ECO431 Tma Solutions
2. Linear programming can be efficiently applied to.
Law and Psychology
Psychology and Defence
Economics and Law
—>> Economics and Engineering
3. __________ are payment made for inputs by firm documented in firm’s expenses recorded during a given production period
Total cost
Explicit cost
Average cost
—>> Variable cost
4. In a budget line, bundles of good X1 and X2 that falls below the line are those that ________
—>> Cost less than income
Are above budget constraint
Cost more than income
Are not covered by income
5. ________ converts the nominal values as if prices were held constant in each year
Firm
Prices
Production
—>> Real values
6. ______ is not an assumption of linear programming model
—>> The objective function is non-linear
Activities and resources and non-negative
Resources and activities are finite
The models are deterministic and non-stochastic
7. ________ is a characteristic of a free market system
—>> Restriction to entry barrier
Price maker
Government policy
Price control
8. _______ is the demand of one individual or firm
Consumers demand
Market demand
—>> Individual demand
Producers demand
9. In economics, the following statement is normative
—>> What aught to be
What should be
What has become
What I has been
10. To measure social welfare requires _________
Income and rent
Wage and rent
—>> Ethical standard and interpersonal comparison
Unethical standard
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