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This set of Mathematical Economics Multiple Choice Questions & Answers (MCQs) focuses on Mathematical Economics Set 6

Q1 | If your income doubles and the prices of the goods you buy double, then your demand forthese goods will likely ________
Q2 | Football socks are found to have a cross-elasticity of demand of −2 with respect to productY. Which of the following products is most likely to be product Y:
Q3 | The process of finding relative maximum or minimum of a function is known as :
Q4 | A ____ is a point at which a function is at a relative maximum or minimum:
Q5 | The value of Lagrange multiplier λ gives the approximate change in the objective functioncaused by a small change in the:
Q6 | The first derivative measures the rate of change or ____ of a function:
Q7 | For a cost function TC = 3Q2+ 7Q +12, MC is :
Q8 | In optimisation, with the first order derivative equal to ___ and the second order derivative___ the function is at a maximum.
Q9 | When we optimise a function, with the first order derivative equal to ___ and the secondorder derivative ___ the function is at a relative minimum.
Q10 | In Cobb Douglas Production of functions, the elasticity of Substitutions is :
Q11 | Feasible solution of LPP is:
Q12 | In linear programming, the dual of maximization is equal to:
Q13 | Linear Programming deals with:
Q14 | A production function is said to be _____, if, when each input factor is multiplied by apositive real constant k, the constant can be completely factored out:
Q15 | ____ functions are a special class of homogeneous function in which the marginal rate ofTechnicalsubstitution is constant along the function.
Q16 | In linear programming, the number of technical constraints will be ___the number of thefactors of production:
Q17 | In linear programming, _____are expressed as inequalities, rather than equalities.
Q18 | In linear programming, _____ expresses the necessity that the levels of production of thecommodity cannot be negative, that is, it should be either positive or zero.
Q19 | In input-output analysis, ___ represents in monetary terms or quantitative terms all thetransactions of the economic system.
Q20 | In input-output analysis,____ shows the number of units of any industry’s output needed toproduce one unit of another industry’s output.
Q21 | In input-output analysis,____ is obtained by dividing the input of the desired sector by thetotal output of the same sector.
Q22 | In input-output analysis,when the technical coefficients are put in the form of a matrix, weget the______
Q23 | In input-output analysis,if the exogenous sectors of the open input output model is absorbedin to the system as just another sector _____
Q24 | In an input-output matrix, the element ____shows the input industry II takes from industry I.