ECN 205 CBT PRACTICE

1. Returns to scale are constant if:

2. Utility functions are used to measure:

3. Differential calculus in economics is used to study:

4. Elasticity of demand can be defined as:

5. The law of supply indicates that:

6. In the Lagrange method, the multiplier represents:

7. Consumer surplus is the area:

8. A utility function represents:

9. Market supply refers to:

10. The marginal cost is derived from

11. Price elasticity of demand is typically:

12. Producer surplus measures:

13. A demand function expresses the relationship between:

14. Consumption function refers to the relationship between:

15. The marginal utility of a good is the

16. The income effect is seen when

17. Marginal cost is calculated as:

18. Taxation typically leads to:

19. Linear programming is a technique used for:

20. A perfectly competitive market involves:

21. Marginal revenue is defined as:

22. The pioneer in applying mathematics to economics was:

23. A linear demand curve shows

24. saddle point in calculus represents

25. Indifference curves are:

26. The function representing revenue in economics is:

27. Total revenue is maximized when:

28. Price ceilings lead to:

29. Mathematical economics primarily uses:

30. Lagrange multipliers are used to:

31. Elasticity measures:

32. The degree of homogeneity in production function indicates:

33. Buyers and sellers in a perfectly competitive market are known as:

34. Substitution effect occurs when

35. A linear demand curve shows:

36. Isoquants that are right-angled indicate:

37. The budget constraint equation is primarily used in:

38. An indifference curve represents:

39. Cobb-Douglas production function represents:

40. The slope of an isoquant curve represents:

41. The saving function shows:

42. The law of demand states that

43. The marginal utility of a commodity is:

44. The market equilibrium price is determined when:

45. A demand curve typically:

46. Price floors result in:

47. Profit is defined as the difference between:

48. Input-output analysis examines:

49. Excess demand occurs when:

50. Marginal Propensity to Save (MPS) is defined as: