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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