Introductıon to Economıcs I (ENG) — 2018-2019 YO Çıkmış Sınav

1. When a firm produces 250 units of output and the total cost of production is $3000. When the firm increases its output to 350 units, the total cost rises to $4500. What is the marginal cost of production for this firm in dollar terms? A) 5 B) 15 C) 25 D) 35 E) 40

2. Which of the following statements is wrong about the Giffen goods? A) Demand curve is positively sloped B) The good must be inferior good C) The income effect has to dominate the substation effect when the price changes D) Examples for the Giffen goods are limited of. E) Giffen goods are normal goods and the demand curve is negatively sloped

3. What does zero economic profit in the long-run mean? A) Total revenue is equal to total cost B) Marginal revenue is greater than the marginal cost C) Average revenue is equal to average cost Average total cost is equal to average variable cost E) Total cost is equal to market price

4. Which of the following statements defines the monopolistically competitive market structure? 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 by few firms. C) It is a market structure where competition is at its greatest possible level. 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.

5. The increase in total output produced from additional unit of labor is employed is called as the ---- Which of the following completes the sentence above? A) Marginal revenue product of labor B) Average revenue product of labor C) Total productivity of labor D) Average productivity of labor E) Marginal productivity of labor