Introductıon to Economıcs I (ENG)
2022–2023 Final (Dönem Sonu) Çıkmış Soruları
- 20 soru
- Soru metinleri açık; şıklar ve cevap anahtarı uygulamada
- 1Which of the following statement is not correct about the relationship between marginal cost and average cost?
- AThe marginal cost goes through the minimum points of both average cost and average variable cost curves.
- BThe marginal cost is responsible for the U-shaped average cost and average variable cost.
- CWhen the marginal cost is higher than the average cost, average cost will be increasing as the output increases.
- DWhen the marginal cost is lower than the average cost, it pulls average cost down as the output increases.
- EWhen the marginal cost is lower than the of. average cost, it pulls average cost up as the output increases.
- 2Which of the following is not among the main determinants of the capital demand?
- AThe operating costs of it.
- BThe marginal revenue product received by having it.
- CThe revenue received by selling land.
- Dthe price we could receive eventually by selling the same machine.
- EThe interest rate.
- 3Which of the following statement is correct about a monopolistically competitive firm's earned profit and the profit maximizing quantity in the long-run?
- AThis firm's profits are negative and the price is greater than the maximum willingness to pay price of consumers.
- BThis firm's profits are positive and the price is equal to total cost (TC).
- CThis firm's profits are positive and the price also is equal to the min of the average variable cost (AVC) at the profit maximizing quantity.
- DThis firm's profits are equal to zero at the profit maximizing quantity where (MR) of the last unit is exactly equal its MC.
- EThis firm's profits are positive at the profit of. maximizing quantity where (MR) of the last unit is exactly equal its AR.
- 4While a market is in equilibrium, what happens to equilibrium price and quantity if there is a change in income that causes a shift of the market demand curve to the right?
- AThe equilibrium price increases but the equilibrium quantity decreases.
- BBoth the equilibrium price and equilibrium quantity decreases.
- CBoth the equilibrium price and equilibrium quantity increases.
- DThe equilibrium price decreases but the equilibrium quantity increases.
- EThe equilibrium price and equilibrium quantity do not change.
- 5What would be the shape of the long-run supply curve (LRS) in the case of no external economies or diseconomies exist?
- Athe LRS curve is backward bending.
- Bthe LRS curve is vertical.
- Cthe LRS curve is perfectly elastic.
- Dthe LRS curve slopes upward.
- Ethe LRS curve slopes downward.
- 6About the relationship between marginal and total utility curves, which of the following is correct?
- AThe total utility still increases at decreasing rate as long as the marginal utility is positive.
- BThe total utility still increases at increasing rate as long as the marginal utility is positive.
- CThe total utility will be zero if the marginal utility is positive.
- DThe total utility is at minimum if the marginal utility is increasing.
- EThe total and the marginal utility are always equal to each other.
- 7When the average cost curve is decreasing what can be said about the average cost (AC) and marginal cost (MC)?
- AAC = MC at all output levels
- BAC > MC and AC continues to fall as long as MC remains below it,
- CMarginal cost is certainly increasing,
- DMarginal cost is certainly decreasing,
- EMarginal cost (MC) is smaller than the (AC) and it is constant
- 8I. Changes in tastes of workers Il. Technology IlI. Prices of other factors of production IV. Number of firms in the market Which of the above factors are the the determinants of labor demand?
- AOnly l
- Bland il
- CI and III
- D1, Il and I|l
- EII, Ill and IV
- 9Which of the following statement is correct for the size of the income elasticity of demand for normal goods, depending on whether the good is a necessity good for the consumer?
- ANecessities tend to have small negative income elasticities.
- BNecessities do not have income elasticitity.
- CNecessities tend to have large negative income elasticities.
- DNecessities tend to have large positive income elasticities.
- ENecessities tend to have small positive income elasticities.
- 10Except the first unit of its output, the price that the monopoly charges ---- Which of the following completes the sentence above?
- Ais always equal to the marginal revenue and its average revenue
- Bis always greater than the marginal revenue and always equal to its average revenue
- Cis always less than the marginal revenue and always equal to its average revenue
- Dis always less than the marginal revenue and its average revenue
- Eis always greater than the marginal revenue and its average revenue
- 11Which of the following cannot be pointed out as a land resource in economics?
- AForests
- BRent
- CNatural Gas
- DOil
- EMines
- 12Profit maximizing level of output for a monopolist is the output level where the - Which of the following completes the sentence above?
- AP < MR > MC
- BP > MR = MC
- CP < MR < MC
- DP> MR > MC
- EP= MR = MC
- 13Given the fixed factor prices, when all inputs are raised at the same time by the same percentage, if the output increases less than the percentage increase in inputs called ---- Which of the following completes the sentence above?
- Ascope economies
- Btechnological improvement
- Cincreasing returns to scale
- Ddecreasing returns to scale
- Econstant returns to scale
- 14If there exist constant returns to scale, what are expected tendency of the long run total cost (LRTC) and long run average cost (LRAC)?
- ALong run total cost (LRTC) will increase slowly and become steeper and long run average cost (LRAC) will decrease.
- BLong run total cost (LRTC) Will increase slowly and become flatter and long run average cost (LRAC) will increase.
- CLong run total cost (LRTC) will be fixed and long run average cost (LRAC) will decrease.
- DLong run total cost (LRTC) will be linear and long run average cost (LRAC) stays the same.
- ELong run total cost (LRTC) Will increase slowly and become flatter and long run average cost (LRAC) will decrease.
- 15If a firm's response is the best response strategy for a firm, no matter what strategies other firms use then this strategy is called -- Which of the following completes the sentence above?
- Aa dominant strategy
- Bno matter what strategy
- Cnash strategy
- Dan optimal strategy
- Etit for tat strategy
- 16What is efficiency in the context of economics?
- AThe ability to maximize output with given inputs.
- BDisequilibrium in at least some markets.
- CLack of capacity to produce all the desired goods and services.
- DLack of technology to reach maximum productivity.
- EKnowledge gap in what to produce.
- 17At the shut-down point, Which of the following completes the sentence above?
- Aprice is lower AVC
- BTR is larger than the TVC
- Cthe total losses of the firm equal TVC
- DP is equal to AC
- EP is greater than the AVC
- 18For a firm in a perfectly competitive market the price of the good is always equal to... Which of the following completes the sentence above?
- AMR = AFC =P OF
- BMR = AR rul
- CMR = AFC
- DMR = MC = P
- EMR = ATC
- 19The short-run supply curve for a firm in a perfectly competitive market ------. Which of the following completes the sentence above?
- Ais likely to slope downward
- Bis determined by forces external to the firm
- Cwill be influenced by the magnitude of fixed costs
- Dhas a U-shape lof. E) is reflected in its marginal cost curve above
- Eaverage varıable cost)
- 20If the income effect works in the same direction that the substitution effect works, what would be the effect of an increase in interest rates on saving?
- AIt does not affect saving.
- BAn increase in interest rates on saving is ambiguous.
- CCauses saving to increase.
- DFirst reduces then increases saving.
- ECauses saving to decrease.