Mathematics For Economic Analysis Set 2
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This set of Mathematics for Economic Analysis Multiple Choice Questions & Answers (MCQs) focuses on Mathematics For Economic Analysis Set 2
Q1 | The value of is
- 32 x
- 32 x 7
- 2 x
- none of these
Q2 | A variable which is free to take any value we choose to assign to it is called
- dependent variable
- independent variable
- endogenous variable
- explained variable
Q3 | The variable that stands alone on the left-hand side of the equation such as y =2x + 1 is known as
- dependent variable
- independent variable
- endogenous variable
- explained variable
Q4 | The functions y = 2x + 1 and x = ½ y – ½ are said to be
- non-linear functions
- inverse functions
- step functions
- all the above
Q5 | A function where a variable x can only vary in jumps, is often called
- non-linear functions
- inverse functions
- step functions
- all the above
Q6 | The value of the dependent variable where the graph cuts the y-axis is called
- x-intercept
- y-intercept
- slope
- none of these
Q7 | The point at which the graph cuts the x-axis is called
- x-intercept
- y-intercept
- slope
- none of these
Q8 | A linear function of the form 6x – 2y + 8= 0 is known as
- explicit function
- implicit function
- quadratic function
- all the above
Q9 | If we are told that the two statements ‘y = 3x’ and ‘y = x + 10’ are both true at the same time, theyare called
- implicit functions
- explicit functions
- simultaneous equations
- quadratic equations
Q10 | Solving the simultaneous equations 8x + 4y = 12 and -2x + y = 9 gives
- x = -3/2 and y = 6
- x = 4 and y = 2
- x = ½ and y = ½
- none of these
Q11 | Given the supply function qS = 12p – 200 and its inverse function p = 1/12 qS + 50/3, p in the inverse function which is interpreted as the minimum price that sellers are willing to accept forthe quantity qS is called
- supply price
- demand price
- equilibrium price
- reserved price
Q12 | The equilibrium price and quantity, given the inverse demand and supply functionspD =-3q + 30 and pS = 2q – 5
- p = 9 and q = 7
- p = 10 and q = 7
- p = 9 and q = 8
- p = 7 and q = 9
Q13 | The simplest case of a quadratic function is
- y = x2
- y = x3
- y = x2 + b
- y = x2 + bx+ c
Q14 | The simplest form of rectangular hyperbola is
- y = 1/x
- y = x2
- y = x-2
- y = x3
Q15 | A possible use in economics for the circle or the ellipse is to model
- production possibility curve
- demand curve
- isocost line
- supply curve
Q16 | A consumer’s income or budget is 120. She buys two goods, x and y, withprices 3 and 4 respectively. Then the budget constraint can be expressed as
- 4x + 3y = 120
- 3x + 4y = 120
- 12x + 12y = 120
- cannot be determined
Q17 | A determinant composed of all the first-order partial derivatives of a system of equations,arranged in ordered sequence is called
- hessian determinant
- jacobian determinant
- discriminant
- first order determinant
Q18 | If the value of the Jacobian determinant = 0, the equations are
- functionally dependent
- functionally independent
- linearly independent
- none of these
Q19 | If the value of the Jacobian determinant , the equations are
- functionally dependent
- functionally independent
- linearly dependent
- none of these
Q20 | A Jacobian determinant is used to test
- linear functional dependence between equations
- non-linear functional dependence between equations
- both linear and non-linear functional dependence between equations
- none of these
Q21 | A determinant composed of all the second-order partial derivatives, with the second-order direct partials on the principal diagonal and the second-order cross partials off theprincipal diagonal, and which is used to second order condition of optimization is called
- jacobian determinant
- hessian determinant
- discriminant
- none of these
Q22 | A positive definite Hessian fulfills the second-order conditions for
- maximum
- minimum
- both maximum and minimum
- minimax
Q23 | A negative definite Hessian fulfills the second order conditions for
- maximum
- minimum
- both maximum and minimum
- minimax
Q24 | The determinant of a quadratic form is called
- jacobian determinant
- hessian determinant
- discriminant
- none of these