POST UTME ACHIEVERS UNIVERSITY 2025 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
Consider a firm operating in a perfectly competitive market with a production function Q = 2L^0.5K^0.5. If the firm's current input prices are w = ₦100 and r = ₦200, and it currently employs 4 units of labor and 9 units of capital, what is the firm's current total \cost of production?
Question 2
A firm's revenue function is given by R(x) = 2x^2 + 5x + 1, where x is the number of units produced. If the firm's marginal revenue is 10 when x = 3, what is the firm's total revenue at x = 5?
Question 3
A firm's production function is given by Q = 3L^0.7K^0.3. If the firm's current input prices are w = ₦150 and r = ₦250, and it currently employs 6 units of labor and 8 units of capital, what is the firm's current total \cost of production?
Question 4
A central bank uses the following monetary policy tools to control inflation:\n\n| Tool | Effect on Inflation |\n| --- | --- | --- |\n| Open Market Operations | Reduces inflation |\n| Reserve Requirements | Reduces inflation |\n| Discount Rate | Increases inflation |\n\nWhat is the effect of increa\sing the discount rate on inflation?
Question 5
In a perfectly competitive market, the demand curve for a firm's product is perfectly elastic. If the market price of the product is ₦100, and the firm's marginal revenue (MR) is ₦50, what is the firm's marginal \cost (MC)?
Question 6
The National Bureau of Statistics (NBS) releases the Gross Domestic Product (GDP) of Nigeria for the year 2020 as ₦120 trillion. If the population of Nigeria is 200 million, what is the per capita GDP?
Question 7
A consumer's indifference curve is given by the equation y = 2x^2 + 5x + 1, where x is the number of units of good X and y is the number of units of good Y. If the consumer's budget constraint is given by the equation 2y + 3x = 12, what is the consumer's optimal consumption bundle?
Question 8
A country's balance of payments account shows a trade deficit of ₦500 billion, a current account deficit of ₦300 billion, and a capital account surplus of ₦200 billion. What is the country's overall balance of payments position?
Question 9
A monopolist faces a demand curve with the following equation: Qd = 100 - 2P. The monopolist's marginal \cost (MC) is cons\tant at 10. What is the monopolist's optimal price and quantity?
Question 10
A consumer in Nigeria has a budget of ₦5,000 and a demand curve for a good with the following equation: Qd = 100 - 2P. The consumer's income is ₦2,000, and the price of the good is ₦1,000. What is the consumer's optimal quantity of the good?
Question 11
A consumer in Nigeria has a budget of ₦10,000 and a demand curve for a good with the following equation: Qd = 100 - 2P. The consumer's income is ₦5,000, and the price of the good is ₦2,000. What is the consumer's optimal quantity of the good?
Question 12
A country's GDP is ₦10 trillion, and its imports are ₦2 trillion. If the country's exports are ₦1.5 trillion, what is its balance of payments?
Question 13
A country's GDP is ₦5 trillion, its GNP is ₦4.5 trillion, and its net factor income from abroad is ₦100 billion. What is the country's national income?
Question 14
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current input prices are w = ₦120 and r = ₦220, and it currently employs 5 units of labor and 7 units of capital, what is the firm's current total \cost of production?
Question 15
A firm's demand function is given by Q = 100 - 2P. If the firm's marginal revenue is ₦500, what is the change in quantity demanded?
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