Microecon Week 1

Question 1

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

Answer 1

A univariate function

Question 2

A function of the form ‘y=a+bX;

e. g., y=f(x)=−10+3x’
describes. ..?

Answer 2

A linear function

Question 3

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

Answer 3

Instantaneous rate of change

Question 4

If f(x) is a function, what is f′(x)?

Answer 4

A derivative of a function

Question 5

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

Answer 5

Increasing

Question 6

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

Answer 6

Decreasing

Question 7

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

Answer 7

Empirical research

Question 8

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

Answer 8

Econometrics

Question 9

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

Answer 9

Micro-data

Question 10

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

Answer 10

Ceteris Paribus

Question 11

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

Answer 11

Standard axioms