Chapts 1-3

Question 1

X^0 =

Answer 1

1 (zero power rule)

Question 2

X^1 =

Answer 2

X (identity power rule)

Question 3

X^-P =

Answer 3

1/X^P (negative power rule)

Question 4

X^M/N =

Answer 4

N√X^M (rational power rule)

Question 5

X^A * X^B =

Answer 5

X^A+B (product of power rule)

Question 6

X^a/X^b =

Answer 6

X^a-b (quotient of power rule)

Question 7

(X^a)^b =

Answer 7

X^a*b (power of power rule)

Question 8

What is the “Continuous Compound Equation”?

Answer 8

FV = PV * e^rn

Question 9

LOGwJ * LOGjH =

Answer 9

LOGJ/LOGW * LOGH/LOGJ (log J’s cancel)

Question 10

What type of function is Y=2^x?

Answer 10

Exponential Fn

Question 11

What type of function is X=2^y?

Answer 11

Logarithmic Fn

Question 12

2=LOGv10-100

Answer 12

Log100/log2

Question 13

LOGvb-B

Answer 13

b=b1

Question 14

What is common law of an unnamed subscript? (LOGb)

Answer 14

10

Question 15

LOGb (X*Y) =

Answer 15

LOGbX + LOGbY (product rule)

Question 16

LOGb(X/Y) =

Answer 16

LOGbX - LOGbY (quotient rule of log fn)

Question 17

LOGwJ^s =

Answer 17

S*LOGb^x

Question 18

This is a factor that is outside of the economic model

Answer 18

Exogenous Variable

Question 19

This is usually explained by the mathematical relationship in the model, and are sometimes referred to as “dependent variables”

Answer 19

Endogenous Variable

Question 20

The comparison of two different economic outcomes, before and after a change in some underlying exogenous parameter

Answer 20

Comparative Statics

Question 21

This is the variable being tested in a scientific experiment?

Answer 21

The dependent variable

Question 22

This is a function that “reverses” another function?

Answer 22

An Inverse Function

Question 23

A condition or state in which economic forces are balanced?

Answer 23

Equilibrium

Question 24

Where line crosses X and Y on a graph?

Answer 24

Intercepts

Question 25

This is the number that describes both the direction and the steepness of a line?

Answer 25

Slope

Question 26

A description of a system using mathematical concepts and languages?

Answer 26

Model

Question 27

A functional relation whose value determines the value or values of other variables, as x in the relation y = 3 x^2

Answer 27

Independent variable

Question 28

All integers and all numbers between integers ?

Answer 28

Real Numbers

Question 29

Real numbers that can be expressed as a ratio of integers? ( 1/2, 2.5, -3 2/5 )

Answer 29

Rational Numbers

Question 30

A set of all real numbers between two end points?

Answer 30

an Interval

Question 31

This is a set of intervals that include the end points? [0,1.5]

Answer 31

Closed Interval

Question 32

This is a set of intervals that exclude the end points? (7, 10)

Answer 32

Open Interval

Question 33

This type of interval includes one side and excludes the other?

Answer 33

Half-Opened or Half-Closed variable