Final Sınavı - Introduction to Economics 1

Soru 1:

How do you calculate total revenues?

A) It is calculated by multiplying the quantity of goods sold by the price of the goods. B) Total Revenue: The amount of money a firm receives from the sale of output. C) Itiscalculatedby dividing the quantity of goods or services are sold by the number of units or amount sold. D) There are different ways ofcalculating revenue, depending on the accounting method a business employ. E) It is the value of the next best alternative or option.

Soru 2:

Which of the following is true regarding product of labor?

A) When total product of labor is at the maximum, average product of labor is at the maximum. B) When total product of labor is at the maximum, marginal product of labor is at the minimum. C) When total product of labor is at the maximum, marginal product of labor equals to average product of labor. D) When total product of labor is at the maximum, marginal product of labor equals to zero. E) When total product of labor is at the maximum, average product of labor equals to zero.

Soru 3:

Which of the following defines the sum of all the quantities of a product demanded per period by all the buyers in the market?

A) Individual demand B) Individual supply C) Market demand D) Market supply E) Aggregate supply

Soru 4:

What is the relationship between MC and ATC?

A) As quantity decreases, ATC will also decrease and MC will increase. B) As output increases,AFCkeeps decreasing. C) AVCcontinues to fall as long asMCremains below it. D) As quantity increases,AVCandAFCwill decrease and MC will increase. E) MCcurve eventually starts to increase because of diminishing returns and goes through the minimum of theAVCcurve pulling it up.

Soru 5:

Which of the following is true?

A) A linear demand curve have a different elasticity along the curve. B) A linear demand curve have a constant elasticity along the curve. C) A linear demand curve have a different slope along the curve. D) A non-linear demand curve have a constant slope along the curve. E) For the linear demand curve, price elasticity of demand increases as you move downward along the demand curve.

Soru 6:

I. Government regulations II. Ownership of a key resource III. Natural monopoly IV. Competition Monopoly exists in a market when there are barriers to entry. Which of the ones listed above is among those barriers to entry?

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

Soru 7:

Which of the followings refers to the amount of maximum output that a firm can produce for different levels of labor for a given capital amount used?

A) Marginal returns B) Total economic cost C) Marginal product of labor D) Total product of labor E) Marginal cost

Soru 8:

I. The demand curve for capital represents the inverse relationship between interest rate and the quantity demanded. II. Increases in the demand for the products that specific capital is used during the good’s production process shift the demand curve to the left. III. Expected economic growth or improvements in technology, increases demand for capital shifting the demand curve to the right. Which of the given statements about the capital market can be said to be true?

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

Soru 9:

Why does land have a perfectly inelastic supply?

A) Due to the law of diminishing returns. B) Because the aggregate quantity of land is fixed. C) Because production cost of land is zero D) Because the economy has too much land. E) Because the land is a "free gift of nature".

Soru 10:

Zeynep has the following utility function for hot dogs: U(H) = 10H - H 2 . Suppose that Zeynep is allowed to consume as many hot dogs as she likes and that hot dogs cost her nothing. What is the value of H at which she would stop consuming hot dogs?

A) 0.1 B) 0.5 C) 5 D) 10 E) 50

Soru 11:

Which one of the followings can be included in the determinants of labour demand?

A) Opportunities in Other Labor Markets B) Changes in Tastes of Workers C) Changes in Population D) Tax Policies E) Number of Firms in the Market:

Soru 12:

Which of the followings stands for the division of the total product by the quantity of labor employed?

A) Increasing marginal returns B) Average product of labor C) Diminishing marginal returns D) Marginal product of labor E) Total product of labor

Soru 13:

Which of the following can be the correct ‘supply curve’ for the memory sticks sold at a technology store according to ‘the law of supply’?

A) B) C) D)

Soru 14:

I. A piece of land is demanded more than agricultural production. II. From society’s perspective, economic rent is a cost. III. From a firm’s perspective, economic rent is a surplus payment. What can be said true about the land market?

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

Soru 15:

Imagine that the chocolate market consists of four individuals: individual A, B, C, and D. Each bar of chocolate costs 2 TL. Individual A’s quantity demanded is 1 bar, individual B’s quantity demanded is 2 bars, individual C’s quantity demanded is 3 bars, and individual D’s quantity demand is 1 bar. Which of the following gives the quantity demanded for PT = 2TL?

A) 1 B) 2 C) 5 D) 7 E) 9

Soru 16:

What is the concept for describing that “every decision is made by considering incremental changes”?

A) Incentive B) Opportunity cost C) Thinking at the margin D) Positive-sum game E) Externalities

Soru 17:

If in a country most of the working age population migrates abroad, and at the same time the market price for good X increases by 150%, what will happen for certain in the labor market equilibrium of the industry producing the good X?

A) Equilibrium wage will increase. B) Equilibrium wage will decrease. C) Employment will increase. D) Employment will decrease E) Employment will increase, wages will decrease.

Soru 18:

Let hot dogs and hamburgers be substitute goods, what happens when hot dog prices fall?

A) Demand curve for hot dogs shifts to the left B) Demand curve for hot dog shifts to the right C) Demand curve for hamburgers shifts to the left D) Demand curve for hamburgers shifts to the right E) Quantity demanded of hot dogs does no change

Soru 19:

Which of the following does the figure above explain?

A) Labor supply demand B) Labor market equilibrium C) Net present value of the product D) Demand curve for capital E) Marginal revenue product of labor

Soru 20:

Which of the alternatives is not a factor affecting demand for capital?

A) Changes in population. B) Technological changes. C) Changes in interest rates. D) Tax policies. E) Expectations of firms.