POST UTME ACHIEVERS UNIVERSITY 2021 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's elasticity of demand is given by E = -1. If the price of the good increases by 10%, what is the percentage change in quantity demanded?
Question 2
The Central Bank of Nigeria (CBN) uses monetary policy tools to control inflation. Which of the following is NOT a monetary policy tool used by the CBN?
Question 3
A firm is producing a good with the following total revenue function: TR = 2x^2 + 10x + 5, where x is the number of units produced. If the firm produces 5 units, what is the marginal revenue?
Question 4
A country's GDP is given by the equation GDP = C + I + G + \( X - M \), where C is consumption, I is investment, G is government sp\ending, X is exports, and M is imports. If the country's GDP is $100 billion, consumption is $50 billion, investment is $20 billion, government sp\ending is $15 billion, exports are $30 billion, and imports are $20 billion, find the value of X.
Question 5
A country's national income is given by the equation Y = C + I + G + \( X - M \), where C is consumption, I is investment, G is government sp\ending, X is exports, and M is imports. If the country's national income is $100 billion, consumption is $50 billion, investment is $20 billion, government sp\ending is $15 billion, exports are $30 billion, and imports are $20 billion, find the value of X.
Question 6
A country's GDP is calculated as the sum of the value of all final goods and services produced within its borders. However, the country also imports goods worth ₦100 billion and exports goods worth ₦120 billion. What is the country's balance of payments?
Question 7
Consider a firm operating in a perfectly competitive market. If the firm's marginal revenue (MR) curve intersects its marginal \cost (MC) curve at point E, where MR = MC, and the firm is producing 100 units of output, what is the implication of this intersection point on the firm's profit-maximizing output level?
Question 8
A central bank is considering a monetary policy to reduce inflation. If the central bank increases the reserve requirement for commercial banks, what is the likely effect on the money supply?
Question 9
The Marshall-Lerner condition states that a country's balance of payments will improve if the sum of the percentage changes in its export and import prices exceeds the percentage change in its exchange rate. Which of the following scenarios would lead to an improvement in the balance of payments?
Question 10
A firm's total revenue (TR) is given by the equation TR = 100x - 2x^2, where x is the number of units sold. If the firm's marginal revenue (MR) is 80, find the value of x.
Question 11
A firm's revenue function is given by the equation R(x) = 100x - 2x^2, where x is the number of units sold. If the firm sells 20 units, find the total revenue.
Question 12
A firm's elasticity of supply is given by E = 2. If the price of the good increases by 20%, what is the percentage change in quantity supplied?
Question 13
A country's GDP is given by the equation GDP = C + I + G + \( X - M \), where C is consumption, I is investment, G is government sp\ending, X is exports, and M is imports. If the country's GDP is $100 billion, consumption is $50 billion, investment is $20 billion, government sp\ending is $15 billion, exports are $30 billion, and imports are $20 billion, find the value of X.
Question 14
A consumer has a budget of ₦1000 and faces the following prices for two goods: good X at ₦200 and good Y at ₦300. If the consumer sp\ends all of their budget on the two goods, what is the opportunity \cost of buying one more unit of good X?
Question 15
A firm's supply curve is given by Q = 2P + 20. If the price of the good is $10, what is the producer surplus?
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