Introduction To Economics I

INTRODUCTION TO ECONOMICS-I
2020 GÜZ ARA - A

A
1. What is the cause of a movement along the 5. How a pair of goods are called if the price of
demand curve? one decreases, the demand for the other will
decrease also?
A) Change in tastes
B) Change in price of the good A) Inferior Goods
i
C) Change in technology B) Giffen Goods
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D) Change in the price of a rival good C) Normal Goods
E) Change in the price of a complement good D) Perfectly Substitute Goods
E) Perfect Complement Goods
t
is
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2. Which of the following characteristics does
not belong to the perfectly competitive 6. Which of the following statements is true
vı ön eti
market? when the percentage change in quantity
i
demanded is smaller than the percentage
A) The same quality for a good or a service is change in price?
na D ğr
produced and sold
A) Demand curve is elastic.
B) There are high number of potential buyers
Sı üz ö B) Demand curve is inelastic.
C) There are high number of potential sellers
a G çık
C) Demand curve is vertical.
D) There is ready information and also there is
free access to information D) Demand curve is horizontal.
E) Firms in the market have the ability of price E) Demand curve is positively sloped.
Ar 0 A
determination
02 si
-2 ite
7. Which of the following statements is true for

19 rs
the properties of indifference curves?

3. What is the shape of the indifference curve if
the two goods are perfect complements with A) Indifference curves are always concave.
20 ive
each other? B) Indifference curves can cross each other

A) Straight line C) Indifference curves are everywhere dense
n
B) Convex to the origin D) Indifference curves are upward sloping

More goods are not preferable to fewer
Ü
C) U shaped E)
D) L shaped goods
Concave to the origin
u
E)
ol
ad
8. Suppose that initial price of hamburger is $4, the

quantity demanded of hamburger is 60. When
An
4. Which of the following statement points the the price of hamburger is $2, the quantity
law of demand? demanded of hamburger is 80.
A) Positive relation between price and quantity According to above example, calculate the
of a good price elasticity of demand by using the
B) Negatively sloped demand curve mid-point method?
C) A shift in demand curve due to a change in
A) -0.12
tastes
B) -0.22
D) Movement along the demand curve due to a
change in tastes C) -0.32
E) Seasonal changes in demand of certain D) -0.42
goods E) -0.52
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2020 GÜZ ARA - A
A
9. According to the economic theory, the trade 12. I. Existence of high numbers of potential buyers
produces what type of outcome? and sellers
II. Free entry to market and exit of firms from the
A) Trade is a positive-sum game market
B) Trade is a negative-sum game III. Product heterogeneity
IV. Product homogeneity
i
C) As a result of trade the buyers loose and the
em
sellers win
Which of the above characteristics describes
D) Always create winners and losers
the perfect competition?
E) Trade is a zero-sum game
t
Only I
is
A)
B) I and III
em m S
C) II and III
D) I, II and III
E) I, II and IV
vı ön eti
i
na D ğr
Sı üz ö
a G çık
10. In economics, positive statements ------- .
Ar 0 A
Which of the following completes the 13. Which of the following statements describes
sentence above? the opportunity cost of an action or item
correctly?
02 si
A) intend to describe how things are and how

things actually work A) What you give up to get item
-2 ite
B) refer to the substantial influence of a single B) The sum of the costs that is accountable by
seller on market price the accountants
19 rs
C) involve normative judgements and prescribe C) An action or an effort to produce or avoid an

about how the world should be outcome
20 ive
D) refer to economic efficiency D) The least valued alternative

E) refer to the ability to produce all the desired E) The sum up of all given up
goods and services opportunities/alternatives to get that item
n
Ü
u
ol
ad
An
14. What is referred by the economists with the

use of concept of market power?
A) Efficient allocation of resources

11. Which of the following goods have a negative B) An action or an effort to produce or avoid an
cross-price elasticity of demand? outcome
C) Substantial influence of a single or a few
A) Luxury goods
buyer/s or seller/s in a market
B) Substitute goods
D) Ability to produce all the desired goods and
C) Complementary goods services in the market alone
D) Giffen goods E) Effects of a production or a consumption to
E) Normal goods bystanders

2020 GÜZ ARA - A
A
15. Concave to origin or bowed outward shape of 18. While a market were in equilibrium, what
the Production Possibilities Frontier implies happens to market equilibrium price and
the existence of which economic law? quantity if the market demand curve shifts to
right as a results of change in number of
A) The law of increasing returns to production. buyers?
i
B) The law of constant cost of production.
em
A) The equilibrium price increases but the
C) The law of opportunity cost of production.
quantity decreases
D) The law of increasing cost (opportunity cost)
B) The equilibrium price and quantity decrease
of production.
t
C) The equilibrium price and quantity increase
The law of decreasing cost (opportunity
is
E)
cost) of production. D) The equilibrium price and quantity do not
change
em m S
E) The equilibrium price decreases, but the
quantity increases
vı ön eti
i
na D ğr
Sı üz ö
a G çık
16. Which of the followings is a result of an
Ar 0 A
increase in income? 19. I. The price of one good increases

II. The price of one good decreases
A) Right shift of budget line (constraint) III. An increase in income
02 si
B) Increase in consumption of inferior goods IV. The price decrease of the two goods that
keeps relative price intact.
-2 ite
C) Movement along demand curve

D) Decrease in total utility
Under the ceteris-paribus condition, which of
19 rs
E) Decrease in consumption of normal goods the above statements causes a budget line to
shift parallel to the right?
20 ive
A) I and II
B) I and III
n
C) II and III
D) II and IV
Ü
E) III and IV
u
ol
ad
17. I. The higher the availability of inputs for

production
An
II. The importance of being unimportant

III. The time horizon
IV. Availability of close substitutes
Which of the above statements determines 20. What is the value of price elasticity of
the price elasticity of supply? demand if the demand curve is vertical?
A) I and II A) Positive infinity

B) I and III B) Negative infinity
C) II and III C) -1
D) II and IV D) -2
E) III and IV E) 0

2020 GÜZ ARA - A
A Grubu Cevap Anahtarı
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B E D B D B C D A A C E A C D A B C E E
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is
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vı ön eti
i
na D ğr
Sı üz ö
a G çık
Ar 0 A
02 si
-2 ite
19 rs
20 ive
n
Ü
u
ol
ad
An

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2022 GÜZ ARA - A
A
1. Which of the following can cause the demand 6. If the supply curve of a commodity is positively
curve to slope positively as opposed to the sloped, a rise in the price of the commodity,
traditional demand curve? ceteris paribus, results in and is referred to as
-------.
A) The complementary goods
Which of the following completes the
i
B) The substitute goods
m
C) Normal goods sentence above?
D) Inferior goods
te
A) an increase in supply
E) Giffen goods B) an increase in the quantity supplied
m Sis
C) a decrease in supply
2. When total utility increases, marginal utility is D) a decrease in the quantity supplied
------.
E) an increase in the quantity supplied and a
decrease in supply at the same time
ne m
sentence above?
vı Dö eti
i
A) negative and increasing
B) negative and declining
7. "-------- is a very useful analytical tool to illustrate
na z ğr
C) zero the basic economic concepts such as scarcity,
D) positive and declining
Sı Gü ıkö efficiency, tradeoffs, opportunity cost and even
E) positive and increasing economic growth."

3. If the price elasticity of supply is perfectly elastic,
ç
sentence above?
the shape of the supply curve will be -------.
Ar 22 A
A) Externality
sentence above? B) Price
si
C) Equity
A) steeper
- 2 ite
D) Utility
B) positively sloped E) Production possibilities frontier
C) negatively sloped
s
D) horizontal
21 er
0
E) vertical
20 niv
8. Which of the following has a negative income

a
4. Which of the following statement does not elasticity of demand (e < 0)?
explain the equilibrium market efficiency?
A) Normal good
Ü
A) The goods are produced by the producers

B) Inferior good
with the highest cost.
C) Luxury good
u
B) The equilibrium quantity output maximizes

total surplus received by the all members of D) Necessity good
ol
society. E) Complementary good

C) The goods are produced by the producers
ad
with the lowest cost.

D) The goods are consumed by the buyers who
An
value them most highly.

9. "The inability of the market to allocate society's
E) The goods are produced by the producers scarce resources efficiently to the best uses" is
satisfying the cost minimization. identified by -------.
5. Who pays the tax burden when the demand is Which of the following completes the
more price elastic than the supply? sentence above?
A) Sellers A) opportunity cost

B) Buyers B) market power
C) Workers from abroad C) market failure
D) Firms from abroad D) efficiency
E) Government E) scarcity

2022 GÜZ ARA - A

A
10. The production possibilities frontier is a -------. 13. Which of the following is not an example of
price ceiling?
sentence above? A) Government assurance to buy all the meats
at a specific price
A) map which shows the frontier beyond which
i
B) Indexation of rents to the inflation rate by the
m
agriculture is unprofitable government
B) graph that shows the various combinations C) Determination of the maximum price for
te
of output the economy can possibly produce gasoline by the government
given the available inputss and production
D) Determination of the highest price for gold
m Sis
technology
by the government
C) map which shows areas of the world in
E) Determining the minimum level for wages by
which capitalist production is now possible
the government
D) graph which shows the relationship between
ne m
quantity of labor used to produce a given
level of output 14. Which of the following is the reason
vı Dö eti
i
E) graph which shows the various indifference curves are convex to the origin?
combinations of resources that can be used
to produce a given level of output A) Consumers' irrational behaviors
na z ğr
B) The assumption that more goods are
Sı Gü ıkö preferable to fewer goods
C) The assumption of completeness of
preferences
D) The assumption that consumer preferences
ç
11. If, from a position of stable equilibrium, the are transitive
Ar 22 A
market supply of a product decreases while the E) The principle of diminishing marginal rate of
market demand remains unchanged, -------. substitution
si

sentence above?
- 2 ite
15. When both the price of a substitute and the price

A) the equilibrium price rises but the equilibrium of a complement of commodity X rise, the
demand for X -------.
s
quantity falls
B) the equilibrium quantity rises
21 er
0

C) both the equilibrium price and the sentence above?
equilibrium quantity decrease
20 niv
D) the equilibrium price falls but the equilibrium A) remains unchanged

quantity rises B) falls
Ü
E) the equilibrium price falls C) can rise, fall, or remain unchanged

depending on the relative strength of the two
opposing forces
u
D) remains unchanged if the commodity X is

ol
price elastic
E) rises
ad
12. Which of the following is expected regarding

the budget line when there is an increase in
the income of the consumer, as the prices of 16. "A student who chooses to prepare for an
An
goods remain constant? economics exam on a certain night may be giving

up some sleeping hours or her/his chances of
A) An increase in income shifts the budget line preparing for a math exam."
inward.
B) An increase in income shifts the budget line Which of the following concepts is explained
outward. with the example above?
C) An increase in income rotates the budget
A) Externality
line outward.
B) Efficiency
D) An increase in income changes the slope of
the line. C) Scarcity
E) An increase in income rotates the budget D) Opportunity cost
line inward. E) Productiviy

2022 GÜZ ARA - A

A
17. Ali decides to spend two hours playing soccer 20. Suppose X and Y are both normal goods.
rather than working at his job which pays $10 per "The change in consumption that results
hour. Ali’s tradeoff is -------. when a price change moves the consumer to
a higher or lower indifference curve" is
Which of the following completes the explained by which of the following?
sentence above?
i
m
A) The budget effect
A) nothing, because it was a planned activity B) The substitution effect
te
B) nothing, because he enjoys playing soccer C) The income effect
more than working
D) The marginal effect
m Sis
C) the increase in skill he obtains from playing
E) The utility effect
soccer for those two hours
D) the $20 he could have earned working for
two hours
ne m
E) nothing, because he spent $20 for the field
fees to play soccer
vı Dö eti
i
na z ğr
Sı Gü ıkö
ç
Ar 22 A
18. In drawing a farmer’s supply curve for a

commodity, all but which one of the following
are kept constant?
si
A) Features of nature such as climate and

- 2 ite
weather conditions
B) Technology
s
C) The price of the product under consideration

21 er
0
D) Expectations of producers about the future

state of economy
20 niv
E) The prices of inputs

Ü
u
ol
ad
19. When the price of a substitute of commodity X

falls, the demand for X -------.
An

sentence above?
A) falls
B) remains unchanged if the commodity X is
price elastic
C) rises
D) remains unchanged
E) remains unchanged if the commodity X is
price inelastic

2022 GÜZ ARA - A
i
m
te
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
E D D A A B E B C B A B E E C D D C A C
m Sis
ne m
vı Dö eti
i
na z ğr
Sı Gü ıkö
ç
Ar 22 A
si
- 2 ite
s
21 er
0
20 niv
a
Ü
u
ol
ad
An

2023 GÜZ ARA - A
A
1. Which of the following is not one of the 6. Which of the following is not an example of
determinants of supply? price ceiling?
A) Production costs A) Government assurance to buy all the meats

B) Price of the good at a specific price
i
C) Technology B) Indexation of rents to the inflation rate by the
m
government
D) Market equilibrium
C) Determination of the maximum price for
te
E) Expectations
gasoline by the government
D) Determination of the highest price for gold
m Sis
2. Which of the following defines consumer by the government
surplus?
E) Determining the minimum level for wages by
A) The difference between the amounts that a the government
seller is paid for good minus the cost to
ne m
seller.
The benefits the sellers gain from
vı Dö eti
B)
i
participating in market activity.
C) The amount a buyer is willing to pay minus
na z ğr
the amount the buyer actually pays.
D) The amount a buyer actually pays minus the
Sı Gü ıkö
amount he is willing to pay.
E) The loss the consumers gain from
7. Suppose X and Y are both normal goods.
participating in market activity. "The change in consumption that results
ç
when a price change moves the consumer
Ar 23 A
3. Which of the following is an issue for along an indifference curve to a point with a
microeconomics? different marginal rate of substitution" is
explained by which of the following?
si
A) Inflation level
Current Account deficit A) The substitution effect
- 2 ite
B)
C) How many workers to hire B) The budget effect
D) GDP C) The utility effect
s
E) Interest rates D) The income effect

22 er
0
E) The marginal effect

4. Which of the following statement describes
20 niv
the inflation best?
A) The rate at which economy loses its

Ü
productive capacity.
B) The rate at which the M1 money supply
increases.
u
C) The rate at which general price level

ol
decreases.
8. While a market is in equilibrium, what
ad
D) The increase in the general price level (or

overall level of prices) in the economy within happens to equilibrium price and quantity if
a given period of time. there is a change in technology (decline) that
causes a shift of the market supply curve to
An
E) The rate at which all the services’ prices

up to the left?
increase.
A) Both the equilibrium price and equilibrium
5. Among the following factors change in which quantity increase.
one is the cause of a movement along the B) The equilibrium price increases but the
demand curve? equilibrium quantity decreases.
C) The equilibrium price and equilibrium
A) Change in tastes and preferences
quantity do not change.
B) Change in the price of a rival good
D) Both the equilibrium price and equilibrium
C) Change in the price of a complement good quantity decreases.
D) Change in income E) The equilibrium price decreases but the
E) Change in price of a good equilibrium quantity increases.

2023 GÜZ ARA - A

A
9. Assuming that the consumer chooses between 12. Suppose X and Y are both normal goods.
the consumption of the two goods, it is said that "The change in consumption that results
the Consumer’s will have an optimal choice when when a price change moves the consumer to
-------. a higher or lower indifference curve" is
i
m
sentence above? A) The income effect
B) The utility effect
te
A) the marginal rate of substitution equals the The marginal effect
C)
relative price
D) The substitution effect
m Sis
B) the marginal rate of substitution is greater
than the relative price E) The budget effect
C) the marginal rate of substitution is smaller
than the relative price
ne m
D) the marginal rate of substitution and the
relative price are both equal to 1
vı Dö eti
i
E) the marginal rate of substitution and the 13. Which of the following is the correct concept
relative price are both equal to zero for describing the case that every additional
unit of a consumption brings lower utility
na z ğr
gains?
Sı Gü ıkö A)
B)
Indifference curve
Law of demand for Giffen goods
C) Law of diminishing returns
ç
10. The production possibilities frontier is a -------. D) Negative budget constraint
Ar 23 A
E) Law of constant returns

sentence above?
si
A) graph which shows the relationship between

- 2 ite

level of output
14. The market equilibrium refers to -------.
B) graph which shows the various
s
combinations of resources that can be used Which of the following completes the
22 er
0
to produce a given level of output sentence above?

C) map which shows the frontier beyond which
20 niv
agriculture is unprofitable A) a point at which supply and demand are

D) map which shows areas of the world in independent of each other
which capitalist production is now possible B) the absolute equilibrium
Ü
E) graph that shows the various combinations C) a point where prices remain rigidly constant
of output the economy can possibly produce D) the quantity-price combination where
u
given the available inputss and production demand and supply curves meet
technology E) the welfare point where no more change will
ol
occur
ad
An
11. Which of the following is not among the 15. The curved shape of the production possibilities
determinants of the price elasticity of frontier can be explained by -------.
demand?
A) The availability of inputs for production. sentence above?
B) Whether close substitutes are available.
A) economic growth
C) Whether the good is necessity of luxury for
the consumer. B) increasing cost of production
D) Share (weight) of the good’s cost in the C) efficiency
consumers’ budget. D) scarcity
E) The time period. E) constant cost of production

2023 GÜZ ARA - A

A
16. How does a simultaneous increase in supply 20. When the demand is more price elastic than
and demand affect the equilibrium price and the supply, how is the burden of tax shared?
quantity?
A) The tax burden shared equally buyers and
A) The price increases but the quantity is sellers.
uncertain
i
B) The tax burden heavily falls on government.
m
B) Both the price and the quantity remain the C) The tax burden heavily falls on the buyers.
same D) The tax burden heavily falls on the sellers.
te
C) The quantity increases but the price is
E) The tax burden shared equally among the
uncertain
buyers, sellers and the government.
m Sis
D) The quantity decreases but the price
increases
E) Both the price and the quantity decrease
ne m
vı Dö eti
i
17. What is the value of income elasticity for
na z ğr
inferior goods?
Sı Gü ıkö
A)
B)
e>1
e < -1
C) e>0
ç
D) e=0
Ar 23 A
E) e<0
si
- 2 ite
18. An externality exists when -------.

s

22 er
0
sentence above?
20 niv
A) a firm sells its product in a foreign market

B) a person engages in an activity that
influences the well-being of a bystander and
Ü
yet neither pays nor receives payment for

that effect
C) a firm imports product from a foreign market
u
D) markets are not able to reach equilibrium

ol
E) the government intercedes in the operation

of private markets by forcing the market to
ad
adjust to the balance of supply and demand

An
19. There is an exception of law of demand in

case of which of the following sitiutation?
A) Goods with low price elasticity

B) Giffen goods
C) Inferior goods
D) Veblen goods
E) Luxury goods

2023 GÜZ ARA - A
i
m
te
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
D C C D E E A B A E A A C D B C E B B D
m Sis
ne m
vı Dö eti
i
na z ğr
Sı Gü ıkö
ç
Ar 23 A
si
- 2 ite
s
22 er
0
20 niv
a
Ü
u
ol
ad
An

2023 GÜZ ARA - B
B
1. There is an exception of law of demand in 6. When the demand is more price elastic than
case of which of the following sitiutation? the supply, how is the burden of tax shared?
A) Veblen goods A) The tax burden heavily falls on the sellers.

B) Goods with low price elasticity B) The tax burden heavily falls on the buyers.
i
C) Luxury goods C) The tax burden shared equally buyers and
m
D) Giffen goods sellers.
D) The tax burden heavily falls on government.
te
E) Inferior goods
E) The tax burden shared equally among the
buyers, sellers and the government.
m Sis
2. The curved shape of the production possibilities
frontier can be explained by -------. 7. Assuming that the consumer chooses between
the consumption of the two goods, it is said that
ne m
Which of the following completes the the Consumer’s will have an optimal choice when
sentence above? -------.
vı Dö eti
i
A) economic growth Which of the following completes the
efficiency sentence above?
na z ğr
B)
C) scarcity A) the marginal rate of substitution is greater
Sı Gü ıkö
D)
E)
constant cost of production
increasing cost of production
B) the marginal rate of substitution equals the
relative price
ç
C) the marginal rate of substitution is smaller
Ar 23 A
3. Which of the following is not among the D) the marginal rate of substitution and the
determinants of the price elasticity of relative price are both equal to 1
si
demand?
E) the marginal rate of substitution and the
relative price are both equal to zero
- 2 ite
A) Share (weight) of the good’s cost in the

consumers’ budget.
B) Whether close substitutes are available. 8. The market equilibrium refers to -------.
s
C) The availability of inputs for production.

22 er
0
D) The time period. Which of the following completes the

sentence above?
E) Whether the good is necessity of luxury for
20 niv
the consumer. A) the absolute equilibrium

B) a point at which supply and demand are
Ü
independent of each other

4. Which of the following is not one of the C) the quantity-price combination where
demand and supply curves meet
u
determinants of supply?
D) a point where prices remain rigidly constant
ol
A) Price of the good E) the welfare point where no more change will
B) Expectations occur
ad
C) Technology
D) Market equilibrium 9. How does a simultaneous increase in supply
An
E) Production costs and demand affect the equilibrium price and

quantity?
A) Both the price and the quantity decrease

5. Which of the following is an issue for B) The quantity increases but the price is
microeconomics? uncertain
C) Both the price and the quantity remain the
A) Interest rates
same
B) Current Account deficit
D) The price increases but the quantity is
C) How many workers to hire uncertain
D) Inflation level E) The quantity decreases but the price
E) GDP increases

2023 GÜZ ARA - B

B
10. Which of the following is the correct concept 14. An externality exists when -------.
for describing the case that every additional
unit of a consumption brings lower utility Which of the following completes the
gains? sentence above?
A) Negative budget constraint A) a person engages in an activity that
i
m
B) Law of diminishing returns influences the well-being of a bystander and
yet neither pays nor receives payment for
C) Indifference curve
te
that effect
D) Law of constant returns
B) a firm imports product from a foreign market
Law of demand for Giffen goods
m Sis
E)
C) a firm sells its product in a foreign market
D) the government intercedes in the operation
of private markets by forcing the market to
adjust to the balance of supply and demand
ne m
E) markets are not able to reach equilibrium
11. Which of the following statement describes
vı Dö eti
i
the inflation best?
A) The rate at which the M1 money supply
na z ğr
increases.
B) The rate at which economy loses its
Sı Gü ıkö
productive capacity.
C) The rate at which all the services’ prices 15. While a market is in equilibrium, what
increase. happens to equilibrium price and quantity if
ç
D) The increase in the general price level (or there is a change in technology (decline) that
Ar 23 A
overall level of prices) in the economy within causes a shift of the market supply curve to
a given period of time. up to the left?
si
E) The rate at which general price level

A) The equilibrium price decreases but the
decreases.
equilibrium quantity increases.
- 2 ite
B) The equilibrium price and equilibrium

s
C) Both the equilibrium price and equilibrium

22 er
0
quantity increase.
12. Suppose X and Y are both normal goods. D) The equilibrium price increases but the
20 niv
"The change in consumption that results equilibrium quantity decreases.

when a price change moves the consumer to E) Both the equilibrium price and equilibrium
a higher or lower indifference curve" is quantity decreases.
Ü
A) The substitution effect

u
B) The budget effect

ol
C) The marginal effect

D) The utility effect
ad
E) The income effect

16. Which of the following defines consumer
surplus?
An
A) The amount a buyer is willing to pay minus

the amount the buyer actually pays.
13. Among the following factors change in which B) The amount a buyer actually pays minus the
one is the cause of a movement along the amount he is willing to pay.
demand curve? C) The benefits the sellers gain from
participating in market activity.
A) Change in income
D) The difference between the amounts that a
B) Change in the price of a rival good
seller is paid for good minus the cost to
C) Change in price of a good seller.
D) Change in tastes and preferences E) The loss the consumers gain from
E) Change in the price of a complement good participating in market activity.

2023 GÜZ ARA - B

B
17. Which of the following is not an example of 20. Suppose X and Y are both normal goods.
price ceiling? "The change in consumption that results
when a price change moves the consumer
A) Determining the minimum level for wages by along an indifference curve to a point with a
the government different marginal rate of substitution" is
i
B) Government assurance to buy all the meats
m
at a specific price
A) The utility effect
C) Determination of the highest price for gold
te
by the government B) The marginal effect
D) Determination of the maximum price for C) The income effect
m Sis
gasoline by the government D) The budget effect
E) Indexation of rents to the inflation rate by the E) The substitution effect
government
ne m
vı Dö eti
i
na z ğr
Sı Gü ıkö
18. What is the value of income elasticity for
inferior goods?
ç
Ar 23 A
A) e=0
B) e<0
si
C) e>0
D) e>1
- 2 ite
E) e < -1
s
22 er
0
20 niv
a
Ü
19. The production possibilities frontier is a -------.

u

ol
sentence above?
ad
A) graph which shows the relationship between

level of output
An
B) map which shows areas of the world in

which capitalist production is now possible
C) map which shows the frontier beyond which
agriculture is unprofitable
D) graph which shows the various
combinations of resources that can be used
to produce a given level of output
E) graph that shows the various combinations
of output the economy can possibly produce
given the available inputss and production
technology

2023 GÜZ ARA - B
i
m
B Grubu Cevap Anahtarı
te
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
D E C D C A B C B B D E C A D A A B E E
m Sis
ne m
vı Dö eti
i
na z ğr
Sı Gü ıkö
ç
Ar 23 A
si
- 2 ite
s
22 er
0
20 niv
a
Ü
u
ol
ad
An

Açıköğretim Sistemi ile ilgili merak ettiğiniz her şey AOSDESTEK Sisteminde. AOSDESTEK Sistemine aosdestek.anadolu.edu.tr adresinden ulaşabilirsiniz
2020 GÜZ DÖNEM SONU - A
A
1. Which of the following describes the market 4. Which of the followings is the key concept
failure? for total revenue?
A) Inability to allocate resources efficiently A) Price elasticity of demand

B) Effects of a production or a consumption to B) Price level of the good
i
bystanders C) Market efficiency
m
C) Substantial influence of a single buyer or D) Opportunity cost
seller in a market
te
E) Law of demand
D) An action or an effort to produce or avoid an
outcome
vı mi Sis
E) Inability to produce all the desired goods
and services
Sı ön etim
5. The total cost is best expressed with which
of the following statements?
nu z D öğr
A) Total fixed cost + Total variable cost
na e
B) Average fixed cost + Average variable cost
C) Marginal cost x Quantity
So ü ık
D) Average variable cost x Quantity
E) Average fixed cost x Quantity
ç
2. What will be the effect of a price ceiling

em 20 i A
policy application to the market equilibrium?
A) It results with excess demand for the good

ön -20 ites
G
or service.
B) It results with excess supply for the good or
service.
C) It results with the right shift of the demand
s
6. Which of the followings stay unchanged

curve. independent of the level of production?
r
20 ive
D) It results with the left shift of the supply

A) Average variable cost
curve.
B) Average total cost
E) It causes a movement along the demand
C) Total fixed cost
n
curve.
9
D) Average fixed cost

Ü
1
E) Marginal cost
u
ol
D
ad
An
7. When a firm produces 250 units of output

and the total cost of production is $3000.
When the firm increases its output to 350
3. What is the reason for a decrease in quantity units, the total cost rises to $4500. What is
demanded of a good, despite an increase in the marginal cost of production for this firm
budget income? in dollar terms?
A) The good is luxurious A) 5

B) The good is inferior B) 15
C) The good is a necessity C) 25
D) The market is uncompetitive D) 35
E) The market is inefficient E) 40


A
8. I- Price 11. Which of the following concept refers to the
II- Quantity cost that has already been incurred and
III- Explicit costs cannot be recovered?
IV- Implicit costs
A) The total cost
Which oof the above terms are used in the
i
B) The average cost
m
calculation of accounting profit? C) Sunk cost
D) Fixed cost
te
A) I and III
B) III and IV E) Variable cost
vı mi Sis
C) I, II and III
D) I, III and IV
E) I, II, III and IV
Sı ön etim
nu z D öğr
na e
So ü ık
12. For a perfectly competitive firm which of the
followings is a partial representative of
ç
individual supply curve?
em 20 i A
9. Which of the following equilibrium condition

satisfies the profit maximization condition in A) Marginal cost curve
perfectly competitive market? B) Marginal revenue curve
ön -20 ites
G
C) Average total cost curve

A) P=MR
D) Average variable cost curve
B) P=MR=MC
E) Total cost curve
C) P=AR
s
D) AR=MC
r
E) AR=AVC
20 ive
n
9
Ü
1
u
ol
D
ad
13. I. Good or service does not have close

substitutes.
10. Which of the following represents the II. There are barriers to entry.
An
short-run shutdown decision of the firm in a III. The firm has a power to influence over price.
competitive market? IV. There is a diseconomies of scale in
production
A) Minimum point of the average variable cost
curve Which of the above statements are
B) Minimum point of the average cost curve considered as a key features of a monopoly?
C) Minimum point of the average fixed cost
A) I and III
curve
B) II and III
D) Maximum point of the average revenue
curve C) III and IV
E) Maximum point of the marginal revenue D) I, II and III
curve E) I, II and IV


A
14. Which of the following statements defines the 17. Which of the followings is a different type of
monopolistically competitive market factor for a firm that produces bread?
structure?
A) Oven
A) It is a market structure in which there is only B) Land
one seller of a commodity.
i
C) Mixer
m
B) It is a market structure which is dominated D) Building
by few firms.
te
E) Selling stand
C) It is a market structure where competition is
at its greatest possible level.
vı mi Sis
D) It is a market structure where there are
many firms that sell diferentiated products.
E) It is a market structure in which economies
of scale are so large.
Sı ön etim
18. Which is the only active determinant of rents
for natural resources?
A) Demand
nu z D öğr
Supply
na e
B)
C) Government
D) Technology
So ü ık
E) Interest rates
ç
em 20 i A
15. Which of the following types of markets

ön -20 ites
include many firms while having

G
differentiated goods?
A) Monopolies 19. In a competitive market which of the

followings is determined by the supply and
s
B) Monopsonies demand of loanable funds?

r
C) Monopolistic competitions
20 ive
D) Oligopolies A) Inflation level

E) Oligopsonies B) Interest rates
C) Rents
n
9
D) Labor input
Ü
1
E) Unemployment
u
ol
D
ad
20. I. Changes in tastes of workers

An
II. Technology
III. Prices of other factors of production
16. What does Nash equilibrium implement for IV. Number of firms in the market
the outcome in responding to other firms’
strategies? Which of the above factors are the
determinants of labor demand?
A) Oligopolists gain worse than a competitive
market A) Only I
B) Oligopolists gain worse than forming a cartel B) I and II
C) Oligopolists gain better than a monopoly C) I and III
D) Oligopolists minimize consumer surplus D) I, II and III
E) Oligopolists maximize producer surplus E) II, III and IV

i
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
m
A A B A A C B C B A C A D D C B B A B E
te
vı mi Sis
Sı ön etim
nu z D öğr
na e
So ü ık ç
em 20 i A
ön -20 ites
G
r s
20 ive
n
9
Ü
1
u
ol
D
ad
An

2020 GÜZ DÖNEM SONU - B
B
1. Which of the following describes the market 5. The total cost is best expressed with which
failure? of the following statements?
A) Inability to allocate resources efficiently A) Total fixed cost + Total variable cost
B) Effects of a production or a consumption to B) Average fixed cost + Average variable cost
i
bystanders C) Marginal cost x Quantity
m
C) Substantial influence of a single buyer or D) Average variable cost x Quantity
seller in a market
te
E) Average fixed cost x Quantity
D) An action or an effort to produce or avoid an
outcome
vı mi Sis
E) Inability to produce all the desired goods
and services
Sı ön etim
6. Which of the followings stay unchanged
independent of the level of production?
A) Average variable cost

2. What will be the effect of a price ceiling Average total cost
nu z D öğr
B)
policy application to the market equilibrium?
na e
C) Total fixed cost
A) It results with excess demand for the good D) Average fixed cost
or service. Marginal cost
So ü ık
E)
B) It results with excess supply for the good or
service.
ç
C) It results with the right shift of the demand

em 20 i A
curve.
D) It results with the left shift of the supply
ön -20 ites
curve.
G
7. When a firm produces 250 units of output

E) It causes a movement along the demand
and the total cost of production is $3000.
curve.
When the firm increases its output to 350
units, the total cost rises to $4500. What is
s
the marginal cost of production for this firm

r
in dollar terms?
20 ive
A) 5
3. What is the reason for a decrease in quantity B) 15
n
9
demanded of a good, despite an increase in C) 25

Ü
budget income? 35
1
D)
A) The good is luxurious E) 40
u
B) The good is inferior

ol
The good is a necessity

D
C)
D) The market is uncompetitive
ad
E) The market is inefficient
8. I- Price
An
II- Quantity
III- Explicit costs
IV- Implicit costs
4. Which of the followings is the key concept Which oof the above terms are used in the
for total revenue? calculation of accounting profit?
A) Price elasticity of demand A) I and III

B) Price level of the good B) III and IV
C) Market efficiency C) I, II and III
D) Opportunity cost D) I, III and IV
E) Law of demand E) I, II, III and IV


B
9. Which of the following equilibrium condition 13. I. Good or service does not have close
satisfies the profit maximization condition in substitutes.
perfectly competitive market? II. There are barriers to entry.
III. The firm has a power to influence over price.
A) P=MR IV. There is a diseconomies of scale in
production
i
B) P=MR=MC
m
C) P=AR
Which of the above statements are
D) AR=MC
te
considered as a key features of a monopoly?
E) AR=AVC
I and III
vı mi Sis
A)
B) II and III
C) III and IV
D) I, II and III
Sı ön etim
E) I, II and IV
10. Which of the following represents the
short-run shutdown decision of the firm in a
competitive market?
nu z D öğr
na e
A) Minimum point of the average variable cost
curve
B) Minimum point of the average cost curve
So ü ık
C) Minimum point of the average fixed cost
curve
ç
D) Maximum point of the average revenue

em 20 i A
curve 14. Which of the following statements defines the

E) Maximum point of the marginal revenue monopolistically competitive market
curve structure?
ön -20 ites
G
A) It is a market structure in which there is only

one seller of a commodity.
B) It is a market structure which is dominated
s
by few firms.
r
C) It is a market structure where competition is

20 ive
11. Which of the following concept refers to the at its greatest possible level.
cost that has already been incurred and D) It is a market structure where there are
cannot be recovered? many firms that sell diferentiated products.
n
9
E) It is a market structure in which economies

Ü
The total cost

1
A) of scale are so large.

B) The average cost
u
C) Sunk cost
Fixed cost
ol
D)
D
E) Variable cost
ad
An
12. For a perfectly competitive firm which of the 15. Which of the following types of markets
followings is a partial representative of include many firms while having
individual supply curve? differentiated goods?
A) Marginal cost curve A) Monopolies

B) Marginal revenue curve B) Monopsonies
C) Average total cost curve C) Monopolistic competitions
D) Average variable cost curve D) Oligopolies
E) Total cost curve E) Oligopsonies


B
16. What does Nash equilibrium implement for 20. I. Changes in tastes of workers
the outcome in responding to other firms’ II. Technology
strategies? III. Prices of other factors of production
IV. Number of firms in the market
A) Oligopolists gain worse than a competitive
market Which of the above factors are the
i
m
B) Oligopolists gain worse than forming a cartel determinants of labor demand?
C) Oligopolists gain better than a monopoly
te
A) Only I
D) Oligopolists minimize consumer surplus
B) I and II
E) Oligopolists maximize producer surplus
vı mi Sis
C) I and III
D) I, II and III
E) II, III and IV
Sı ön etim
17. Which of the followings is a different type of
nu z D öğr
factor for a firm that produces bread?
na e
A) Oven
So ü ık
B) Land
C) Mixer
ç
D) Building
em 20 i A
E) Selling stand
ön -20 ites
G
r s
20 ive
18. Which is the only active determinant of rents

for natural resources?
n
A) Demand
9
B) Supply
Ü
1
C) Government
D) Technology
u
E) Interest rates
ol
D
ad
An
19. In a competitive market which of the

followings is determined by the supply and
demand of loanable funds?
A) Inflation level
B) Interest rates
C) Rents
D) Labor input
E) Unemployment

i
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
m
A A B A A C B C B A C A D D C B B A B E
te
vı mi Sis
Sı ön etim
nu z D öğr
na e
So ü ık ç
em 20 i A
ön -20 ites
G
r s
20 ive
n
9
Ü
1
u
ol
D
ad
An

A
1. What would be the effect of a decrease in 4. In the long run all of a firm's costs are variable. In
production costs as a result of a this case the exit criterion (firm leaves industry)
technological innovation and/or an increase for a profit maximizing firm is -------.
in the number of firms, i.e., new firms
entering the industry in the long run, on the Which of the following completes the
market supply curve? sentence above?
i
m
A) These changes will have no effect on the A) Price > Average Variable Cost
te
market supply curve B) Price = Average Variable Cost
B) These changes make the market supply C) Average Revenue > Average Fixed Cost
vı m Sis
curve negatively sloped
D) Price < Average Variable Cost
C) These changes shift the market supply
E) Average Revenue > Marginal Cost
curve leftward
D) These changes shift the market supply
Sı Dö etim
curve rightward
E) These changes cause a movement along
i
the market supply curve
5. Which of the following is not among the main
nu üz öğr
na ne
factors determining labor supply?
A) Wage
So G ık
B) Changes in population
C) Price
ç
D) Changes in tastes of workers
em 02 i A
2. If, from a position of stable equilibrium, the E) Opportunities in other labor markets
market supply of a product decreases while the
market demand remains unchanged, -------.
ön - 2 ites

sentence above?
2
s
A) the equilibrium quantity rises

the equilibrium price rises but the equilibrium
21 er
B) determinants of the capital demand?

quantity falls
C) the equilibrium price falls A) The operating costs of it
20 niv
D) the equilibrium price falls but the equilibrium B) The marginal revenue product received by
quantity rises having it
Ü
E) both the equilibrium price and the C) The transaction costs of having it
equilibrium quantity decrease D) The price we could receive eventually by
selling the same machine
u
E) The interest rate

ol
D
ad
An
3. "------- is what a person has to give up to get a 7. Accounting profit could differ significantly from
desired item or to achieve a desired outcome." the economic profit depending on the -------.
Which of the following completes the Which of the following completes the
sentence above? sentence above?
A) scarcity A) magnitude of fixed costs

B) equity B) magnitude of marginal cost
C) satisfaction C) magnitude of opportunity cost
D) opportunity cost D) magnitude of variable cost
E) externality E) magnitude of sunk cost


A
8. When there is a positive technological 11. When a perfectly competitive firm decides to shut
change, what will be the effect of this change down, it is most likely that -------.
on labor demand?
A) It causes a movement along the labor sentence above?
demand curve from point B(wage2) to
i
m
A(wage1) A) price is below the minimum of average
B) This change shifts the MRPL curve to right, variable cost
te
increasing labor demand B) marginal cost is above average variable cost
C) This change does not affect the MRPL C) average fixed costs are rising
vı m Sis
curve, so the labor demand curve stands D) fixed costs exceed variable costs
still E) profit is equal to zero
D) It causes a movement along the labor
demand curve from point A(wage1) to
Sı Dö etim
B(wage2)
E) This change shifts the MRPL curve to left,
i
decreasing labor demand 12. Profit maximizing level of output for a monopolist
is the output level where the -------.
nu üz öğr
na ne
sentence above?
9. If two firms form a cartel in order earn A) P < MR < MC

So G ık
monopoly profits, compared to monopoly B) P > MR > MC
outcome which of the following statement
ç
C) P = MR = MC
will be correct?
em 02 i A
D) P > MR = MC
A) A cartel produces less than monopoly E) P < MR > MC
quantity at higher than the monopoly price
ön - 2 ites
and creates a larger deadweight loss

B) A cartel produces more than monopoly
quantity at the monopoly price and creates a
2
deadweight loss 13. What kind of relationship exist between the

s
total and marginal product curves?

C) A cartel produces monopoly quantity at the
21 er
monopoly price and creates a lower A) When the total product curve is steepest,
deadweight loss the marginal product curve is decreasing
20 niv
D) A cartel produces competitive market B) When the total product curve is steepest,
quantity at the monopoly price and does not the marginal product curve is at its lowest
create a deadweight loss
C) When the total product curve is steepest,
Ü
E) A cartel produces monopoly quantity at the the marginal product curve is flat
monopoly price and creates a deadweight
D) When the total product curve is steepest,
loss
u
the marginal product is negative

E) When the total product curve is steepest,
ol
the marginal product curve is at its highest

ad
10. Which of the following does not correctly

explain the relationship between the total
An
revenue and the price elasticity of demand? 14. A consumer who is below the personal budget
line (rather than on it) ------.
A) If the demand is inelastic, a decrease in the
price causes total revenue to decrease. Which of the following completes the
B) If the demand is inelastic, a decrease in the sentence above?
price causes total revenue to increase.
A) is not spending all personal income
C) If the demand is inelastic, an increase in the
price causes total revenue to increase. B) is spending all personal income
D) If the demand is elastic, a decrease in the C) may or may not be spending all personal
price causes total revenue to increase. income
E) If the demand is elastic, an increase in the D) actually he/she is borrowing
price causes total revenue to decrease. E) is in equilibrium


A
15. Which of the following statement is correct 18. Which of the following statement is wrong
about the shapes and relationships of typical about a monopolistically competitive firm’s
cost curves? outcome in the long-run?
A) The lower the Marginal cost (MC) is, the A) when the price is equal to ATC, profits are
flatter the total cost (TC) and total variable zero (profits=(P-ATC)*quantity
i
m
(TVC) curves become, B) the price also is equal to average total cost
B) The lower the Marginal cost (MC) is, the (ATC) at the profit maximizing quantity
te
steeper the total cost (TC) and total variable C) the price is equal to the maximum
(TVC) curves become, willingness to pay price of consumers,
vı m Sis
C) The lower the Marginal cost (MC) is, the shown on the demand curve
linear the total cost (TC) and total variable D) this firm’s profits are equal to zero at the
(TVC) curves become, profit maximizing quantity where (MR) of the
D) The lower the Marginal cost (MC) is, the last unit is exactly equal its MC
Sı Dö etim
flatter the total cost (TC) and steeper the E) this firm’s profits are positive at the profit
total variable (TVC) curves become, maximizing quantity where (MR) of the last
i
E) The lower the Marginal cost (MC) is, the unit is exactly equal its AR
steeper the total cost (TC) and flatter the
total variable (TVC) curves become,
nu üz öğr
na ne
So G ık ç
16. Except the first unit of its output, the price that
em 02 i A
the monopoly charges -------.

19. When the average cost curve is decreasing
Which of the following completes the what can be said about the average cost (AC)
ön - 2 ites
sentence above? and marginal cost (MC)?
A) is always greater than the marginal revenue A) Marginal cost is certainly decreasing,
2
and always equal to its average revenue B) AC > MC and AC continues to fall as long as
s
B) is always greater than the marginal revenue MC remains below it,

and its average revenue
21 er
C) Marginal cost is certainly increasing,

C) is always equal to the marginal revenue and D) AC = MC at all output levels
its average revenue
20 niv
E) Marginal cost (MC) is smaller than the (AC)

D) is always less than the marginal revenue and it is constant
and always equal to its average revenue
Ü
E) is always less than the marginal revenue

u
ol
D
ad
17. What will be the effect of an increase in labor

demand on the equilibrium wage and 20. What is the short run shut-down point for a
An
employment? firm?
A) It decreases the equilibrium wage but A) The lowest point on the marginal cost (MC)
employment increases is called the shut-down point
B) It increases the equilibrium wage and B) The lowest point on the average fixed cost
employment does not change (AFC) is called the shut-down point
C) It increases the equilibrium wage but C) The lowest point on the average variable
employment decreases cost (AVC) is called the shut-down point
D) It decreases the equilibrium wage and D) The lowest point on the average cost (AC) is
employment called the shut-down point
E) It increases the equilibrium wage and E) The lowest point on the total cost (TC) is
employment called the shut-down point

i
m
te
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
D B D D C C C B E B A D E A A A E E B C
vı m Sis
Sı Dö etim
i
nu üz öğr
na ne
So G ık ç
em 02 i A
ön - 2 ites
2
s
21 er
20 niv
Ü
u
ol
D
ad
An

B
1. A consumer who is below the personal budget 5. Which of the following is not among the main
line (rather than on it) ------. determinants of the capital demand?
Which of the following completes the A) The transaction costs of having it

sentence above? B) The price we could receive eventually by
i
selling the same machine
m
A) is not spending all personal income
C) The operating costs of it
B) is spending all personal income
D) The interest rate
te
C) may or may not be spending all personal
E) The marginal revenue product received by
income
having it
vı m Sis
D) actually he/she is borrowing
E) is in equilibrium
Sı Dö etim
6. What kind of relationship exist between the
2. When the average cost curve is decreasing total and marginal product curves?
i
what can be said about the average cost (AC)
A) When the total product curve is steepest,
and marginal cost (MC)?
the marginal product is negative
nu üz öğr
na ne
A) Marginal cost is certainly decreasing, B) When the total product curve is steepest,
B) AC = MC at all output levels the marginal product curve is flat
C) Marginal cost is certainly increasing, C) When the total product curve is steepest,
the marginal product curve is at its highest
So G ık
D) AC > MC and AC continues to fall as long as
MC remains below it, D) When the total product curve is steepest,
the marginal product curve is at its lowest
ç
E) Marginal cost (MC) is smaller than the (AC)
E) When the total product curve is steepest,
em 02 i A
and it is constant
the marginal product curve is decreasing
ön - 2 ites
3. Accounting profit could differ significantly from

the economic profit depending on the -------. 7. Which of the following does not correctly
2
explain the relationship between the total

s
Which of the following completes the revenue and the price elasticity of demand?
sentence above?
21 er
A) If the demand is inelastic, a decrease in the

A) magnitude of marginal cost price causes total revenue to decrease.
20 niv
B) magnitude of sunk cost B) If the demand is inelastic, a decrease in the

C) magnitude of opportunity cost price causes total revenue to increase.
D) magnitude of fixed costs C) If the demand is elastic, a decrease in the
Ü
E) magnitude of variable cost price causes total revenue to increase.

D) If the demand is inelastic, an increase in the
u
price causes total revenue to increase.

ol
E) If the demand is elastic, an increase in the

D
4. When there is a positive technological

price causes total revenue to decrease.
change, what will be the effect of this change
ad
on labor demand?
A) This change does not affect the MRPL

An
curve, so the labor demand curve stands 8. In the long run all of a firm's costs are variable. In
still this case the exit criterion (firm leaves industry)
B) This change shifts the MRPL curve to left, for a profit maximizing firm is -------.
decreasing labor demand
C) This change shifts the MRPL curve to right, Which of the following completes the
increasing labor demand sentence above?
D) It causes a movement along the labor A) Average Revenue > Marginal Cost
demand curve from point A(wage1) to
B) Price = Average Variable Cost
B(wage2)
C) Price < Average Variable Cost
E) It causes a movement along the labor
demand curve from point B(wage2) to D) Average Revenue > Average Fixed Cost
A(wage1) E) Price > Average Variable Cost


B
9. If, from a position of stable equilibrium, the 12. What would be the effect of a decrease in
market supply of a product decreases while the production costs as a result of a
market demand remains unchanged, -------. technological innovation and/or an increase
in the number of firms, i.e., new firms
Which of the following completes the entering the industry in the long run, on the
sentence above? market supply curve?
i
m
A) the equilibrium price rises but the equilibrium A) These changes shift the market supply
te
quantity falls curve leftward
B) the equilibrium quantity rises B) These changes make the market supply
vı m Sis
C) the equilibrium price falls but the equilibrium curve negatively sloped
quantity rises C) These changes cause a movement along
D) both the equilibrium price and the the market supply curve
equilibrium quantity decrease D) These changes will have no effect on the
Sı Dö etim
E) the equilibrium price falls market supply curve
E) These changes shift the market supply
i
curve rightward
nu üz öğr
na ne
13. Profit maximizing level of output for a monopolist
So G ık
10. Which of the following statement is wrong Which of the following completes the
about a monopolistically competitive firm’s sentence above?
ç
outcome in the long-run?
em 02 i A
A) P = MR = MC
A) this firm’s profits are equal to zero at the P > MR > MC
B)
profit maximizing quantity where (MR) of the
C) P < MR > MC
ön - 2 ites
last unit is exactly equal its MC

B) this firm’s profits are positive at the profit D) P > MR = MC
maximizing quantity where (MR) of the last E) P < MR < MC
2
unit is exactly equal its AR

s
C) the price is equal to the maximum

21 er
willingness to pay price of consumers,

14. "------- is what a person has to give up to get a
shown on the demand curve
desired item or to achieve a desired outcome."
20 niv
D) the price also is equal to average total cost

(ATC) at the profit maximizing quantity Which of the following completes the
E) when the price is equal to ATC, profits are sentence above?
Ü
zero (profits=(P-ATC)*quantity
A) equity
B) satisfaction
u
C) externality
ol
D) scarcity
E) opportunity cost
ad
11. What is the short run shut-down point for a

An
firm? 15. When a perfectly competitive firm decides to shut

down, it is most likely that -------.
A) The lowest point on the marginal cost (MC)
is called the shut-down point Which of the following completes the
B) The lowest point on the average cost (AC) is sentence above?
called the shut-down point
A) price is below the minimum of average
C) The lowest point on the average fixed cost
variable cost
(AFC) is called the shut-down point
B) fixed costs exceed variable costs
D) The lowest point on the average variable
cost (AVC) is called the shut-down point C) profit is equal to zero
E) The lowest point on the total cost (TC) is D) marginal cost is above average variable cost
called the shut-down point E) average fixed costs are rising


B
16. Which of the following statement is correct 19. What will be the effect of an increase in labor
about the shapes and relationships of typical demand on the equilibrium wage and
cost curves? employment?
A) The lower the Marginal cost (MC) is, the A) It increases the equilibrium wage and
flatter the total cost (TC) and steeper the employment does not change
i
m
total variable (TVC) curves become, B) It decreases the equilibrium wage but
B) The lower the Marginal cost (MC) is, the employment increases
te
steeper the total cost (TC) and flatter the C) It increases the equilibrium wage but
total variable (TVC) curves become, employment decreases
vı m Sis
C) The lower the Marginal cost (MC) is, the D) It decreases the equilibrium wage and
linear the total cost (TC) and total variable employment
(TVC) curves become,
E) It increases the equilibrium wage and
D) The lower the Marginal cost (MC) is, the employment
Sı Dö etim
flatter the total cost (TC) and total variable
i
E) The lower the Marginal cost (MC) is, the
steeper the total cost (TC) and total variable
nu üz öğr
na ne
So G ık ç
em 02 i A

factors determining labor supply?
ön - 2 ites
A) Opportunities in other labor markets

B) Changes in population
2
C) Changes in tastes of workers

D) Wage
s
E) Price
21 er
20 niv
Ü
18. If two firms form a cartel in order earn

u
monopoly profits, compared to monopoly

outcome which of the following statement
ol
will be correct?
ad
A) A cartel produces competitive market the monopoly charges -------.

quantity at the monopoly price and does not
create a deadweight loss Which of the following completes the
An
B) A cartel produces monopoly quantity at the sentence above?

monopoly price and creates a deadweight
loss A) is always less than the marginal revenue
C) A cartel produces monopoly quantity at the
monopoly price and creates a lower B) is always greater than the marginal revenue
deadweight loss and always equal to its average revenue
D) A cartel produces less than monopoly C) is always greater than the marginal revenue
quantity at higher than the monopoly price and its average revenue
and creates a larger deadweight loss D) is always less than the marginal revenue
E) A cartel produces more than monopoly and its average revenue
quantity at the monopoly price and creates a E) is always equal to the marginal revenue and
deadweight loss its average revenue

i
m
te
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
A D C C A C B C A B D E D E A D E B E B
vı m Sis
Sı Dö etim
i
nu üz öğr
na ne
So G ık ç
em 02 i A
ön - 2 ites
2
s
21 er
20 niv
Ü
u
ol
D
ad
An

A
1. Which of the following statement is not 4. While a market is in equilibrium, what
correct about the relationship between happens to equilibrium price and quantity if
marginal cost and average cost? there is a change in income that causes a
shift of the market demand curve to the
A) The marginal cost goes through the right?
minimum points of both average cost and
i
m
average variable cost curves. A) The equilibrium price increases but the
B) The marginal cost is responsible for the equilibrium quantity decreases.
te
U-shaped average cost and average B) Both the equilibrium price and equilibrium
variable cost. quantity decreases.
vı m Sis
C) When the marginal cost is higher than the C) Both the equilibrium price and equilibrium
average cost, average cost will be quantity increases.
increasing as the output increases. D) The equilibrium price decreases but the
D) When the marginal cost is lower than the equilibrium quantity increases.
Sı Dö etim
average cost, it pulls average cost down as E) The equilibrium price and equilibrium
the output increases. quantity do not change.
i
E) When the marginal cost is lower than the
average cost, it pulls average cost up as the
output increases.
nu üz öğr
na ne
5. What would be the shape of the long-run
supply curve (LRS) in the case of no external
economies or diseconomies exist?
So G ık
A) the LRS curve is backward bending.
B) the LRS curve is vertical.
ç
2. Which of the following is not among the main C) the LRS curve is perfectly elastic.
em 02 i A
determinants of the capital demand? D) the LRS curve slopes upward.

A) The operating costs of it. E) the LRS curve slopes downward.
ön - 2 ites
B) The marginal revenue product received by

having it.
6. About the relationship between marginal and
3
C) The revenue received by selling land.

D) the price we could receive eventually by total utility curves, which of the following is
s
correct?
selling the same machine.
22 er
E) The interest rate. A) The total utility still increases at decreasing

rate as long as the marginal utility is
20 niv
positive.
B) The total utility still increases at increasing
Ü
positive.
3. Which of the following statement is correct C) The total utility will be zero if the marginal
u
about a monopolistically competitive firm’s utility is positive.

earned profit and the profit maximizing D) The total utility is at minimum if the marginal
ol
quantity in the long-run? utility is increasing.

ad
A) This firm’s profits are negative and the price E) The total and the marginal utility are always
is greater than the maximum willingness to equal to each other.
pay price of consumers.
An
B) This firm’s profits are positive and the price

is equal to total cost (TC). 7. When the average cost curve is decreasing
C) This firm’s profits are positive and the price what can be said about the average cost (AC)
also is equal to the min of the average and marginal cost (MC)?
variable cost (AVC) at the profit maximizing
A) AC = MC at all output levels
quantity.
B) AC > MC and AC continues to fall as long as
D) This firm’s profits are equal to zero at the
MC remains below it,
profit maximizing quantity where (MR) of the
last unit is exactly equal its MC. C) Marginal cost is certainly increasing,
E) This firm’s profits are positive at the profit D) Marginal cost is certainly decreasing,
maximizing quantity where (MR) of the last E) Marginal cost (MC) is smaller than the (AC)
unit is exactly equal its AR. and it is constant


A
8. I. Changes in tastes of workers 12. Profit maximizing level of output for a monopolist
II. Technology is the output level where the -------.
III. Prices of other factors of production
IV. Number of firms in the market Which of the following completes the
sentence above?
Which of the above factors are the
i
m
determinants of labor demand? A) P < MR > MC
B) P > MR = MC
te
A) Only I
C) P < MR < MC
B) I and II
D) P > MR > MC
vı m Sis
C) I and III
E) P = MR = MC
D) I, II and III
E) II, III and IV
13. Given the fixed factor prices, when all inputs are
Sı Dö etim
raised at the same time by the same percentage,
if the output increases less than the percentage
9. Which of the following statement is correct increase in inputs called -------.
i
for the size of the income elasticity of
demand for normal goods, depending on Which of the following completes the
nu üz öğr
whether the good is a necessity good for the sentence above?
na ne
consumer?
A) scope economies
A) Necessities tend to have small negative B) technological improvement
So G ık
income elasticities.
C) increasing returns to scale
B) Necessities do not have income elasticitity.
decreasing returns to scale
ç
D)
C) Necessities tend to have large negative
constant returns to scale
em 02 i A
E)
income elasticities.
D) Necessities tend to have large positive
income elasticities. 14. If there exist constant returns to scale, what
ön - 2 ites
are expected tendency of the long run total

E) Necessities tend to have small positive
cost (LRTC) and long run average cost
income elasticities. (LRAC)?
3
s
A) Long run total cost (LRTC) will increase

slowly and become steeper and long run
22 er
the monopoly charges -------. average cost (LRAC) will decrease.
B) Long run total cost (LRTC) will increase
20 niv
Which of the following completes the slowly and become flatter and long run
sentence above? average cost (LRAC) will increase.
C) Long run total cost (LRTC) will be fixed and
Ü
A) is always equal to the marginal revenue and

long run average cost (LRAC) will decrease.
its average revenue
D) Long run total cost (LRTC) will be linear and
is always greater than the marginal revenue
u
B)
long run average cost (LRAC) stays the
ol
same.
D
C) is always less than the marginal revenue

E) Long run total cost (LRTC) will increase
ad
slowly and become flatter and long run

D) is always less than the marginal revenue average cost (LRAC) will decrease.
An
E) is always greater than the marginal revenue

15. If a firm’s response is the best response strategy
and its average revenue for a firm, no matter what strategies other firms
use then this strategy is called -------.
11. Which of the following cannot be pointed out Which of the following completes the
as a land resource in economics? sentence above?
A) Forests A) a dominant strategy

B) Rent B) no matter what strategy
C) Natural Gas C) nash strategy
D) Oil D) an optimal strategy
E) Mines E) tit for tat strategy


A
16. What is efficiency in the context of 20. If the income effect works in the same
economics? direction that the substitution effect works,
what would be the effect of an increase in
A) The ability to maximize output with given interest rates on saving?
inputs.
A) It does not affect saving.
i
B) Disequilibrium in at least some markets.
m
C) Lack of capacity to produce all the desired B) An increase in interest rates on saving is
goods and services. ambiguous.
te
D) Lack of technology to reach maximum C) Causes saving to increase.
productivity. D) First reduces then increases saving.
vı m Sis
E) Knowledge gap in what to produce. E) Causes saving to decrease.
Sı Dö etim
i
17. At the shut-down point, -------.
nu üz öğr
na ne
sentence above?
A) price is lower AVC

B) TR is larger than the TVC
So G ık
C) the total losses of the firm equal TVC
ç
D) P is equal to AC
em 02 i A
E) P is greater than the AVC

ön - 2 ites
3
18. For a firm in a perfectly competitive market the

s
price of the good is always equal to -------.

22 er

sentence above?
20 niv
A) MR = AFC = P
B) MR = AR
Ü
C) MR = AFC
D) MR = MC = P
u
E) MR = ATC
ol
D
ad
19. The short-run supply curve for a firm in a

An
perfectly competitive market -------.

sentence above?
A) is likely to slope downward

B) is determined by forces external to the firm
C) will be influenced by the magnitude of fixed
costs
D) has a U-shape
E) is reflected in its marginal cost curve above
average variable cost)

i
m
te
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
E C D C C A B E E B B B D D A A A D E C
vı m Sis
Sı Dö etim
i
nu üz öğr
na ne
So G ık ç
em 02 i A
ön - 2 ites
3
s
22 er
20 niv
Ü
u
ol
D
ad
An

B
1. I. Changes in tastes of workers 4. Which of the following statement is not
II. Technology correct about the relationship between
III. Prices of other factors of production marginal cost and average cost?
IV. Number of firms in the market
A) When the marginal cost is lower than the
Which of the above factors are the average cost, it pulls average cost down as
i
m
determinants of labor demand? the output increases.
B) When the marginal cost is higher than the
te
A) Only I average cost, average cost will be
B) I and II increasing as the output increases.
vı m Sis
C) I and III C) When the marginal cost is lower than the
D) I, II and III average cost, it pulls average cost up as the
II, III and IV output increases.
E)
D) The marginal cost is responsible for the
Sı Dö etim
U-shaped average cost and average
variable cost.
i
E) The marginal cost goes through the
minimum points of both average cost and
average variable cost curves.
nu üz öğr
na ne
2. Which of the following statement is correct
about a monopolistically competitive firm’s
earned profit and the profit maximizing 5. If a firm’s response is the best response strategy
for a firm, no matter what strategies other firms
So G ık
quantity in the long-run?
use then this strategy is called -------.
A) This firm’s profits are negative and the price
ç
is greater than the maximum willingness to Which of the following completes the
em 02 i A
pay price of consumers. sentence above?

B) This firm’s profits are positive at the profit
A) a dominant strategy
maximizing quantity where (MR) of the last
ön - 2 ites
unit is exactly equal its AR. B) nash strategy

C) This firm’s profits are equal to zero at the C) no matter what strategy
3
profit maximizing quantity where (MR) of the D) tit for tat strategy
s
last unit is exactly equal its MC. E) an optimal strategy

D) This firm’s profits are positive and the price
22 er
also is equal to the min of the average

variable cost (AVC) at the profit maximizing 6. Given the fixed factor prices, when all inputs are
20 niv
quantity. raised at the same time by the same percentage,

if the output increases less than the percentage
E) This firm’s profits are positive and the price
increase in inputs called -------.
is equal to total cost (TC).
Ü

sentence above?
u
decreasing returns to scale

ol
A)
D
B) technological improvement
ad
3. Which of the following statement is correct C) increasing returns to scale

for the size of the income elasticity of D) scope economies
demand for normal goods, depending on constant returns to scale
An
E)
whether the good is a necessity good for the
consumer?
A) Necessities do not have income elasticitity. determinants of the capital demand?
B) Necessities tend to have large negative
income elasticities. A) The interest rate.
C) Necessities tend to have small negative B) The operating costs of it.
income elasticities. C) The marginal revenue product received by
D) Necessities tend to have large positive having it.
income elasticities. D) The revenue received by selling land.
E) Necessities tend to have small positive E) the price we could receive eventually by
income elasticities. selling the same machine.


B
8. If there exist constant returns to scale, what 12. If the income effect works in the same
are expected tendency of the long run total direction that the substitution effect works,
cost (LRTC) and long run average cost what would be the effect of an increase in
(LRAC)? interest rates on saving?
A) Long run total cost (LRTC) will be fixed and A) An increase in interest rates on saving is
i
m
long run average cost (LRAC) will decrease. ambiguous.
B) Long run total cost (LRTC) will increase B) Causes saving to increase.
te
slowly and become flatter and long run C) Causes saving to decrease.
average cost (LRAC) will decrease.
D) It does not affect saving.
vı m Sis
C) Long run total cost (LRTC) will increase
E) First reduces then increases saving.
slowly and become steeper and long run
average cost (LRAC) will decrease.
D) Long run total cost (LRTC) will increase
Sı Dö etim
slowly and become flatter and long run
average cost (LRAC) will increase.
i
E) Long run total cost (LRTC) will be linear and
13. For a firm in a perfectly competitive market the
long run average cost (LRAC) stays the
price of the good is always equal to -------.
same.
nu üz öğr
na ne
sentence above?
9. What would be the shape of the long-run
So G ık
supply curve (LRS) in the case of no external A) MR = AFC = P
economies or diseconomies exist? B) MR = AFC
ç
C) MR = AR
the LRS curve is vertical.
em 02 i A
A)
D) MR = ATC
B) the LRS curve is perfectly elastic.
E) MR = MC = P
C) the LRS curve is backward bending.
ön - 2 ites
D) the LRS curve slopes downward.

E) the LRS curve slopes upward.
3
s
22 er
10. The short-run supply curve for a firm in a 14. Profit maximizing level of output for a monopolist
perfectly competitive market -------. is the output level where the -------.
20 niv
Ü
A) is likely to slope downward A) P < MR < MC

B) has a U-shape B) P < MR > MC
u
C) is determined by forces external to the firm C) P > MR > MC

is reflected in its marginal cost curve above P > MR = MC
ol
D) D)
D
average variable cost) E) P = MR = MC

ad
E) will be influenced by the magnitude of fixed

costs
An
11. What is efficiency in the context of

economics? 15. At the shut-down point, -------.
A) Knowledge gap in what to produce. Which of the following completes the
B) The ability to maximize output with given sentence above?
inputs.
A) price is lower AVC
C) Disequilibrium in at least some markets.
B) TR is larger than the TVC
D) Lack of technology to reach maximum
productivity. C) P is equal to AC
E) Lack of capacity to produce all the desired D) P is greater than the AVC
goods and services. E) the total losses of the firm equal TVC


B
16. Except the first unit of its output, the price that 20. When the average cost curve is decreasing
the monopoly charges -------. what can be said about the average cost (AC)
and marginal cost (MC)?
sentence above? A) Marginal cost is certainly increasing,
i
B) AC > MC and AC continues to fall as long as
m
A) is always greater than the marginal revenue MC remains below it,
C) Marginal cost (MC) is smaller than the (AC)
te
B) is always equal to the marginal revenue and and it is constant
its average revenue
D) Marginal cost is certainly decreasing,
vı m Sis
C) is always greater than the marginal revenue
E) AC = MC at all output levels
D) is always less than the marginal revenue
Sı Dö etim
E) is always less than the marginal revenue
i
17. While a market is in equilibrium, what
happens to equilibrium price and quantity if
nu üz öğr
na ne
there is a change in income that causes a
shift of the market demand curve to the
right?
So G ık
A) The equilibrium price and equilibrium
ç
B) Both the equilibrium price and equilibrium

em 02 i A
quantity decreases.
C) The equilibrium price decreases but the
ön - 2 ites
equilibrium quantity increases.

D) Both the equilibrium price and equilibrium
quantity increases.
3
E) The equilibrium price increases but the

s
equilibrium quantity decreases.

22 er
18. Which of the following cannot be pointed out

20 niv
as a land resource in economics?
A) Natural Gas
B) Forests
Ü
C) Rent
D) Oil
u
E) Mines
ol

ad
total utility curves, which of the following is

correct?
An
A) The total utility still increases at decreasing

positive.
B) The total and the marginal utility are always
equal to each other.
C) The total utility is at minimum if the marginal
utility is increasing.
D) The total utility will be zero if the marginal
utility is positive.
E) The total utility still increases at increasing
positive.

i
m
te
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
E C E C A A D E B D B B E D A C D C A B
vı m Sis
Sı Dö etim
i
nu üz öğr
na ne
So G ık ç
em 02 i A
ön - 2 ites
3
s
22 er
20 niv
Ü
u
ol
D
ad
An

A
2021 YAZ OKULU - A
1. "A student who chooses to prepare for an 5. Except the first unit of its output, the price that
economics exam on a certain night may be giving the monopoly charges -------.
up some sleeping hours or her/his chances of
preparing for a math exam." Which of the following completes the
sentence above?
Which of the following concepts is explained
i
with the example above? A) is always less than the marginal revenue
em
A) Opportunity cost B) is always equal to the marginal revenue and
B) Externality its average revenue
t
C) Scarcity C) is always greater than the marginal revenue
lı is
D) Productiviy and its average revenue
vı Yı S
E) Efficiency D) is always less than the marginal revenue
na im tim
E) is always greater than the marginal revenue
2. Profit maximizing level of output for a monopolist
Sı et re
lu ğr öğ
sentence above?
ku Ö ık
A) P > MR = MC
B) P = MR = MC
O 1 ç
C) P > MR > MC
z 02 si A
D) P < MR > MC
E) P < MR < MC 6. Which of the following happens in a case of
equilibrium?
Ya - 2 ite
A) Both the price and supply of a product

decrease.
3. Which of the following refers to the B) The supply and demand equals to each
20 ers
characteristics of positive statements? other.

A) Argentina should decrease the inflation C) Price of a certain product keeps rising.
rates to amend expensive life conditions D) The supply of a product decreases.
20 niv
B) Greece should decrease expenses to get E) There will be excess demand of a product.
out of current crisis
Ü
C) The world economy has been shrinking

because of serious crisis emerging
D) European countries should create more jobs
u
to enhance the standards of living

ol
E) Economic welfare should be enhanced in all

the middle-east countries
ad
An
4. Which of the following statements is true 7. Which of the following is the marginal
about an inferior good? product of labor?
A) An increase in income increases the A) Increase in cost obtained from a one unit
consumption of the good. increase in labor.
B) Inferior goods have not better quality B) Increase in output obtained from a one unit
alternatives. increase in labor.
C) The average consumer chooses not to C) Increase in labor necessary to generate a
consume. one unit increase in output.
D) An increase in income decreases the D) Incremental profit associated with a one unit
consumption of the good. increase in labor.
E) The good is equally valued by all E) The incremental cost associated with a one
consumers. unit increase in labor.

A
2021 YAZ OKULU - A
8. Which of the following explains that the 12. Which of the following is not a determinant of
demand for a good is elastic? price elasticity of demand?
A) The percentage change in quantity supplied A) Time period

is greater than the percentage change in B) Weight of the good’s cost in the consumers’
price. budget
i
B) The percentage change in quantity supplied
em
C) Availability of inputs for production
is smaller than the percentage change in
D) The good is a necessity or a luxury good for
price.
the consumers
C) The percentage change in quantity
t
E) Availability of close substitutes
demanded is equal the percentage change
lı is
in price.
vı Yı S
D) The percentage change in quantity
demanded is greater than the percentage
change in price.
na im tim
E) The percentage change in quantity
demanded is smaller than the percentage
change in price.
Sı et re
13. Which of the following refers to a situation in
which production meets consumer
preferences?
lu ğr öğ A) Nash equilibrium
Profit maximization
ku Ö ık
9. When total utility increases, marginal utility is B)
------. C) Allocative efficiency
O 1 ç
D) Market equilibrium
z 02 si A
E) Production efficiency
sentence above?
A) negative and increasing

B) zero
Ya - 2 ite
C) negative and declining

D) positive and declining
20 ers
E) positive and increasing

14. Which of the following cannot be pointed out
as a land resource in economics?
20 niv
A) Rent
B) Forests
10. Which of the following refers to the market
Ü
structure with only one producer/seller of a C) Natural Gas

good and it does not act as a price taker but D) Oil
u
as a price setter? E) Mines

ol
A) Monopolistic competition
B) Monopoly
ad
C) Perfect competition
D) Oligopoly
An
E) Nash Equilibrium
15. The MRPL function shows how much labor the

firm would hire for different levels of wage. In that
sense the MRPL function serves as the -------.
11. Which of the following is an example for Which of the following completes the
substitute goods? sentence above?
A) Tea and sugar A) labor demand curve for a firm

B) Mobile phone and charger B) production function curve for a firm
C) Car and petrol C) labor supply curve for a firm
D) Pen and notebook D) marginal profit curve for a firm
E) Chicken and beef E) effective labor demand curve for the market

A
2021 YAZ OKULU - A
16. Which of the following statement is not 19. If P exceeds AVC but is smaller than AC at the
correct for the explicit costs? best level of output, the firm is -------.
A) they are direct expenditures or price paid Which of the following completes the
plainly for a Project from an accountant’s sentence above?
perpective.
i
B) they are costs a firm incurs when it gives up A) making a profit
em
the next best alternative action or project B) incurring a loss and should stop producing
C) these costs are sometimes referred to as immediately
accounting costs C) making a maximum profit
t
lı is
D) they involve direct monetary movements. D) breaking even
E) thet comprise of wages, the cost of raw E) incurring a loss but should continue to
vı Yı S
materials, interest payments, transportation, produce in the short run
etc.
na im tim
Sı et re
lu ğr öğ
ku Ö ık
O 1 ç
17. The price elasticity of demand measures -------.

z 02 si A

sentence above?
A) the responsiveness of quantity supplied of a

Ya - 2 ite
good to a change in price

B) how much the quantity demanded of one
good responds to a change in the price of
20 ers
another good
C) the responsiveness of demand to income
changes
20 niv
D) the price insensitivity of consumers

E) how much the quantity demanded of a good
change when there is a change in the price
Ü
of that good
u
ol
ad
An
20. "The inability of the market to allocate society's

18. The equilibrium interest rate is determined in the scarce resources efficiently to the best uses" is
-------. identified by -------.
A) Money market by the central bank/s A) scarcity

B) goods market B) efficiency
C) labor market C) market failure
D) loanable funds market D) market power
E) capital market E) opportunity cost

2021 YAZ OKULU - A
i
em
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
A A C D E B B D D B E C C A A B E D E C
t
lı is
vı Yı S
na im tim
Sı et re
lu ğr öğ
ku Ö ık
O 1 ç
z 02 si A
Ya - 2 ite
20 ers
20 niv
Ü
u
ol
ad
An

2022 YAZ OKULU - A
A
1. Which of the following statements is correct 4. About the accounting profit and economic
for the properties of indifference curves? profit, which of the following statement is
correct?
A) Indiference curves are always concave
B) Indiference curves can sometimes cross A) Accounting profit is always smaller than the
economic profit
i
each other
em
C) Indifference curves slope downward to the B) Economic profit is always smaller than the
right accounting profit
D) Indiference curves are upward sloping C) Accounting profit and economic profit are
t
equal to each other
E) More goods are not preferable to fewer
is
goods D) If the rents are zero then the accounting
profit and economic profit are equal to each
vı Yı S
other
E) In case of zero implicit costs, accounting
na m tim
profit is smaller than the economic profit
lı
Sı eti re
5. Which of the following pair are considered as
lu ğr öğ
2. When the demand is unit elastic where it
shows the mid-point of the linear demand
the possible cause of market failure?
A) Presence of efficiency and market power,

ku Ö çık
curve, what can be said about the total B) Presence of sunk costs and opportunity
revenue of the firm? cost.
C) Presence of positive externalities and
z 02 si A
A) The total revenue is maximum when the

demand is unit elastic negative externalities,
B) The total revenue is minimum when the D) Presence of externalities and market power,
demand is unit elastic E) Presence of externalities and sunk costs,
Ya - 2 ite
C) The total revenue is still increasing when the

O 2
demand is unit elastic

D) The total revenue is decreasing when the
21 ers
demand is unit elastic 6. Which of the following determines the price

E) The total revenue is zero when the demand in a competitive market?
is unit elastic
20 niv
A) Producers
B) Consumers
C) Government
Ü
D) Market forces
E) Social rules
u
ol
ad
3. Compared to a perfectly competitive market, a 7. An externality exists when -------.

monopoly produces -------.
An
Which of the following completes the sentence above?

sentence above?
A) a person engages in an activity that
A) more than the socially efficient quantity of influences the well-being of a bystander and
output and charges a relatively lower price yet neither pays nor receives payment for
B) same socially efficient quantity of output and that effect
charges same price B) a firm imports product from a foreign market
C) less than the socially efficient quantity of C) the government intercedes in the operation
output and charges a relatively higher price of private markets by forcing the market to
D) same amount of a deadweight loss adjust to the balance of supply and demand
E) minimum level socially efficient quantity of D) markets are not able to reach equilibrium
output and charges highest price possible E) a firm sells its product in a foreign market

2022 YAZ OKULU - A

A
8. Which of the following is the correct way of 12. In monopolistic competition, we have -------.
calculating average product of labor?
A) TR/L sentence above?
B) P/L
A) few firms selling a differentiated product
i
C) Q/L
em
B) many firms selling a homogeneous product
D) P*Q
C) few firms selling a homogeneous product
E) L*Q
D) many firms selling a differentiated product
t
single firm selling differentiated products
is
E)
vı Yı S
9. Producer surplus is the -------.
na m tim
sentence above?
A) area under the supply curve to the left of the 13. When total utility increases, marginal utility is
lı
Sı eti re
amount sold ------.
B) amount a seller is paid less the cost of
lu ğr öğ
production
C) amount represented by the area under the
supply curve
sentence above?
positive and increasing

ku Ö çık
A)
D) cost to sellers of participating in a market B) zero
E) profit to sellers of participating in a market C) positive and declining
z 02 si A
D) negative and increasing

E) negative and declining
10. For the inferior goods, which of the following

Ya - 2 ite
statement is true?
O 2
A) An increase in household’s income causes a

21 ers
movement along the demand curve

B) When income reaches a certain level, the 14. In a competitive market which of the
demand for the inferior good will become followings is determined by the supply and
infinite
20 niv
demand of loanable funds?

C) An increase in household’s income causes
the demand curve of the good to shift right A) Inflation level
B) Interest rates
Ü
D) If income increases, the demand curve for

the inferior good will shift down to the left C) Rents
E) An increase in price of the good causes the D) Labor input
u
demand curve of the good to shift right E) Unemployment

ol
ad
11. Which of the statement below is correct

about trade (regardless of whether it is
An
domestic or international)?
15. In drawing a farmer’s supply curve for a
A) Trade makes all participants better off and it commodity, all but which one of the following
is a positive-sum game, is not kept constant?
B) Trade makes only the buyers better off and
it is a zero sum-game, A) Features of nature such as climate and
C) Trade creates winners and losers all the weather conditions
time and as a result it is a zero sum-game. B) Expectations of producers about the future
state of economy
D) Trade makes only the sellers better off and it
is a zero sum-game, C) The prices of inputs
E) Trade makes all participants equally better D) Technology
off and it is a positive-sum game, E) The price of the product under consideration

2022 YAZ OKULU - A

A
16. When the supply is more price elastic than 20. What is the rule of profit maximization for all
the demand, how is the burden of tax types of markets?
shared?
A) Marginal revenue  Marginal cost
A) The tax burden shared equally buyers and B) Marginal revenue  Average revenue
sellers
i
C) Marginal revenue  Price
em
B) The tax burden heavily falls on government
D) Marginal revenue  Average cost
C) The tax burden heavily falls on the sellers
E) Marginal revenue  Marginal productivity of
D) The tax burden shared equally among the
t
buyers, sellers and the government labor
is
E) The tax burden heavily falls on the buyers
vı Yı S
na m tim
17. Which of the following is the difference
between income and consumption?
lı
Sı eti re
A) Cost
B) Saving
lu ğr öğ
C)
D)
Revenue
Price
ku Ö çık
E) Investment
z 02 si A
18. While a market, say a housing market, is in

equilibrium, what will be the effect of a
binding price ceiling policy on this market
Ya - 2 ite
equilibrium?
O 2
A) It results with the right shift of the demand

21 ers
curve
B) It results with the left shift of the supply
curve
20 niv
C) It causes a movement along the demand

curve
D) It results with excess supply for the good or
Ü
service
E) It results with excess demand for the good
u
or service
ol
ad

total utility curves, which of the following is
An
correct?
A) The total utility still increases at increasing

rate as long as the marginal utility is positive
B) The total utility will decline only if the
marginal utility is positive
C) The total utility and the marginal utility are
always positive
D) The total utility is at maximum if the marginal
utility is negative
E) The total utility still increases at decreasing
rate as long as the marginal utility is positive

2022 YAZ OKULU - A
i
em
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
C A C B D D A C B D A D C B E E B E E A
t
is
vı Yı S
na m tim
lı
Sı eti re
lu ğr öğ
ku Ö çık
z 02 si A
Ya - 2 ite
O 2
21 ers
20 niv
Ü
u
ol
ad
An

2023 YAZ OKULU - A
A
1. When both the price of a substitute and the price 4. Ali decides to spend two hours playing soccer
of a complement of commodity X rise, the rather than working at his job which pays $10 per
demand for X -------. hour. Ali’s tradeoff is -------.
i
em
A) rises A) nothing, because he spent $20 for the field
B) falls fees to play soccer
B) nothing, because he enjoys playing soccer
t
C) remains unchanged
lı is
more than working
price elastic C) nothing, because it was a planned activity
vı Yı S
E) can rise, fall, or remain unchanged D) the $20 he could have earned working for
depending on the relative strength of the two two hours
na im tim
opposing forces E) the increase in skill he obtains from playing
soccer for those two hours
Sı et re
lu ğr öğ 5. What will be the effect of a decrease in labor
supply on the equilibrium wage and
ku Ö ık
employment?
O 3 ç
A) It increases the equilibrium wage but

2. Which of the following is the reason
z 02 si A
indifference curves are convex to the origin? employment decreases

B) It decreases the equilibrium wage and
A) The assumption of completeness of increases employment
preferences C) It increases the equilibrium wage and
Ya - 2 ite
B) Consumers' irrational behaviors employment

C) The assumption that consumer preferences D) It increases the equilibrium wage and
employment does not change
22 ers
are transitive
D) The principle of diminishing marginal rate of E) It decreases the equilibrium wage and
substitution employment
E) The assumption that more goods are
20 niv
preferable to fewer goods

Ü
6. What is a capital for a firm?

u
A) Equipment of production
ol
B) Production capacity
C) Long-term profit
ad
D) Market value of the firm

E) Market power of the firm
3. When the price of a substitute of commodity X
An
falls, the demand for X -------.

sentence above?
7. Which of the following is the correct way of
A) rises calculating average product of labor?
B) remains unchanged
A) TR/L
C) falls
B) P/L
price inelastic C) Q/L
E) remains unchanged if the commodity X is D) P*Q
price elastic E) L*Q

2023 YAZ OKULU - A

A
8. The amount of maximum output that a firm 12. About the explicit costs, which of the
can produce with different levels of labor for following statement is not correct?
a given capital amount used is correctly
called with which of the following concepts? A) These costs are figured out in terms of
monetary outflows alone.
A) Average product of labor (APL)
i
B) Explicit costs are direct expenditures or the
em
B) Marginal product of labor (MPL) price paid plainly for a project from an
C) Total product of labor (TPL) accountant’s perspective.
D) Marginal product of capital (MPK) C) Explicit costs are costs for which no direct
t
payments are made but a firm incurs them
Average product of capital (APK)
lı is
E)
when it gives up the next best alternative
action or project.
vı Yı S
D) They involve direct monetary movements
and comprise of wages, the cost of raw
na im tim
materials, interest payments, transportation,
etc.
E) These costs are sometimes referred to as
Sı et re
accounting costs as to how an accountant
9. Which of the following is a prerequisite for
would calculate them.
price discrimination?
lu ğr öğ
A)
B)
Economies of scale
A market with imperfect competition
ku Ö ık
C) Limited production rights
Network externalities
O 3 ç
D)
Perfect knowledge
z 02 si A
E)
13. What is the main cause of deadweight loss?

Ya - 2 ite
A) Inefficient market
22 ers
B) Diminishing returns
10. When total utility increases, marginal utility is C) Economies of scale
------. D) Network externalities
20 niv
Which of the following completes the E) Perfect knowledge

sentence above?
Ü
A) negative and declining

B) positive and declining
u
C) negative and increasing

zero
ol
D)
E) positive and increasing
ad
14. Which of the following is not an example of

An
price ceiling?
A) Indexation of rents to the inflation rate by the

government
11. Which of the following never changes in the B) Determining the minimum level for wages by
market of natural resources? the government
C) Government assurance to buy all the meats
A) Demand
at a specific price
B) Supply
D) Determination of the maximum price for
C) Price gasoline by the government
D) Renting costs E) Determination of the highest price for gold
E) Slope of demand by the government

2023 YAZ OKULU - A

A
15. Which of the following equation refers to the 19. For a cartel, which of the following statement
break-even point for a firm? will be correct?
A) TR=AC A) A cartel produces monopoly quantity at the

B) P=AVC monopoly price and creates a deadweight
loss
i
C) AR=TC
em
B) A cartel produces monopoly quantity at the
D) TR=TC
monopoly price and creates no deadweight
E) MR=MC loss
t
C) A cartel produces more than monopoly
lı is
quantity and creates less amount of
deadweight loss
vı Yı S
D) A cartel produces less than monopoly and
creates a larger deadweight loss
na im tim
16. In the short run, which of the following E) A cartel produces competitive market
development can cause the market supply outcome at the monopoly price and does not
shifts to the rightward? create a deadweight loss
Sı et re
A) A decrease in labor productivity
lu ğr öğ
B) Negative technological shocks
C) An increase in production costs
D) A decrease in production costs
ku Ö ık
E) A decrease in the number of firms, i.e., firms
exiting the industry
O 3 ç
z 02 si A
Ya - 2 ite
17. If the price elasticity of supply is perfectly elastic,

the shape of the supply curve will be -------.
22 ers

sentence above?
20 niv
A) negatively sloped
B) positively sloped
Ü
C) steeper
D) vertical
horizontal
u
E)
ol
ad
20. If the market price is higher than the

An
18. "The inability of the market to allocate society's representative competitive firm’s average cost,
scarce resources efficiently to the best uses" is as a results the firm makes ------- economic profit
identified by -------. in the short run.
A) opportunity cost A) zero

B) market power B) infinite
C) efficiency C) can not be known
D) scarcity D) negative
E) market failure E) positive

2023 YAZ OKULU - A
i
em
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
E D C D A A C C B B B C A B D D E E A E
t
lı is
vı Yı S
na im tim
Sı et re
lu ğr öğ
ku Ö ık
O 3 ç
z 02 si A
Ya - 2 ite
22 ers
20 niv
Ü
u
ol
ad
An


Introduction To Economics I

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Introduction To Economics I

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INTRODUCTION TO ECONOMICS-I

2020 GÜZ ARA - A

7. Which of the following statements is true for

the properties of indifference curves?

each other? B) Indifference curves can cross each other

B) Convex to the origin D) Indifference curves are upward sloping

8. Suppose that initial price of hamburger is $4, the

1 Hangi amaçla olursa olsun, testlerin tamamının veya bir kısmının

A) intend to describe how things are and how

C) involve normative judgements and prescribe C) An action or an effort to produce or avoid an

D) refer to economic efficiency D) The least valued alternative

14. What is referred by the economists with the

A) Efficient allocation of resources

2 Hangi amaçla olursa olsun, testlerin tamamının veya bir kısmının

increase in income? 19. I. The price of one good increases

C) Movement along demand curve

17. I. The higher the availability of inputs for

II. The importance of being unimportant

A) I and II A) Positive infinity

3 Hangi amaçla olursa olsun, testlerin tamamının veya bir kısmının

A Grubu Cevap Anahtarı

4 Hangi amaçla olursa olsun, testlerin tamamının veya bir kısmının

Which of the following completes the

8. Which of the following has a negative income

A) The goods are produced by the producers

B) The equilibrium quantity output maximizes

society. E) Complementary good

with the lowest cost.

value them most highly.

A) Sellers A) opportunity cost

1 Hangi amaçla olursa olsun, testlerin tamamının veya bir kısmının

2022 GÜZ ARA - A

Which of the following completes the

15. When both the price of a substitute and the price

Which of the following completes the

D) the equilibrium price falls but the equilibrium A) remains unchanged

E) the equilibrium price falls C) can rise, fall, or remain unchanged

D) remains unchanged if the commodity X is

12. Which of the following is expected regarding

goods remain constant? economics exam on a certain night may be giving

2 Hangi amaçla olursa olsun, testlerin tamamının veya bir kısmının

2022 GÜZ ARA - A

18. In drawing a farmer’s supply curve for a

A) Features of nature such as climate and

C) The price of the product under consideration

D) Expectations of producers about the future

E) The prices of inputs

19. When the price of a substitute of commodity X

Which of the following completes the

3 Hangi amaçla olursa olsun, testlerin tamamının veya bir kısmının

2022 GÜZ ARA - A

4 Hangi amaçla olursa olsun, testlerin tamamının veya bir kısmının

A) Production costs A) Government assurance to buy all the meats

E) Interest rates D) The income effect

E) The marginal effect

the inflation best?

A) The rate at which economy loses its

C) The rate at which general price level