Seçmeli Ara Sınav - Introduction to Economics 1

Soru 1:

What do economists call the situation when the market itself falls short of allocating resources efficiently?

A) External Cost B) Zero-sum Game C) Market Failure D) Market Power E) Economywide Outcomes

Soru 2:

Which of the following measures the responsiveness of demand to changes in its own price?

A) Income elasticity od demand B) Price elasticity of demand C) Cross-price elasticity of demand D) Aggregate elasticity od demand E) Limited elasticity of demand

Soru 3:

Given a consumer’s tastes or preferences, along with the assumption of rationality of consumers, Consumption choices are limited by which of the fallowing factors?

A) Consumption choices are limited by only relative prices, B) Consumption choices are limited by income and prices, C) Consumption choices are limited by only personal income, D) Consumption choices are limited by income and inflation, E) Consumption choices are limited by economic growth.

Soru 4:

When the price of PlayStation Consoles decreases, the demand for PlayStation licensed games increases. What kind of goods are the PlayStation consoles and games in this explanation?

A) The normal goods B) The substitute goods C) The complementary goods D) The inferior goods E) The preferred goods

Soru 5:

Which of the following does not satisfy the assumptions of preferences?

A) Preferences are complete B) Preferences are transitive C) An increasing marginal rate of substitution D) Consumers always prefer more of a commodity E) A diminshing marginal rate of substitution

Soru 6:

Suppose there is an increase in income. How it would affect the demand curve for air travel?

A) The demand curve for air travel shifts to the right. B) The demand curve for air travel shifts to the left. C) The supply curve for air travel shifts to the right. D) The supply curve for air travel shifts to the left. E) The supply curve for air travel stays the same.

Soru 7:

"The price elasticity of demand ........." Which of the following best completes the sentence above?

A) measures the responsiveness of demand to the changes in the price B) measures how much consumers respond to the changes in the demand C) is used to quantify the response of one variable when another variable changes D) measures the quantitative response of one variable to another E) is always negative because of the law of demand

Soru 8:

Which of the following can be true about budget constraint?

A) It is the combinations of quantities of X and Y that a consumer can purchase with certain amount of income or earning. B) It is the minimum amount of the goods that a person can afford using his or her income or earnings. C) It is the gap between the desired goods and the afforded goods for a person who works for a stable salary. D) It is the unexpected increase in budget line of a person due to some unexpected expenses such as car insurance due to an accident. E) It is the decrease in a persons budget caused by gradual increase in inflation and global stocks.

Soru 9:

I. Demand for the luxury good increases. II. Demand for the normal good decreases. III. Demand for the inferior good decreases. Which of the above is true according to Engel curves, which illustrate the relationship between consumer demand and household income?

A) I B) II C) I and II D) I and III E) II and III

Soru 10:

“In short periods of time, economic policies introduced to control inflation will lead to an increase in unemployment.” What kind of statement is the one above?

A) Positive Statement B) Normative Statement C) Prescriptive Statement D) Value Judgement E) Assumption

Soru 11:

İlknur has been invited to a party on the night before her final exams. She really likes partying with her friends; however, she has to revise properly so that she can pass her exams. Moreover, she is very well aware that she needs to get a good night’s sleep to be able to focus better the next day. Therefore, she is clearly in a dilemma about whether to go to the party or to stay home and revise. From the perspective of economics, what main factor puts her into a difficult choice?

A) Her ambition at school B) The allure of the party C) Her limited income D) The lack of her party dress E) The scarcity of time

Soru 12:

The table above shows the price and the quantity of Smart Phone A demanded for two months; July and August. What is the price elasticity of demand for this smart phone (according to the standard method)?

A) 0.7 B) 1.0 C) 1.3 D) 1.5 E) 2.0

Soru 13:

Which one among the following statements are correct?

A) In economics, decision makers make decisions by thinking without the margin. B) Main problems that economics addresses include how much to produce, who will produce and how much to pay them. C) People do respond to negative incentives. D) If people make choices by comparing cost and benefits, then their decisions must not be altered by altering the cost or benefits of their actions. E) Economists study human behavior as a relationship between unlimited ends and scarce means with alternative uses.

Soru 14:

When societies face the scarcity problem, what they have to do it?

A) They can satisfy all their needs and desires, B) They have to think at the margin, C) Cost is limited to only explicit costs, D) Must decide on their priorities and manage their resources accordingly with the priorities they set, E) Must decide all desired goods to produce.

Soru 15:

Which of the following is not a variable affecting the slope of the Quantity-Price plane?

A) Seasons B) Changes in prices C) Expectations D) Tastes and preferences E) Prices of related goods

Soru 16:

What is the relationship between two particular goods such as ink pens and ink?

A) They are luxury goods. B) They are unrelated goods. C) They are substitute goods. D) They are complementary goods. E) They are giffen goods.

Soru 17:

Which of the following is the correct definition of a competitive market?

A) Where there is only one seller of the product and this seller sets the price alone, B) Where there are few buyers and sellers so that the effect of each one on market price is normal, C) Where there are many buyers and sellers so that the effect of each one on market price is negligible, D) Where there are many buyers and sellers so that the effect of each one on market price is huge, E) Where there are many buyers and single seller so that the effect of each one on market price is negligible.

Soru 18:

Which of the followings is not among the factors that affect the price elasticity of a good?

A) The time period B) The input prices of the good C) Availability of close substitutes D) The good being a necessity or luxury for the consumer E) Weight of the good's cost in the consumers' budget

Soru 19:

For what type of goods the decrease in the price of one causes an increase in the demand for the other.

A) Inferior goods B) Substitute goods C) Normal goods D) Complementary goods E) Giffen Goods

Soru 20:

In Economics, elasticity is a measure that shows ______ buyers and sellers respond to changes in market conditions.

A) how B) why C) when D) how much E) whether or not