECON100 Tutorial Work Week 4
- Where do Prices come from? Elasticity-
Q1.3) What is the difference between a change in demand and a change in quantity demanded?
- As the price changes of a product, consumers change the quantity
ECON100 Tutorial Work Week 2
- Economic Foundations
CHAPTER 1 Review Questions
2.1) Explain how the concept of opportunity cost arises from the central economic problem of
scarce resources and unlimited wants.
Opportunity Costs are defined as the cost
ECON100 Tutorial Work Week 7
- The Market For Factors of Production. CHAPTER 10 REVIEW QUESTIONS THE DEMAND FOR LABOUR
Q1.3) Why is the demand curve for labor downward sloping?
- The demand curve for labor is also the marginal revenue product of labor cur
ECON100 Tutorial Work Week 5
- Technology, Production and Costs. Perfectly Competitive Markets. CHAPTER 6
Q2.7) For Simon OBriens pizza restaurant, explain whether each of the following is a fixed cost or
a variable cost.
Variable costs are costs which ch
ECON101 Chapter 21 Tutorial Questions and Solution
1. Explain how each of the following developments would affect the supply of money, the
demand for money and the interest rate. Illustrate your answers with diagrams.
a. The central bank buys bonds in ope