120+ Mathematics for Economic Analysis 1 Solved MCQs

1.

The objects constituting a set are called

A. estimates
B. elements
C. set objects
D. none of these
Answer» A. estimates
2.

Who is regarded as the founder of theory of sets?

A. adam smith
B. karl frederich gauss
C. george cantor
D. euller
Answer» D. euller
3.

A collection of well-defined distinct objects thought of as a whole is called

A. union
B. derivative
C. set
D. integral
Answer» C. set
4.

“No two elements of a set are identical”. This statement is

A. always true
B. sometimes true
C. not true
D. all of the above is possible
Answer» B. sometimes true
5.

A set containing no element is called

A. null set
B. empty set
C. void set
D. all the above
Answer» D. all the above
6.

A set containing only one element is termed as

A. unit set
B. singleton set
C. both (a) and (b)
D. none of these
Answer» C. both (a) and (b)
7.

A set of totality of elements from all possible sets is called

A. union set
B. intersection set
C. universal set
D. unit set
Answer» C. universal set
8.

If two sets contain the same distinct elements, then they are called

A. equal sets
B. unequal sets
C. equivalent sets
D. all the above
Answer» A. equal sets
9.

If two sets contain same number of distinct elements but not the same elements are called

A. equal sets
B. unequal sets
C. equivalent sets
D. all the above
Answer» B. unequal sets
10.

Sets and set operations can be represented by drawing diagrams termed as

A. pie diagrams
B. venn diagrams
C. histogram
D. ogives
Answer» B. venn diagrams
11.

If every element of a set B is also an element of A, then

A. a is a subset of b
B. b is a subset of a
C. a is not a subset of b
D. b is not a subset of a
Answer» B. b is a subset of a
12.

In Venn diagram, the universal set is represented by

A. points within a rectangle
B. points within a circle
C. both (a) and (b)
D. none of these
Answer» A. points within a rectangle
13.

“Null set is a proper subset of all the non-null sets”. This statement is

A. always true
B. sometimes true
C. never true
D. true subject to some conditions
Answer» A. always true
14.

The set which contains all the elements of the two given sets A and B, avoiding duplication, is called

A. intersection of a and b
B. union of a and b
C. set of a and b
D. none of these
Answer» B. union of a and b
15.

Union of A with A, that is, A U A =

A. complement of a
B. a itself
C. cannot be determined
D. none of these
Answer» B. a itself
16.

Union of A and the universal set is

A. a
B. a’
C. universal set
D. none of these
Answer» C. universal set
17.

Union of A and a null set is equal to

A. intersection of a and null set
B. null set
C. both (a) and (b)
D. a
Answer» D. a
18.

Union of A with B is same as union of B with A, that is, A U B = B U A is termed as

A. associative law of union
B. cumulative law of union
C. reflective law
D. all the above
Answer» B. cumulative law of union
19.

The associative law of union is

A. a u (b u c) = (a u
B. u c = a u b u c (b) a u b = b u a
C. a u b = a u c
D. b u c = b u a
Answer» A. a u (b u c) = (a u
20.

If B is a subset of A, then A U B =

A. b
B. a
C. intersection of a and b
D. none of these
Answer» A. b
21.

If a set C contain all the elements which are present in both the sets A and B, then set C is called

A. union of a and b
B. intersection of a and b
C. complement of a
D. complement of b
Answer» B. intersection of a and b
22.

If two sets do not have any common element, then they are called

A. complement sets
B. joint sets
C. disjoint sets
D. none of these
Answer» C. disjoint sets
23.

A set containing all the elements of the universal set except those of set A is called

A. complement of set a
B. complement of universal set
C. union of a and universal set
D. universal set itself
Answer» A. complement of set a
24.

The set of all elements belonging to A but not to B is

A. b – a
B. a – b
C. a’
D. b’
Answer» B. a – b
25.

The set of all subsets of a set A is called

A. power set of a
B. complement of a
C. both (a) and (b)
D. none of these
Answer» A. power set of a
26.

Any number raise to the power zero is always equal to

A. zero
B. one
C. two
D. that number itself
Answer» B. one
27.

The value of is

A. 32 x
B. 32 x 7
C. 2 x
D. none of these
Answer» B. 32 x 7
28.

In any equation (or function) involving two variables, such as y = 2x + 1, the variable that appears on the right-hand side of the equation is by convention called

A. dependent variable
B. independent variable
C. endogenous variable
D. explained variable
Answer» B. independent variable
29.

A variable which is free to take any value we choose to assign to it is called

A. dependent variable
B. independent variable
C. endogenous variable
D. explained variable
Answer» B. independent variable
30.

The variable that stands alone on the left-hand side of the equation such as y = 2x + 1 is known as

A. dependent variable
B. independent variable
C. endogenous variable
D. explained variable
Answer» A. dependent variable
31.

The functions y = 2x + 1 and x = ½ y – ½ are said to be

A. non-linear functions
B. inverse functions
C. step functions
D. all the above
Answer» B. inverse functions
32.

A function where a variable x can only vary in jumps, is often called

A. non-linear functions
B. inverse functions
C. step functions
D. all the above
Answer» C. step functions
33.

The increase in dependent variable that results when the independent variable increases by one unit in a simple linear function is called

A. y-intercept of the curve
B. slope of the curve
C. x-intercept of the curve
D. marginal value
Answer» B. slope of the curve
34.

The value of the dependent variable where the graph cuts the y-axis is called

A. x-intercept
B. y-intercept
C. slope
D. none of these
Answer» B. y-intercept
35.

The point at which the graph cuts the x-axis is called

A. x-intercept
B. y-intercept
C. slope
D. none of these
Answer» A. x-intercept
36.

A linear function of the form 6x – 2y + 8= 0 is known as

A. explicit function
B. implicit function
C. quadratic function
D. all the above
Answer» B. implicit function
37.

If we are told that the two statements ‘y = 3x’ and ‘y = x + 10’ are both true at the same time, they are called

A. implicit functions
B. explicit functions
C. simultaneous equations
D. quadratic equations
Answer» C. simultaneous equations
38.

Solving the simultaneous equations 8x + 4y = 12 and -2x + y = 9 gives

A. x = -3/2 and y = 6
B. x = 4 and y = 2
C. x = ½ and y = ½
D. none of these
Answer» A. x = -3/2 and y = 6
39.

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 for the quantity qS is called

A. supply price
B. demand price
C. equilibrium price
D. reserved price
Answer» A. supply price
40.

The equilibrium price and quantity, given the inverse demand and supply functionsbp D =-3q + 30 and pS = 2q – 5

A. p = 9 and q = 7
B. p = 10 and q = 7
C. p = 9 and q = 8
D. p = 7 and q = 9
Answer» A. p = 9 and q = 7
41.

Given any quadratic equation a x2 + b x + c = 0, where a, b, and c are given constants, the solutions (roots) are given by the formula

A. x =
B. x =
C. x =
D. none of these
Answer» A. x =
42.

The simplest case of a quadratic function is

A. y = x2
B. y = x3
C. y = x2 + b
D. y = x2 + bx+ c
Answer» A. y = x2
43.

The simplest form of rectangular hyperbola is

A. y = 1/x
B. y = x2
C. y = x-2
D. y = x3
Answer» A. y = 1/x
44.

A consumer’s income or budget is 120. She buys two goods, x and y, with prices 3 and 4 respectively. Then the budget constraint can be expressed as

A. 4x + 3y = 120
B. 3x + 4y = 120
C. 12x + 12y = 120
D. cannot be determined
Answer» B. 3x + 4y = 120
45.

If the value of the Jacobian determinant = 0, the equations are

A. functionally dependent
B. functionally independent
C. linearly independent
D. none of these
Answer» A. functionally dependent
46.

If the value of the Jacobian determinant , the equations are

A. functionally dependent
B. functionally independent
C. linearly dependent
D. none of these
Answer» B. functionally independent
47.

A Jacobian determinant is used to test

A. linear functional dependence between equations
B. non-linear functional dependence between equations
C. both linear and non-linear functional dependence between equations
D. none of these
Answer» C. both linear and non-linear functional dependence between equations
48.

A positive definite Hessian fulfills the second-order conditions for

A. maximum
B. minimum
C. both maximum and minimum
D. minimax
Answer» B. minimum
49.

A negative definite Hessian fulfills the second order conditions for

A. maximum
B. minimum
C. both maximum and minimum
D. minimax
Answer» A. maximum
50.

The determinant of a quadratic form is called

A. jacobian determinant
B. hessian determinant
C. discriminant
D. none of these
Answer» C. discriminant
51.

A mathematical statement setting two algebraic expressions equal to each other is called

A. equation
B. hypothesis
C. inequality
D. all the above
Answer» A. equation
52.

An equation in which all variables are raised to the first power is known as

A. linear equation
B. non-linear equation
C. quadratic equation
D. polynomial of degree two
Answer» A. linear equation
53.

The slope of a horizontal line is

A. one
B. zero
C. two
D. three
Answer» B. zero
54.

The slope of a vertical line is

A. one
B. zero
C. two
D. undefined
Answer» D. undefined
55.

An iso-cost line represents

A. different combinations of two inputs that can be purchased with a given sum of money
B. different combinations of two goods that can be purchased with a given income
C. both (a) and (b)
D. none of these
Answer» A. different combinations of two inputs that can be purchased with a given sum of money
56.

(A+B)+C = A+(B+C). This law of matrices is known as

A. cumulative law
B. associative law
C. distributive law
D. identity law
Answer» B. associative law
57.

(A+B) = (B+A). this law of matrices is known as

A. cumulative law
B. associative law
C. distributive law
D. identity law
Answer» A. cumulative law
58.

k (A+B) = kA + kB. This law of matrices is known as

A. cumulative law
B. associative law
C. distributive law
D. identity law
Answer» C. distributive law
59.

If in a matrix, the number if rows is the same as the number of columns, it is called

A. singular matrix
B. non-singular matrix
C. square matrix
D. column vector
Answer» C. square matrix
60.

In a matrix, if there is only one row but any number of columns, it is called

A. row matrix
B. column matrix
C. row vector
D. both a & c
Answer» D. both a & c
61.

If all the elements of a matrix of any order are zero, it is called

A. identity matrix
B. null matrix
C. zero matrix
D. both b & c
Answer» D. both b & c
62.

A square matrix with 1’s in its principal diagonal and zeros everywhere else is

A. diagonal matrix
B. identity matrix
C. leading diagonal
D. scalar matrix
Answer» B. identity matrix
63.

If the columns of a given matrix A and B are changed into rows and vice-versa, the matrix thus obtained is called the

A. symmetric matrix
B. transpose of a matrix
C. singular matrix
D. rank of a matrix
Answer» B. transpose of a matrix
64.

A square matrix A, such that A = A’, is called a

A. symmetric matrix
B. skew-symmetric matrix
C. singular matrix
D. rank of a matrix
Answer» A. symmetric matrix
65.

If the determinant formed by the elements of the matrix A is equal to zero, then the matrix is

A. skew symmetric
B. symmetric
C. singular
D. non-singular
Answer» C. singular
66.

If the determinant formed by the elements of the matrix is not equal to zero, then the matrix is called

A. skew symmetric
B. symmetric
C. singular
D. non-singular
Answer» D. non-singular
67.

The matrix A multiplied by its inverse will be a

A. identity matrix
B. skew-symmetric matrix
C. idempotent matrix
D. adjoint of a matrix
Answer» A. identity matrix
68.

A inverse is defined only if A is a

A. square matrix
B. column vector
C. orthogonal matrix
D. skew-symmetric matrix
Answer» A. square matrix
69.

the sufficient condition required for the matrix to possess inverse is that the matrix should be

A. square matrix
B. singular matrix
C. non-singular matrix
D. orthogonal matrix
Answer» C. non-singular matrix
70.

which method is used for finding inverse of a matrix

A. gauss elimination method
B. henrich standard method
C. co-factor method
D. both a & c
Answer» D. both a & c
71.

A matrix with all elements zero other than all the diagonals is called

A. diagonal matrix
B. orthogonal matrix
C. unit matrix
D. column vector
Answer» A. diagonal matrix
72.

Find the co-factor A23 of the matrix A =

A. 23
B. 7
C. -23
D. -7
Answer» D. -7
73.

A diagonal matrix whose diagonal elements are equal is called

A. unit matrix
B. singular matrix
C. scalar matrix
D. non-singular matrix
Answer» C. scalar matrix
74.

A square matrix A of order mxn is called an upper triangular matrix if aij = o for all

A. i > j
B. i < j
C. i = j
D. all of the above
Answer» A. i > j
75.

If A & B are symmetric matrices, then A + B is

A. symmetric
B. non-symmetric
C. skew symmetric
D. non-skew symmetric
Answer» A. symmetric
76.

For any square matrix A of order ‘n’, A +AT is

A. skew symmetric
B. non-skew symmetric
C. symmetric
D. non-symmetric
Answer» C. symmetric
77.

If matrix A is a matrix of order nxm and B is another matrix of order mxn, then BA will be the matrix of order

A. nxm
B. mxn
C. nxn
D. mxm
Answer» D. mxm
78.

If A is a square matrix of order ‘n’ and I is the unit matrix of the same order, then AI is equal to

A. a
B. ia
C. i
D. both (a) & (b)
Answer» D. both (a) & (b)
79.

If the ith raw and jth column of a square matrix of order ‘n’ are deleted, the determinant of the resulting square sub-matrix is called

A. adjoint
B. co-factor
C. minor
D. rank
Answer» C. minor
80.

The signed minor of the matrix A is called

A. adjoint
B. co-factor
C. minor
D. rank
Answer» B. co-factor
81.

The determinant of a matrix and that of its transpose are

A. equal
B. zero
C. one
D. negatively related
Answer» A. equal
82.

If every element of a raw or column of a square matrix A is zero, then the value of the determinant is

A. equal
B. one
C. zero
D. not equal
Answer» C. zero
83.

If each element of a raw or column is a sum of two elements, the determinant can be expressed as the

A. sum of two determinants
B. difference of two determinants
C. multiplication of two determinants
D. division of two determinants
Answer» A. sum of two determinants
84.

A square matrix A such that A2 = A is called

A. orthogonal matrix
B. skew symmetric matrix
C. idempotent matrix
D. singular matrix
Answer» C. idempotent matrix
85.

If A& B are symmetric matrix, then AB – BA is

A. symmetric
B. skew symmetric matrix
C. idempotent matrix
D. orthogonal matrix
Answer» B. skew symmetric matrix
86.

The transpose of the cofactor matrix is called

A. adjoint of the matrix
B. power of a matrix
C. minor of the matrix
D. rank of a matrix
Answer» A. adjoint of the matrix
87.

For any square matrix A of order ‘n’, A(Adj A) is equal to

A. (adj a)a
B. determinant a
C. rank of a
D. both a & b
Answer» D. both a & b
88.

If AΠ B =Ø , then A and B are called

A. disjoint set
B. complement set
C. unit set
D. empty et
Answer» A. disjoint set
89.

Y= a0+a1X is a function

A. nonlinear
B. proportional
C. polynomial
D. linear
Answer» D. linear
90.

Relation between two numbers or variables are called

A. function
B. binary relation
C. inverse relation
D. none of the above
Answer» B. binary relation
91.

If B is a subset of A , then A is a -------- of B

A. super set
B. sub set
C. empty set
D. universal set
Answer» A. super set
92.

the elements in the horizontal line in a matrix is called

A. columns
B. rows
C. elements
D. diagonal
Answer» B. rows
93.

If matrix A is of mxn dimension, then Atwill be --------- dimension

A. nxm
B. mxn
C. nxp
D. mxm
Answer» A. nxm
94.

If A=At , then A is

A. symmetric matrix
B. skew symmetric matrix
C. identity matrix
D. orthogonal matrix
Answer» A. symmetric matrix
95.

Given S1={a,b,c}S2={a,1,2}, then (S1-S2) Π (S2-S1) is

A. 1
B. a
C. b
D. null set
Answer» D. null set
96.

The set of “stars in the sky” is an example of

A. countable set
B. infinite set
C. finite set
D. unit set
Answer» B. infinite set
97.

Ordered pairs of two sets are called

A. elements
B. function
C. cartesian product
D. none of the above
Answer» A. elements
98.

AB=BA=I, then B is said to be -------- matrix of A

A. adjoint
B. inverse
C. determinant
D. cofactor
Answer» B. inverse
99.

Determinant of triangular matrix is the product of

A. diagonal elements
B. off-diagonal elements
C. rows
D. columns
Answer» A. diagonal elements
100.

If IAI=24. then the determinant of its transpose is

A. 48
B. 0
C. 24
D. 42
Answer» C. 24
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