Final Sınavı - Introduction to Economics 1

Soru 1:

I. Monopolistic competition II. Monopoly III. Oligopoly IV. Perfect competition Which of the given market structures have many firms in a market?

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

Soru 2:

Which of the followings shows the profit maximinizing condition for a perfectly competitive firm?

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

Soru 3:

What is the marginal product of labor definition?

A) The marginal product of labor (MPL) is the change in input that results from employing an added unit of labor. B) To calculate marginal product of labor you simply divide the change in total product by the change in labor. C) Unit change in a variable output, keeping all other outputs unchanged D) Product by the change in the variable output. E) The additional output produced when a small amount of additional labor is employed with all other inputs remaining the same.

Soru 4:

Which of the following goods tends to be more inelastic than the others?

A) Hamburgers B) Medicine C) Cinema tickets D) Diamond necklace E) Automobiles

Soru 5:

Which of the following is not one of the necessary conditions for a ‘perfectly competitive industry’?

A) There are many firms and consumers in the market. B) One individual producer controls and influences the market price. C) Producers and consumers are well informed about the good. D) Firms in the market produce and sell an identical product. E) There are no restrictions on entry into or exit from the market.

Soru 6:

If demand is elastic that is, elasticity is greater than unity in absolute value,

A) the total revenue will increase. B) the price of goods will fall. C) the total revenue will fall. D) the price of goods will increase. E) the price increases depend on the price elasticity of demand.

Soru 7:

I. Indifference curves are everywhere dense. II. Indifference curves are always concave. III. Indifference curves can cross each other. Which of the above statements about ‘indifference curves’ is true?

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

Soru 8:

Which of the following statements is correct if the labor supply curve shifts right?

A) There are immigrants in the area. B) Peace is disturbed in the area. C) Migration from the area is a problem. D) Women are discouraged from working in the area. E) People in the area are less willing to work.

Soru 9:

In which of the 'factors of production' groups is coal included?

A) Labor B) Physical capital C) Financial capital D) Land E) Enterpreneurship

Soru 10:

Which of the followings is not one of the basic factors of production available to a society?

A) Entrepreneurship B) Profit C) Capital D) Labor E) Natural resources

Soru 11:

Wage (w) x Labor (L) + Interest (r) x Capital (K) = ? What is the equality of the formulation above?

A) Total cost B) Marginal revenue C) Fixed cost D) Variable cost E) Average fixed cost

Soru 12:

Average revenue is calculated with the formula:

A) Average Revenue (AR)=Price (P) x Quantity (Q). B) Average Revenue (AR) = Total Revenue (TR) / Quantity (Q). C) Average Revenue(AR)= ΔTotal Revenue (ΔTR) / ΔQuantity (ΔQ). D) Average Revenue (AR) = Marginal Revenue (MR) - Marginal Cost (MC). E) Average Revenue (AR)= Total Revenue (TR) / Price (P).

Soru 13:

Which of the following is not one of the basic factors of production?

A) Natural resources B) Labor C) Capital D) Entrepreneurship E) Money

Soru 14:

Which of the followings is the difference between total revenue and total cost?

A) Total cost B) Implicit cost C) Profit D) Economies of scale E) Opportunity cost

Soru 15:

......... is the combinations of quantities of two goods (namely X and Y) that a consumer can purchase with certain amount of income or earning. Which of the following completes the statement above?

A) Indifference curve B) Budget constraint C) Marginal rate D) Consumer choice E) Utility maximization

Soru 16:

Which of the followings refers to the use of scarce resources that will yield the highest possible amount of output or the production of what people demand using the least amount of input ?

A) Economic efficiency. B) Long-run equilibrium. C) Firm equilibrium. D) Normal economic profit. E) Allocative efficiency.

Soru 17:

What are the best and most effective signals guiding the decisions od consumers and producers?

A) Production posibility frontier B) Exchange rates C) Prices D) Opportunity costs E) Unemployment rates

Soru 18:

Which of the following is true when the demand is said to be elastic?

A) Price elasticity of demand is smaller than one B) Percentage change in quantity is smaller than the percentage change in price C) It means that we are on the inelastic portion of demand curve D) The decrease in total revenue from lower quantity is greater than the increase in total revenue from higher price E) Total revenue from sales increases

Soru 19:

Q = TP = f (K, L, N) Which of the following can be expressed as the equation above?

A) Demand for labor B) Labor demand curve C) Production function D) Marginal product of labor E) Marginal revenue product of labor

Soru 20:

Which of the followings refers to the process in which firms sell the same good to different customers at different prices?

A) Uniform pricing B) Price discrimination C) Demand schedule D) Additional unit E) Marginal cost