Seçmeli Ara Sınav - Introduction to Economics 1

Soru 1:

Imagine there is a hypothetical market with only four people. The above table shows each individual’s demand schedule for soft beverages (Coca cola, Fanta) in this market. According to this table, which of the following is the correct market demand curve?

A) B) C) D)

Soru 2:

A(n) ......... statement is a prescriptive statement, like the ones expected to be made by a policy adviser. Which of the following completes the sentence above?

A) Positive B) Scientific C) Descriptive D) Normative E) Empirical

Soru 3:

Which of the following happens to the equilibrium market price and quantity when supply curve shifts to the right and demand curve shifts to the left?

A) Equilibrium price decreases. /Equilibrium quantity is uncertain. B) Equilibrium price increases. /Equilibrium quantity decreases. C) Equilibrium price is uncertain. /Equilibrium quantity increases. D) Equilibrium price decreases. /Equilibrium quantity increases. E) Equilibrium price is uncertain. /Equilibrium quantity decreases.

Soru 4:

......... is the degree at which a consumer can give up some amount of one good in exchange for another good while maintaining the same level of utility. Which of the following completes the sentence above correctly?

A) Marginal rate of substitution Conventional demand curve B) Conventional demand curve C) Optimal consumer choice D) Cardinal utility E) Total utility

Soru 5:

Assume that, for a normal good, the market is in equilibrium. If there is an increase in individuals’ income, what would be the new equilibrium price and quantity in the market?

A) the equilibrium price increases and the equilibrium quantity decreases, B) the equilibrium price decreases and the equilibrium quantity increases, C) the equilibrium price does not change and the equilibrium quantity decreases, D) the equilibrium price and the equilibrium quantity both increases, E) the equilibrium price decreases and the equilibrium quantity increases.

Soru 6:

Which of the following statement is correct about the price elasticity of demand?

A) Goods with close substitutes tend to have more inelastic demand than goods without close substitutes since it is easier for consumers to give up that good and switch to its substitutes. B) Goods with close substitutes tend to have more elastic demand than goods without close substitutes since it is easier for consumers to give up that good and switch to its substitutes. C) Goods with close substitutes tend to have perfectly (infinite) elastic demand than goods without close substitutes since it is easier for consumers to give up that good and switch to its substitutes. D) Goods with close substitutes tend to zero elastic demand since it is not easier for consumers to give up that good and switch to its substitutes. E) Goods with close substitutes tend to have unit elastic demand since it is easier for consumers to give up that good and switch to its substitutes.

Soru 7:

Which of the following statements is not among the determinants of the supply of a good or service?

A) The number of buyers in the market B) The price of the good C) The input prices D) The number of sellers of the good E) The number of suppliers of the good

Soru 8:

(Fill in the blank) An increase in _____ causes the consumer’s indifference curve to shift outward?

A) wealth B) the consumer’s productivity C) total utility D) relative prices E) wage rate

Soru 9:

Which of the following is true regarding the shape production possibility frontier (PPF)?

A) It is a positive linear line B) It is a negative linear line C) It is concave to the origin D) It is bowed inward E) It is convex to the origin

Soru 10:

Which of the following is true if the demand curve is vertical ?

A) Its slope is infinite and its price elasticity is one B) Its slope and its price elasticity is one C) Its slope and its price elasticity is infinite D) Its slope and its price elasticity is zero E) Its slope and its price elasticity is finite

Soru 11:

Which of the following does not affect the position of the demand curve on the Quantity-Price plane?

A) Tastes and preferences B) Income C) Price of a related good D) Population E) Own price

Soru 12:

What are the actual instruments thought to guide the consumers' and producers' actions and do what Adam Smith thought the invisible hand does in market economy?

A) Externalities B) Failures C) Cost D) Prices E) Supremacy

Soru 13:

According to the theory of demand, which of the following does not effect an individual’s decision about what quantity of a specific good to demand?

A) tastes and preferences of the individual B) the price of the good C) the income of the individual D) the price of related goods and services E) the manufacturer’s future expectations

Soru 14:

What occurs when the market falls short of allocating resources efficiently.

A) Supremacy of markets B) Market failure C) Scarcity D) Inflation E) Inequity

Soru 15:

The good is necessity or luxury for the consumer. Whether close substitutes are available or not. Share (weight) of the good’s cost in the consumers’ budget, and the time period. Which of the factors above does the price elasticity of demand depend on?

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

Soru 16:

What are consumer choices limited by?

A) Income and Preferences B) Income and Prices C) Price and Preferences D) Preferences, Income, and Prices E) Prices

Soru 17:

What efficiency refers to in economics?

A) The ability to produce the maximum output, B) The ability to put a given amount of scarce resources into use in such a way to produce the highest level of output that could be produced with the available production technology, C) The ability to produce with minimum cost, D) The ability to use scarce resources with the available production technology, E) Efficiency refers to productivity.

Soru 18:

On the supply side of the market, which of the following is not among the determinants of the supply of a good or service?

A) the price of the good B) the input prices C) technology available to production D) the number of sellers/suppliers of the good E) the number of consumers

Soru 19:

......... serve as replacements for one another. When the price of one rises, the deman for the other increases. Which of the following completes the sentence above?

A) Normal goods B) Inferior goods C) Substitute goods D) Preferred goods E) Complementary goods

Soru 20:

For which of these goods, the cross-price elasticity of demand is negative?

A) Butter and margarine. B) Tea and coffee. C) Computers and software products. D) Print books and e-books. E) Beef and chicken.