Final Sınavı - Introduction to Economics 1

Soru 1:

What is the amount of maximum output that a firm can produce with different levels of labor for a given capital amount used?

A) Aggregate consumption B) Total production of labor C) Average fixed cost D) Margina propensity to consume E) Accounting cost

Soru 2:

If the output increases by the same percentage as the increase in all inputs. Which of the followings define the case stated above?

A) Increasing returns to scale B) Decreasing returns to scale C) The marginal costs D) Constant returns to scale E) Average product of labor

Soru 3:

Which of the followings is a market structure with few firms?

A) Oligopoly B) Monopoly C) Monopolistic competition D) Cartel E) Nash Equilibrium

Soru 4:

The whole satisfaction you derive from consumption is called _______.

A) total utility B) marginal utility C) indifference curve D) diminishing marginal utility E) ordinal utility function

Soru 5:

Which of the following gives the definition for ' opportunity cost '?

A) The study of how individuals and societies choose to use scarce resources attheir disposal B) The society’s inability to produce all the goods and services C) The combinations of output that a society can possibly produce using available resources D) The study of how society sets its priorities in managing its scarce resources E) A desired item or outcome that a person has to give up to get that item

Soru 6:

What is the formula for total cost?

A) The formula is is equal to totalcost(TC) divided by the number of units of a good produced. B) The formula is to find it, divide the total cost (TC) by the quantity the firm is producing (Q). C) Total Cost (TC) The total fixed cost plus the total variable cost. D) The formula is by dividing the total variable costs by the number of units produced. E) The formula is a constant amount per unit produced.

Soru 7:

Which of the following statement is correct for the definition of Marginal Product of Labor?

A) is the total output produced when a small amount of additional labor is employed with all other inputs remaining the same, B) is the average output produced when a small amount of additional labor is employed with all other inputs remaining the same, C) is the maximum potential output produced when a small amount of additional labor is employed with all other inputs remaining the same, D) is the additional output produced when a small amount of additional labor is employed with all other inputs remaining the same, E) is the max. output produced when an additional labor is employed while all other inputs vary.

Soru 8:

Which of the followings refers to an expenditure that was incurred in the past and is irreversible in the short-run ?

A) Competitive market. B) Sunk cost. C) Break-even point. D) Profit maximization. E) Total revenue.

Soru 9:

What is the difference between monopolistic competition and perfect competition?

A) Monopolistic competition is a market structure in which a few large firms compete. B) Monopolistic competition arises when there is only one firm which produces a good or service with no close substitute. C) Monopolistic competition creates a market for the exchange of identical products. D) The products sold in monopolistic competition are slightly differentiated. E) There are many sellers and buyers in monopolistic competition.

Soru 10:

What are the sources of all economic problems?

A) It is because of the opening of Pandora’s Box, B) The economic problem arises because of the scarcity, C) Since available resources are always equal to our needs and desires, D) Because the rich wants to purchase more and more, E) Because of the income distribution.

Soru 11:

If labor is the only variable input for a firm, its total variable cost will be ______.

A) labor expenditures plus the amount of capital B) the wage rate multiplied by the amount of labor used C) the total cost divided by the amount of output produced D) the labor expenditures multiplied by the amount of capital E) the total fixed cost divided by the quantity of output produced

Soru 12:

Profit maximizing level of output for a monopolist is the output level where:

A) P>MR>MC. B) P C) P=MC>MR. D) P=MR>MC. E) P>MR=MC.

Soru 13:

The purchasing price of the capital good The expected marginal revenue product The expected cost of operating the capital good The ratio of the marginal product of capital to its price Which of the above are among the determinants of capital demand?

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

Soru 14:

Which one of the following is not a property of indifference curves

A) Indifference curves can cross each other. B) More goods are preferrable to fewer goods. C) Indifference curves are always convex D) indifference curves are passes through everywhere. E) Goods are substitutable

Soru 15:

Which of the followings shows the total cost divided by the amount of output produced?

A) The average cost B) The average fixed cost C) The average variable cost D) The marginal cost E) Total cost

Soru 16:

Which of the followings can be considered as a 'market'? I. Idefix II. Hepsiburada III. Sahaflar Çarşısı IV. D&R

A) I, II B) I, IV C) I, III, IV D) II, III, IV E) I, II, III, IV

Soru 17:

Suppose a certain firm is able to produce 7349872 units of output per day when 10 workers are hired. The firm is able to produce 7347839 units of output per day when 11 workers are hired (holding other inputs fixed). What is the marginal product of the 11th worker?

A) -2033 B) 33 C) -1033 D) 2033 E) 1033

Soru 18:

Assume for a factory owner the purchasing price of the machine is 8000. The factory owner expects to use the oven for a year and then sell it for 4000. At this point, they has to make a decision as to whether to buy this oven or to purchase a bond which bears 5% annual interest rate. The new machine will bring an additional revenue of 10000 per year. What is the net present value (NPV) of the machine?

A) 8000 B) - 7000 C) 4000 D) 7000 E) 8000

Soru 19:

What can be said for the effect of an increase in interest rates on saving?

A) It will increase savings B) The total effect is ambiguous. C) It will decrease savings D) It will slightly decrease then increase savings E) It will slightly increase then decrease savings

Soru 20:

I. The price have to be paid to obtain the capital good II. The difference between income and consumption III. The marginal revenue product received by having it Which of these given statements are the determinants of the capital demand?

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