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These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Bachelor of Arts in Economics (BA Economics) .

1. |
## The objects constituting a set are called |

A. | estimates |

B. | elements |

C. | set objects |

D. | none of these |

Answer» B. elements |

2. |
## Who is regarded as the founder of theory of sets? |

A. | adam smith |

B. | karl frederich gauss |

C. | george cantor |

D. | euller |

Answer» C. george cantor |

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» A. always 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» C. equivalent 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. |
## 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 |

15. |
## Union of A and the universal set is |

A. | a |

B. | a’ |

C. | universal set |

D. | none of these |

Answer» C. universal set |

16. |
## 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 |

17. |
## 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 |

18. |
## 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 b) u c = a u b u c |

19. |
## 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» B. a |

20. |
## 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 |

21. |
## 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 |

22. |
## 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 |

23. |
## 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 |

24. |
## 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 |

25. |
## Any number raise to the power zero is always equal to |

A. | zero |

B. | one |

C. | two |

D. | that number itself |

Answer» B. one |

26. |
## The value of is |

A. | 32 x |

B. | 32 x 7 |

C. | 2 x |

D. | none of these |

Answer» B. 32 x 7 |

27. |
## 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 |

28. |
## 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 |

29. |
## 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 |

30. |
## 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 |

31. |
## 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 |

32. |
## 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 |

33. |
## 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 |

34. |
## 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 |

35. |
## 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 |

36. |
## 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 |

37. |
## The equilibrium price and quantity, given the inverse demand and supply functions pD =-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 |

38. |
## 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 = |

39. |
## 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 |

40. |
## 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 |

41. |
## A possible use in economics for the circle or the ellipse is to model |

A. | production possibility curve |

B. | demand curve |

C. | isocost line |

D. | supply curve |

Answer» A. production possibility curve |

42. |
## 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 |

43. |
## A determinant composed of all the first-order partial derivatives of a system of equations, arranged in ordered sequence is called |

A. | hessian determinant |

B. | jacobian determinant |

C. | discriminant |

D. | first order determinant |

Answer» B. jacobian determinant |

44. |
## 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 |

45. |
## 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 |

46. |
## 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 |

47. |
## 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 the principal diagonal, and which is used to second order condition of optimization is called |

A. | jacobian determinant |

B. | hessian determinant |

C. | discriminant |

D. | none of these |

Answer» B. hessian determinant |

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 |

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