Introductıon to Economıcs I (ENG) — 2020-2021 YO Çıkmış Sınav

1. "A student who chooses to prepare for an economics exam on a certain night may be giving up some sleeping hours or her/his chances of preparing for a math exam." Which of the following concepts is explained with the example above? A) Opportunity cost B) Externality C) Scarcity D) Productiviy E) Efficiency

2. Profit maximizing level of output for a monopolist is the output level where the Which of the following completes the sentence above? A) P > MR = MC B) P = MR = MC S C) P > MR > MC D) P < MR > MC E) P < MR < MC

3. Which of the following refers to the characteristics of positive statements? A) Argentina should decrease the inflation rates to amend expensive life conditions B) Greece should decrease expenses to get out of current crisis C) The world economy has been shrinking because of serious crisis emerging D) European countries should create more jobs to enhance the standards of living E) Economic welfare should be enhanced in all the middle-east countries

4. Which of the following statements is true about an inferior good? A) An increase in income increases the consumption of the good. B) Inferior goods have not better quality alternatives. C) The average consumer chooses not to consume. D) An increase in income decreases the consumption of the good. E) The good is equally valued by all consumers.

5. Except the first unit of its output, the price that the monopoly charges-----. Which of the following completes the sentence above? A) is always less than the marginal revenue and its average revenue B) is always equal to the marginal revenue and its average revenue C) is always greater than the marginal revenue and its average revenue D) is always less than the marginal revenue and always equal to its average revenue E) is always greater than the marginal revenue and always equal to its average revenue