Final Sınavı - Introduction to Economics 1

Soru 1:

If the output increases by the same percentage as the increase in all inputs, what is this situation called?

A) Increasing returns to scale B) Constant returns to scale C) Decreasing returns to scale D) Economies of scale E) Diseconomies of scale

Soru 2:

How we define the additional output produced when a small amount of additional labor is employed with all other inputs remaining the same?

A) Marginal product of labor B) Average product of labor C) Total product of labor D) Total product of capital E) Marginal product of capital

Soru 3:

Technology Market price Changes in population Number of firms in the market Prices of other factors of production Which of the above are among the factors that affect the amount of labor demand?

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

Soru 4:

The ...... stands for machinery, equipment, buildings and other tools which are used in the production of goods and services. Which of the following completes the sentence above?

A) capital B) labor C) land D) product E) demand

Soru 5:

A situation in which each firm chooses the best response strategy given the strategies chosen by other firms is called:

A) Nash equilibrium. B) Cartel. C) Cooperative equilibrium. D) Game theory. E) Collusive outcome.

Soru 6:

The above figure shows the ‘production possibilities frontier’ for a country’s two main industries, which are hypothetically sampled here as manufactured goods and agricultural products. Which blue point shows the least desirable level for this country’s production?

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

Soru 7:

Which of the following expresses a 'normative' statement?

A) The government should raise the minimum wage to assure that every working individual will have ‘decent’ standards of living. B) Raising the minimum wage by X percent will cause unemployment to increase by Y percentage points. C) If the price increases, the demand for a normal good decreases. D) If the price increases, the demand for a normal good increases as well. E) If the government raises the tax on a product, this will lead to a fall in profits of the producers.

Soru 8:

Which of the following statemnt correctly describes the accounting profit?

A) The profit that is calculated by an accountant and an economist together is named the accounting profit. B) The profit that is calculated by an economist is named the accounting profit. C) The profit that is calculated by an accountant is named the accounting profit. D) the difference between total revenue and total costs E) the difference between total revenue and economic costs

Soru 9:

I. Managing scarce resources II. Deciding on his/her priorities III. An increase in the price of gasoline IV. Market Failure Suppose that a person decides not to drive to work and prefers public transportation instead. Which of the factor(s) above would explain the reason for that decision?

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

Soru 10:

In a market structure,1. There are few firms.2. Each firm in the market produces a large share of the total market quantity.3. Each firm can influence the market price.What kind of market structure is this?

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

Soru 11:

Which of the followings is an institution that facilitates economic interactions among buyers and sellers?

A) Market B) Profit C) Revenue D) Competition E) Firm

Soru 12:

What is the total variable cost?

A) The total fixed cost plus the total variable cost. B) The total cost divided by the amount of output produced C) Depreciationis a the total variable cost D) The sum of all variable costs a firm pays for variable inputs. E) Variable costsinclude salaries of executives, interestexpense.

Soru 13:

I. Number of sellers II. Preferences III. Expectations IV. Prices of related goods Which of the above are effective in changes or shifts in demand curve?

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

Soru 14:

Which of the following statements does not happen when monopolistically competitive firms enjoy positive profits?

A) New firms enter into the market. B) The number of differentiated products in the market increase. C) A number of consumers are attracted to the new products. D) Demand curve facing an existing monopolistic firm increases. E) Demand for old products in the market decrease.

Soru 15:

Which of the following market structures has no barriers to entry?

A) Monopoly B) Monopolistic competition C) Oligopoly D) Perfect competition E) Collusion

Soru 16:

How much is the average revenue for a monopoly that sells 4 units of a good for 4 TL per good?

A) 16 TL B) 4 TL C) 12 TL D) 20 TL E) 1 TL

Soru 17:

Which of the following terms can be defined as the difference between total revenue and total cost?

A) Capital B) Output C) Input D) Opportunity E) Profit

Soru 18:

Which of the following refers to human resource that brings together natural resources, labor and capital and organizes them to produce new goods or services?

A) Land B) Labor C) Capital D) Entrepreneurship E) Land

Soru 19:

There are millions of console gamers in the world. However, only a few companies which are PlayStation, Xbox 360, and Wii compete in this market. Which market type is exemplified in the explanation above?

A) Perfect competition B) Monopolistic competition C) Monopsony D) Monopoly E) Oligopoly

Soru 20:

In which market structure, can a producer act as a price setter not as a price taker?

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