Introduction to Economics 1 Final 5. Deneme Sınavı

Toplam 20 Soru
PAYLAŞ:

1.Soru

Which of the following is true for a perfectly competitive market?


MR=P.

MR>P.

MR<P.

TC=TFC.

TC=AC.


2.Soru

.......... is an agreement among firms to charge the same price or decide on quantities in cooperation with each other. Which of the following completes the blank in the statement above?


Competition

Collusion

Profitability

Revenue

Output


3.Soru

I. The price of the good
II. The abundancy of the good
III. The income of the individual
IV. The tastes and preferences of the individual

Which of the above can be considered as the main determinants of demand?


I and II

I and III

I and IV

I, III and IV

II, III and IV


4.Soru

  1. Education services
  2. Health services
  3. Heating in the winter

Which of the above has inelastic demand?


I and II

II and III

I and III

Only II

I, II and III


5.Soru

Which of the followings refers to the state in which a seller should increase production up to the point where marginal revenue is equal to marginal cost?


Total revenue.

Profit maximization.

Average revenue.

Break-even point.

Shut-down point.


6.Soru

Which of the followings equals to the profit of a firm?


The total revenue plus total cost

The total revenue minus total cost

The total revenue divided by the total cost

The total cost minus total revenue 

The total cost divided by total revenue 


7.Soru

Which of the following refers to a monopsonist market?


SpaceX

TCDDY

The Türk Telekom

The only shop in a small town

A large milk and dairy product firm


8.Soru

What is the objective of a firm that produces a good or service in a market?


to maximize its profit, which is the difference between total revenue and total cost.

to maximize its total revenue, which is the price times quantity.

to maximize its profit, which is the difference between total revenue and average cost.

to maximize its profit, which is the difference between average revenue and marginal cost.

to maximize its profit, which is the difference between marginal revenue and marginal cost.


9.Soru

"When a monopoly increases production by one unit, it must reduce the price it charges for every unit it sells, and this cut in price reduces the revenue on the units it was already selling."

 According to the information above, which of the following results is true?


A monopoly’s marginal revenue is less than its price.

A monopoly’s marginal expense is less than its price.

A monopoly’s marginal revenue is more than its price.

A monopoly’s marginal expense is more than its price.

A monopoly’s marginal revenue is less than its value.


10.Soru

On what condition is the difference between total revenues minus total costs maximized?


When the marginal revenue of the last unit produced is close to its marginal cost

When the marginal revenue of the last unit produced is more than its marginal cost

When the marginal revenue of the last unit produced is lower than  its marginal cost

When the marginal revenue of the last unit produced is equal to its marginal cost

When the marginal revenue of the last unit produced is half its marginal cost


11.Soru

Which of the following statements is not correct regarding the determinants of labor demand?


Technology always requires new labor with a specific set of skills.

More consumer demand for a good increases the labor demand.

Lower market price for a good decreases the demand for labor.

Cheaper capital may be reason for firms to have less demand for labor.

New competitors in a market increase demand for labor.


12.Soru

I. Labor - Wage

II. Capital - Rent

III. Land - Interest

In which of the options the correct pairing for the factor of production and its compansation for using it is given?


Only I

Only II

I and II

I and III

II and III


13.Soru

Which of the following would possibly be a monopolistic market?


A large coffee firm in the country

A bakery in a large city

One of the kiosks in the city center

The only shop in a small town

An international software company


14.Soru

  1. The production cost of land 
  2. The price of the good produced on the land 
  3. The quantity and quality of the resources land is combined with
  4. The prices of the other resources that are combined with land

Which of the above are among the factors that determine the demand for land?


I and II

III and IV

I, II, III

I, III and IV

II, III and IV


15.Soru

Which of the following is true regarding the price elasticity of supply?


Supply is more elastic in the short-run than in the long-run.

The higher the availability of inputs for production, the higher the elasticity of supply.

The price elasticity of supply is smaller in the long-run than in the short-run

The more easily sellers can change the quantity they produce due to availability of inputs, the smaller the price elasticity of supply.

The supply of beachfront property in Istanbul Bosporus or Mediterranean coasts is
harder to vary and thus more elastic than the supply of new cars or computers.


16.Soru

Suppose a certain firm is able to produce 9834567 units of output per day when 157 workers are hired. The firm is able to produce  100928374 units of output per day when 158 workers are hired (holding other inputs fixed). What is the marginal product of the 158th worker?


91093087

91097807

91093807

91693807

91093805


17.Soru

What is the motivation of labor to devote work time and physical and mental effort to producing goods and services?


Wage

Rent

Interest

Profit

Output


18.Soru

When does competition occur?


Competition occurs when each producer maximizes its profits by choosing its own price or quantity without consulting other firms.

Competition occurs when firms charge the same price or decide on quantities
in cooperation with each other.

Competition occurs when people/firms/countries make decisions in situations in which attaining their goals depends on their interactions with others.

Competition occurs when a firm chooses their best strategy given the strategies that all the other firms have already been chosen.

Competition occurs when the monopolist’s average revenue from sales equals to the price.


19.Soru

When MPL curve is above the APL curve, which of the following is true?


AVC curve stays above the MC curve

AVC curve stays below the MC curve

AVC curve equals to the MC curve

TVC curve is a vertical line

TVC curve is a horizontal line


20.Soru

Which one of the followings is defined as the best alternative that consumers give up when they make a choice or a decision?


Total revenue

Opportunity cost

Explicit costs

Marginal revenue

Implicit costs