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WorksheetsMathematical Economics 29.1.2026
Total questions: 20
Worksheet time: 13mins
1.In a metric space, a set is open if:
It contains all its limit points
Every point has a neighborhood contained within the set
It contains none of its limit points
Every point has a neighborhood contained within the set
2.The determinant of a square matrix is zero if and only if:
The matrix has an inverse
The matrix is singular
The matrix is diagonal
3.Cramer’s Rule is used to solve:
Non-linear equations
Systems of linear equations
Differential equations
4.A set is called (a) if it contains all its limit points.
5.In a metric space, a sequence is said to (a) if its terms get arbitrarily close to some fixed point.
6.The inverse of a (a) matrix exists only if its determinant is nonzero.
7.Every open set in a metric space is also closed.
True
False
8.In a system of linear equations, if the determinant of the coefficient matrix is zero, Cramer’s Rule cannot be applied.
True
False
9.Two matrices are equal if and only if they have the same dimensions and corresponding elements are equal.
True
False
10.The rank of a matrix is always greater than its number of rows.
True
False
11.The derivative of a function represents:
The area under the curve
The rate of change of the function
The maximum value of the function
12.A point of inflection occurs when:
The first derivative is zero and changes sign
The second derivative is zero and changes sign
The function has a maximum value
13.In a monopoly, profit maximization occurs when:
Marginal cost equals marginal revenue
Price equals marginal cost
Total cost is minimized
14.A function is said to be (a) at a point if its left-hand limit and right-hand limit exist and are equal to the function's value at that point.
15. (a) is the measure of responsiveness of quantity demanded to changes in price.
16.Under (a) competition, firms are price takers and maximize profit where marginal cost equals marginal revenue.
17.A function is differentiable at a point if it is continuous at that point.
True
False
18.A second derivative test helps determine whether a critical point is a local maximum, minimum, or an inflection point.
True
False
19.A second derivative test helps determine whether a critical point is a local maximum, minimum, or an inflection point.
True
False
20.In a monopoly, the firm has complete control over both price and quantity.
True
False
