Final Sınavı - Introduction to Economics 1

Soru 1:

What is the sum of all the quantities of a product demanded per period by all the buyers in the market?

A) Inferior good B) Factor market C) Income effect D) Ceteris paribus E) Market demand

Soru 2:

The shut-down point of a firm in the short run is at:

A) The lowest Average Variable Cost. B) The lowest Marginal Cost. C) The lowest Average Cost. D) The lowest Total Cost. E) The lowest Total Variable Cost.

Soru 3:

If MRS (marginal rate of substitution) is said to be perfect along the indifference curve, how it would shape?

A) A positively sloped linear line B) A negatively slpoed linear line C) A convex curve to the origin D) A concave curve to the origin E) A L shaped curve

Soru 4:

Traditionaly, how many types of market structures have been defined based on different properties?

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

Soru 5:

In a market demand curve, the ‘break-even point’ refers to the point where _____. Which of the following completes the statement above?

A) the demand curve shifts further leftward B) the price is equal to the average cost C) the price is under the average variable cost D) the marginal cost curve is below the shut-down point E) the firm supplies the product with maximum price

Soru 6:

When the wage rate is considered, which of the followings occurs as the average product of labor (APL) increases?

A) The average variable cost increases B) The average variable cost stays the same C) The average variable cost decreases D) The marginal cost continues to fall as long as the average variable cost remains below it E) Marginal cost decreases

Soru 7:

Which of the following is not correct when the average variable cost is considered?

A) It measures the variable cost per unit of the output produced. B) Its behavior is connected to the behavior of the total variable cost. C) The average variable cost is calculated as the total variable cost divided by the quantity of the total output produced. D) It measures how fast or slow the total cost and the total variable cost increase. E) Its behaviour is normally U shaped.

Soru 8:

Which of the following statements does not refer to an oligopolist market structure where there is competition rather than collusion?

A) Each producer chooses its own price. B) Each firm takes the market price as given. C) Firms choose the best response strategies against each other. D) The firms act independently in the market. E) Each firm takes the other firm's strategy as given.

Soru 9:

Which of the following is not true about monopolistic competition?

A) Monopolistic competition is a market structure in which there are many firms selling products that are similar but not identical. B) There is no single market price in monopolistic competition. C) Price is not the only factor that determines consumers' decisions in monopolistic competition. D) Monopolistically competitive market typically has many sellers because there are low barriers to entry in this market. E) Product differentiation makes the profit maximization problem of a monopolistically competitive firm different from that of a monopoly.

Soru 10:

Which of the following statements about ‘investment’ is false ?

A) It can be considered as the determinant of productivity level of a country. B) It can be described as the increase in the general price level in the economy. C) It can be accepted as a recipe for increasing economywide productivity levels. D) It can be in the form of human capital (improving people’s productive skills). E) It can be in the form of physical capital (machinery and equipment used in production).

Soru 11:

10. Which of the following defines market equilibrium?

A) The supply curve shifting to the right. B) Changes in price causing a change in the quantity supplied. C) The price level at which demand and supply curves meet. D) A number of non-price factors determining supply E) Individual supply curves starting at a positive point on the y-axis

Soru 12:

Which of the following refers to the additional revenue that a firm earns when it increases production by one more unit?

A) Marginal cost B) Marginal utility C) Marginal revenue D) Marginal rate of transformation E) Price elasticity of demand

Soru 13:

Which of the following can be a perfect substitute for a bottle of ice tea?

A) A bottle of lemonade B) A bar of chocolate C) A cup of coffee D) A kilo of apples E) A loaf of bread

Soru 14:

What is the difference between total revenue and total cost?

A) Production techonology B) Profit C) Fixed factor prices D) Excess revenue E) Cost

Soru 15:

I. In movie theaters low-income students buy tickets at a lower price than wage earners. II. There are also discounts for senior citizens who live on a pension income III. First T-shirt is sold at a regular price and the second one is sold at a discount IV. Business class and economy class airplane tickets are two different versions of the same product sold at the same price Which of the statements above are the examples of price discrimination?

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

Soru 16:

I. A significant factor generating variations in a land's rent can be where the land is located. II. Similar to wages and interest, rent is another cost of production for an individual firm. III. For a piece of land demanded for production of agricultural product there can be no alternative cost. What can be said true for the given statements about the land market?

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

Soru 17:

Which of the following is a capital good?

A) Building B) Land C) Coal D) Metals E) Gas

Soru 18:

Which of the followings refers to the costs that a firm incurs when it gives up the next best alternative action or project?

A) Total cost B) Opportunity cost C) Explicit costs D) Implicit costs E) Marginal cost

Soru 19:

The Türk Telekom is an example of ........ . Which of the following satisfies the blank?

A) Oligopoly B) Monopsoy C) Monopolistic competition D) Monopsony E) Monopoly

Soru 20:

Which of the followings is an agreement among the firms of a market about the prices to charge or output supplied?

A) Cartel B) Collusion C) Nash Equilibrium D) Oligopoly E) Dominant Strategy