Final Sınavı - Introduction to Economics 1

Soru 1:

Which of the following defines the relationship between MC (marginal cost) and wage (w)?

A) MC= w/MRPL B) MC= w/AC C) MC= w/MPL D) MC= w*MPL E) MC= w*MRPL

Soru 2:

Given the price and quantity for two points on the demand curve at the table below, calculate the price elasticity of demand using mid-point method. Which of the below is the closest value to the price elasticity you have calculated?

A) -1.00 B) -0.66 C) -2.25 D) -1.90 E) -4.63

Soru 3:

An agreement among firms to charge the same price or decide on quantities in cooperation with each other is called:

A) Competition. B) Nash equilibrium. C) Competitive outcome. D) Collusion. E) Dominant strategy.

Soru 4:

Mr. Özdemir has been fired from his company due to an economic recession. Now he is looking for a new job. He has submitted his CV to several companies and also checking the job advertisements on the newspaper daily.Which of the following markets is he in?

A) Labor market B) Product market C) Stock market D) Land market E) Capital market

Soru 5:

How does total revenue change in response to changes in price and quantity?

A) It depends on the type of market structure in which the firm operates and the price elasticity of demand. B) It depends on the type of market structure in which the firm operates only, C) It depends on the price elasticity of demand only, D) It certainly increases, E) It doesnt change.

Soru 6:

For a total production function of 2L + 4 what is the marginal production between L=2 and L=3 equal to?

A) 2 B) 3 C) 4 D) 5 E) 6

Soru 7:

I. The current income II. The price of the good III. The preferences of the individual IV. The tastes of the individual 3. Which of the factor(s) above is/are held constant in demand curve?

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

Soru 8:

I. The growth in the productivity level of the country. II. The growth in the quantity of money in circulation. III. The growth in the unemployment rates in the country. Turkish economy experienced very high rates of inflation during the 1980s, the 1990s, and the beginning of 2000s. Which of the above can be considered as the main reason for this economic condition?

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

Soru 9:

Which of the following production factors is the easiest to change?

A) Machinery B) Building C) Workers D) Land E) Energy sources

Soru 10:

The practice of charging the maximum price for each unit sold is called ..........

A) collusion outcome B) duopoly game C) profit maximization D) perfect price discrimination E) imperfect competition

Soru 11:

Suppose a certain firm is able to produce 1034748 units of output per day when 156 workers are hired. The firm is able to produce 1120509 units of output per day when 157 workers are hired (holding other inputs fixed). What is the average product of the 157th worker?

A) 7137 B) 85761 C) 6633 D) 157 E) 24492

Soru 12:

Which of the followings refers to the total amount of money received by a seller, which is equal to price times quantity sold ?

A) Total revenue. B) Profit maximization. C) Marginal revenue. D) Shut-down point. E) Average revenue.

Soru 13:

When the price of one good rises, as a result if the demand for the other good increases, these two goods are called as?

A) Complementary goods, B) Inferior goods, C) Luxury goods, D) Necessities E) Substitute goods

Soru 14:

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

A) There are migrations from the area. B) It is peacetime in the area. C) More people enter the work force in the area. D) The area attracts immigration. E) There is an increase in the population of the area.

Soru 15:

When total product of labor is an increasing function at an increasing rate, which of the following is true?

A) Marginal product of labor takes the negative values. B) Marginal product of labor is a decreasing function. C) Average product of labor is a decreasing function. D) Average product of labor is higher than the marginal product of labor. E) Marginal product of labor is an increasing function.

Soru 16:

Total Revenue – (Accounting Cost + Opportunity Cost) For the formulation above, which of the followings should be the equality?

A) Total cost B) Total profit C) Economic profit D) Implicit cost E) Explicit cost

Soru 17:

I.Monopoly II.Oligopoly III.E-Shopping IV.Perfect competition V.Monopolistic competition Which of the above are the types of ‘market structures’?

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

Soru 18:

Which of the following is true regarding monopoly?

A) A monopoly produces the socially efficient quantity of output. B) A monopoly charges a price above the marginal cost. C) Monopoly never creates a deadweight loss. D) Economic surplus when there is a monopoly is higher compared to economic surplus that can be achieved when there is perfect competition. E) The benefits to the firm exceed the loss in consumer surplus, making monopoly desirable from the standpoint of society as a whole.

Soru 19:

What does scarcity refer to in economics?

A) The Societies’ inability to produce all the desired goods and services, B) Inability to know what to produce, C) Inability to create a perfect economic system, D) Insu8fficient technology to produce better goods and services, E) The situation that the resources are bigger than the needs and desires.

Soru 20:

Which of the following statements about the price elasticity of supply is correct?

A) It is determined by the flexibility of consumers to change the amount of the good or service demanded. B) Supply is more elastic in the long-run than in the short-run. C) The higher the availability of inputs for production is, the less the elasticity of supply is. D) The more a good or service is demanded, the higher the prcie elasticity of supply. E) The price elasticity of supply has always a negative sign.