Seçmeli Ara Sınav - Introduction to Economics 1

Soru 1:

Which of the following can be the correct demand curve for the toasts sold at the school canteen according to ‘the law of demand’?

A) B) C) D)

Soru 2:

Which of the following refers to state when all variables other than the one studied are assumed to be constant or fixed?

A) Ceteris Paribus B) Perfect competition C) Monopolistic market D) Monopsonist markets E) Imperfect competition

Soru 3:

In which of the situations below is the service provided by factor markets is used?

A) When you buy a car. B) When you try to get a job. C) When you are offered a consumer loan. D) If you want to buy a piece of land to harvest. E) When If you want to buy a house by the Aegean coast for your retirement.

Soru 4:

Assume two goods, X and Y. X on the horizontal axis and Y on the vertical axis,respectively. What would happen to the budget constraint if there is an increase in Px while income and Py remain constant? X

A) Budget constraint will get steeper B) Budget constraint will get flatter C) Budget constraint will remain the same D) Budget constraint will parallely shift outwards. E) Budget constraint will parallely shift inwards.

Soru 5:

How does a decrease in income effects the budget constraint?

A) Budget constraint shifts forward paralel to the initial line. B) Budget constraint does not shift, there is movement only along the budget line. C) Budget constraint shifts backward paralel to the initial line. D) Budget constraint shifts inward, pivoting from the other good’s intercept. E) Budget constraint shifts upward paralel to the initial line.

Soru 6:

What is used to quantify the response of one variable when another variable changes?

A) Elasticity B) Demand C) Efficiency D) Revenue E) Income

Soru 7:

_____ refers to the study of how society sets its priorities in managing its scarce resources.Which of the following completes the sentence meaningfully?

A) Tradeoffs B) Economics C) Methodology D) Efficiency E) Choice

Soru 8:

I. The level of spending II. The level of tax collection III. The quantity of money put in circulation IV. Opportunity Cost V. Market Power What can policy makers change in order to tackle the negative tradeoff between unemployment and inflation in an economy?

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

Soru 9:

What is the ability to put a given amount of scarce resources into use in such a way to produce the highest level of output that could be produced with the available production technology?

A) Efficiency B) Market power C) Production function D) Production possibilities frontier E) Opportunity cost

Soru 10:

Which of the following sentence is true about "demand"?

A) Demand is inelastic when the percentage change in quantity demandedis larger than the percentage change in price. B) Demand is inelastic when the percentage change in quantity demanded is smaller than the percentage change in price. C) Demand curves are classified by economists according to their demand elasticity. D) the price elasticity is closely related to the slope of the price curve E) Total demand is computed as the price of a good times the quantity sold.

Soru 11:

Which one of the below is not a determinant of the individual’s decision about what quantity of a specific good to demand according to the theory of demand?

A) Preferences of the individual. B) The cost of production. C) The individual’s expectations about the future income. D) Income of the individual. E) The price of related goods and services.

Soru 12:

Which of the following best describes the term ' invisible hand '?

A) The market itself falls short of allocating resources inefficiently B) The market itself falls short of allocating resources efficiently C) In the absence of interventions, markets usually work in a way to improve social welfare D) Allocation of resources through the decentralized decisions of many producers and households that interact in various markets E) The impact that an economic actor’s actions has on the well-being of another actor who stands by

Soru 13:

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

A) The more easily sellers can change the quantity they produce due to availabilityof inputs, the greater the price elasticity of supply B) Over the short-run, the firms cannot easily change their plant size or factory sizeto change their production in response to price changes. C) The price elasticity of supply is determined by the flexibility of price to change the amount of the good or service produced in response to demand changes. D) The higher the availability of inputs for production, the higher the elasticity of supply E) The flexibility ofproducers depends on two important factors which are the availability of inputs to producers and the time horizon

Soru 14:

Which of the following defines the concept of ' scarcity' ?

A) Study of how individuals and societies behave B) Limited nature of society’s resources C) Society’s ability to produce all the goods and services D) Efficiency of resources E) Making choices by comparing cost and benefits

Soru 15:

I. Must give the consumer the cheapest combination of goods and services.II. The maximizing market basket must be located on the budget line.III. Must give the consumer the most preferred combination of goods and services.For the consumer to maximize the market basket which conditions must it satisfy?

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

Soru 16:

What does ' efficiency ' mean?

A) The society’s inability to produce all the goods and services people desire tohave because of deficiency of resources B) The society’s ability to produce all the goods and services people desire tohave because of deficiency of resources C) The inability of a firm or society to get the most out of a given level of inputs D) The ability of a firm or society to get the most out of a given level of inputs E) The distribution of resources fairly among members of the society.

Soru 17:

Which of the following is correct regarding marginal utility (MU)?

A) It is eqaul to average utility when the market is imperfect. B) It stays the same as more and more of that good is consumed. C) It increases as more and more of that good is consumed. D) It declines as more and more of that good is consumed. E) It is eqaul to average utility when the market is perfect.

Soru 18:

In which of the following cases do you expect to have more elastic demand?

A) Goods with close substitutes B) When the good is a necessity C) When a good represents a relatively small portion of total budget D) Goods without close substitutes E) Hamburger market in particular

Soru 19:

Which of the following statement is correct about the price elasticity of demand?

A) Necessities tend to have elastic demand and luxuries tend to have inelastic demand. B) Necessities tend to have inelastic demand and luxuries tend to have perfectly elastic demand. C) Necessities tend to have perfectly inelastic (zero elastic) demand and luxuries tend to have elastic demand. D) Necessities tend to have inelastic demand and luxuries tend to have elastic demand. E) Necessities tend to have inelastic demand and luxuries tend to have unit elastic demand.

Soru 20:

When the price of a good rises, the quantity demanded of that good falls. Which of the following states this rule?

A) Law of supply B) Law of demand C) Income equality D) Income ineqaulity E) Ceteris paribus