Mathematical Economics I MCQs | ECO606 MCQs | Set 1
Mathematical Economics I MCQs | ECO606 MCQs | Set 1
MCQs (Multiple Choice Questions)
1) -1, -2, -3, -4, -5, .......... are example of
a) Irrational numbers
b) Parameters
c) Fractions
d) Integers
Correct Answer:
The correct answer is 'd'.
Explanation:
Integers are whole numbers that can be positive, negative, or zero, and the sequence you provided consists of negative integers.
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2) Equation of hyperbola can be written as:
a) x - y = k
b) xy = k
c) x + y = k
d) x / y = k
Correct Answer:
The correct answer is 'b'.
Explanation:
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3) Finding common elements in sets is known as:
b) Complement
c) Distribution
d) Intersection
Correct Answer:
The correct answer is 'd'.
Explanation:
Finding common elements in sets is known as the "intersection" because it involves identifying the elements that exist in both sets, where the sets "intersect" or overlap.
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4) Function when plotted on a graph gives a two bumps curve are called:
a) Linear functions
b) Constant functions
c) Cubic functions
d) Quadratic functions
Correct Answer:
The correct answer is 'd'.
Explanation:
Quadratic functions have a degree of 2, and their graph often produces a curve with two distinct "bumps" or solutions.
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5) In the ordered pair (X,Y);X is known as:
a) Domain
b) Function
c) Range
d) Set
Correct Answer:
The correct answer is 'a'.
Explanation:
In the ordered pair (X, Y), X represents the value on the horizontal axis, which is typically associated with the input values or independent variable. In the context of functions and relations, this value is referred to as the "domain." The domain consists of all possible input values (X values) for the function.
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6) Which of the following problems are included in mathematical economics?
a) Macroeconomics problems
b) Microeconomics problems
c) International economics problems
d) All of the given options
Correct Answer:
The correct answer is 'd'.
Explanation:
Mathematical economics includes problems from both macroeconomics and microeconomics, as well as international economics.
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7) Autonomous investment is an example of:
a) Linear functions
b) Constant functions
c) Cubic functions
d) Quadratic functions
Correct Answer:
The correct answer is 'b'.
Explanation:
Autonomous investment represents a constant level of investment that does not depend on the level of income or other factors. It remains the same regardless of changes in other economic variables, making it a constant function.
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8) Elasticity at all points should be equal to one in:
a) Parabola
b) Linear curve
c) Constant function
d) Hyperbola
Correct Answer:
The correct answer is 'd'.
Explanation:
In a hyperbola, the elasticity is constant and equal to one, which means that a proportional change in one variable results in an equal proportional change in another variable. This characteristic defines the elasticity of a hyperbola.
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9) Finding uncommon elements of the universal set in comparison to set A is called:
a) Union of set A and U
b) Complement of set A
c) Intersection of set A and U
d) Distribution of set A and U
Correct Answer:
The correct answer is 'b'.
Explanation:
The complement of set A represents all the elements in the universal set that are not in set A.
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10) `y = ^x` is an example of:
a) Linear functions
b) Constant functions
c) Cubic functions
d) Quadratic functions
Correct Answer:
The correct answer is 'd'.
Explanation:
This equation represents a quadratic function because it includes the squared term (`x^2`), which is a characteristic feature of quadratic functions.
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