# ECO343 NOUN TMA Past Questions & Answers

#### La2ush

##### Moderator
1. Question: Given the number 5 raised to the power 2 identify the index and base
Answer: 2 and 5 respectively

2. Question: Integration is the reverse process of
Answer: Differentiation

3. Question: Logarithms can be seen as the opposite of
Answer: exponents

4. Question: In standard economic theory consumers are assumed to be
Answer: Rational

5. Question: A set of all the subsets of a set is called a
Answer: Power set

6. Question: Given the demand function P 30 Q and the supply function P 15 2Q and assuming pure competition calculate the producer surplus
Answer:25

7. Question: In Optimization theory, the payoff function is sometimes referred to as the function
Answer: Utility

8. Question: What is the value of log256 given that the log is in base 4
Answer: 4

9. Question: is the difference between the price consumers are willing to pay for a good or service and the actual price they paid
Answer: Consumer surplus

10.Question: In mathematics is a collection of things of the same kind that belong to or are used together
Answer: Set

#### La2ush

##### Moderator
11.Question: Consumer surplus and producer surplus are calculated using the
Answer: Supply and demand functions

12.Question: Given the demand function P 30 Q and the supply function P 15 2Q and assuming pure competition calculate the consumer surplus
Answer:125

13.Question: In set theory If o is a member of X we write it as
Answer: oX

14.Question: The solution of this inequality 20y 5 65 is
Answer: y 3

15. Question: When the sign in the middle of two binomials is changed or negated we have what is called
Answer: Conjugate

16. Question: Whole numbers are similar to natural numbers just that they include
Answer: Zero

17. Question: Find the solution of the inequality 7 x 9
Answer: x 2

18. Question: The Cartesian product of X and Y is denoted by
Answer: X x Y

19. Question: In a quadratic equation if the discriminant is negative then the quadratic equation has
Answer: No solution

20.Question: X Y Z X Y X Z What property of the number system is displayed in the given equation
Answer: Distributive property