Microecon Week 1 Flashcards

1
Q

‘A ‘map’ from one or more variables x to an outcome y=f(x)’ describes…?

A

A univariate function

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

A function of the form ‘y=a+bX;

e. g., y=f(x)=−10+3x’
describes. ..?

A

A linear function

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

‘The slope of the line tangent to the curve at a single point’ describes?

A

Instantaneous rate of change

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

If f(x) is a function, what is f′(x)?

A

A derivative of a function

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

If the second order derivative (f′′(x)) is greater than 0, the slope is always __?

A

Increasing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

If the second order derivative (f′′(x)) is less than 0, the slope is always __?

A

Decreasing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is the type of research that uses evidence from the real world?

A

Empirical research

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

The ‘science’ of using data to answer economic questions, that uses statistical tools and economic theory, is called?

A

Econometrics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Data where the unit of observation is an individual, household, firm etc, is referred to as?

A

Micro-data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is the term for ‘holding all other things constant?’

A

Ceteris Paribus

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is the term that implies that choices that can be expressed by individuals maximising utility functions subject to their budget constraints?

A

Standard axioms

How well did you know this?
1
Not at all
2
3
4
5
Perfectly