Seçmeli Ara Sınav - Introduction to Economics 1

Soru 1:

Which of the following factor does not affect or determine the quantity of the good you purchase for a specific time period, say, for a week?

A) the price of the good in question,b) the input prices,c) the current income and accumulated wealth available to the individual or the household,d) the prices of related goods,e) the tastes and preferences of the individual, and the individual’s expectations about the future income, wealth, and prices. B) the price of the good in question,b) the input prices,c) the current income and accumulated wealth available to the individual or the household,d) the prices of related goods,e) the tastes and preferences of the individual, and the individual’s expectations about the future income, wealth, and prices. C) the price of the good in question,b) the input prices,c) the current income and accumulated wealth available to the individual or the household,d) the prices of related goods,e) the tastes and preferences of the individual, and the individual’s expectations about the future income, wealth, and prices. D) the price of the good in question,b) the input prices,c) the current income and accumulated wealth available to the individual or the household,d) the prices of related goods,e) the tastes and preferences of the individual, and the individual’s expectations about the future income, wealth, and prices. E) the price of the good in question,b) the input prices,c) the current income and accumulated wealth available to the individual or the household,d) the prices of related goods,e) the tastes and preferences of the individual, and the individual’s expectations about the future income, wealth, and prices.

Soru 2:

Which of the following defines the combinations of quantities of X and Y that a consumer can purchase with certain amount of income or earning”.

A) Demand curve B) Disposable income C) Aggregate income D) Budget constraint E) Indifference curve

Soru 3:

Which of the following statement is correct about the budget line when the price of one of the good changes (increases)?

A) If the price of one good increases, the budget line shifts outward. B) If the price of one good increases, the budget line shifts inward. C) If the price of one good increases, the budget line does not shift. D) If the price of one good increases, the budget line shifts outward, pivoting from the other good’s intercept. E) If the price of one good increases, the budget line shifts inward, pivoting from the other good’s intercept.

Soru 4:

I. A person who wants to buy a car II. A student who is trying to buy a ticket for a concert III. A graduate who has applied for a position in a company IV. A person who goes shopping V. A student who is offered a student loan Which of the consumer(s) described above is in the factor market?

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

Soru 5:

When a change in income affects the demand for a good positively or in the same direction, that good is called as _________.

A) Inferior good B) Giffen good C) Normal good D) Public good E) Common good

Soru 6:

Which of the following is ‘the study of how the burden of taxation is shared by buyers and sellers’?

A) Tax burden B) Tax incidence C) Tax free D) Tax wedge E) Tax policy

Soru 7:

5. Consider the case in which the price of coffee is 5 TL per cup. Individual A’s quantity demanded is 4 cups, individual B’s quantity demanded is 2 cups, and individual C’s quantity demanded is 5 cups. When the price of coffee falls, under the assumption of ceteris paribus, the quantity demanded of the coffee will usually increase. In this case which of the following assumptions can be said to have been made?

A) All variables other than the one studied are constant. B) The quantity demanded is held constant. C) The price is held constant. D) Income level of individuals will decrease. E) Market demand will decrease.

Soru 8:

I. Scarcity, II. Efficiency, III. Tradeoffs and Opportunity Cost IV. Economic Growth V. Future Prospects Suppose that a firm that employs 250 workers and have two assembly lines producing two goods uses Production Possibilities Frontier (PDF) in order to make decision about production. For which of the parameter(s) above can PDF be used to illustrate?

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

Soru 9:

What does macroeconomics examine?

A) Human behavior as a relationship between unlimited ends and scarce means with alternative uses B) The decision making behavior of the individuals, or households and the business firms C) The opportunity cost of a desired item or outcome to a person D) Main problems include what to produce, how to produce and for whom to produce E) The aggregate behavior of economic agents and the government on a national scale

Soru 10:

Suppose that a country is highly dependent on the energy imported. Which of the following term in economics would be used to describe this situation?

A) Scarcity B) Priorities C) Allocation D) Determination E) Rates

Soru 11:

What will be the shape of the supply curve if the price elasticity of demand is perfectly elastic?

A) Negatively sloped B) steep C) Vertical D) Horizontal E) Positively sloped

Soru 12:

For which of the following can “coffee and coffee cream” be given as an example?

A) Normal Goods B) Inferior Goods C) Substitute Goods D) Complementary Goods E) Taste and preferences

Soru 13:

Which of the following is an example for inferior goods?

A) Jewellery B) White bread C) Gouda cheese D) Cars E) PC games

Soru 14:

Which of the following principles is false in terms of ‘consumer behavior’?

A) Consumers can achieve utility from different alternatives and substitute one good for another. B) Consumers must make decisions without perfect information, but experiences usually help. C) Consumers tend to buy either cheaper goods or the ones with the higher benefit. D) Consumers will be more satisfied by a product when they successively consume it. E) Consumers are forced to make choices due to their limited income while purchasing something.

Soru 15:

I. Saving more money II. Spending more money III. Having more leisure time Which of the above tendencies can be considered to be the substitution effect of falling interest rates?

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

Soru 16:

Which of the statements given is true for the indifference curve?

A) Indifference curves are always concave. B) Any two bundles of goods cannot be compared by the consumers. C) Moving along the indifference curve changes the utility. D) The indifference curve has a positive slope. E) Indifference curves cannot cross each other.

Soru 17:

Given the price and quantity for two points on the supply curve at the table below, calculate the price elasticity of supply. Which of the below is the closest value to the price elasticity you have calculated?

A) -2.655 B) 1.250 C) -1.000 D) 0.875 E) -3.625

Soru 18:

Which of the following is not true about "price"?

A) The most well-known price ceiling policy is conducted by the rent controls in real life. B) Price ceiling is a legal minimum on the price at which a good or a service can be sold. C) Without the government intervention, the market equilibrium price and quantityfor rental places are determined by the demand and supply D) Imposing a price ceiling above the equilibrium price has no effect on the market outcome E) The price floor, which is a price control mechanism, sets a legal minimum on the price of a good or service is applied

Soru 19:

Necessities tend to have elastic demand. Luxuries tend to have inelastic demand. Whether a good or service is a necessity or luxury is determined by the tastes and preferences of the consumer. Which of the statements above are true?

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

Soru 20:

Given the income of the individual I , the only consumer goods in the economy X and Y with fixed prices Px and Py , what does the equality I = Px X+ Py Y represent?

A) Budget constraint B) Economic growth C) Inflation D) Budget deficit E) Substitution effect