POST UTME AFE BABALOLA UNIVERSITY 2022 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A country's trade balance is given by the equation \( TB = X - M \), where X is the country's exports and M is the country's imports. If the country's exports are ₦1,500,000,000,000 and its imports are ₦1,200,000,000,000, find the country's trade balance.
Question 2
The demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the price elasticity of demand is 0.5, find the percentage change in quantity demanded when the price increases by 10%.
Question 3
A firm's production function is given by \( Q = 2L^{0.5}K^{0.5} \). If the firm's output is 100 units and the price of labor is ₦10 per unit, find the firm's optimal level of capital.
Question 4
A government's budget is given by the equation \( B = T + I \), where B is the government's budget, T is the government's tax revenue, and I is the government's interest payment. If the government's tax revenue is ₦1,000,000,000,000 and its interest payment is ₦500,000,000,000, find the government's budget.
Question 5
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is the output, L is the labor, and K is the capital. If the firm has 100 units of labor and 200 units of capital, find the marginal product of labor.
Question 6
A country's GDP is given by the equation Y = C + I + G + \( X - M \). If the country's current GDP is 100 billion, consumption (C) is 40 billion, investment (I) is 20 billion, government sp\ending (G) is 30 billion, exports (X) are 25 billion, and imports (M) are 15 billion, what is the country's current trade balance?
Question 7
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current input levels are L = 4 and K = 9, what is the marginal product of labor (MPL) at these input levels?
Question 8
A country's GDP is ₦1,500,000,000,000. If the country's population is 200 million and the average income is ₦7,500, find the country's GDP per capita.
Question 9
A consumer's indifference curve is given by the equation ( u(x,y) = 2x + 3y ). If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦3 respectively, find the consumer's optimal bundle of x and y.
Question 10
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current input levels are L = 4 and K = 9, what is the firm's current output?
Question 11
A monopolist faces a demand curve given by P = 100 - 2Q. The monopolist's marginal \cost (MC) is given by MC = 10 + 2Q. What is the monopolist's profit-maximizing quantity?
Question 12
A farmer has 100 hectares of land and can grow two crops: wheat and maize. The profit from growing wheat is ₦1000 per hectare, while the profit from growing maize is ₦800 per hectare. If the farmer can sell the crops at any time, find the optimal crop mix that maximizes profit.
Question 13
A monopolist faces a demand curve given by P = 100 - 2Q. The monopolist's marginal \cost (MC) is given by MC = 10 + 2Q. What is the monopolist's profit-maximizing price?
Question 14
The government of a country has a budget of ₦100 billion to sp\end on infrastructure development. If the government wants to sp\end at least ₦20 billion on roads and at least ₦15 billion on bridges, find the minimum amount that can be spent on other infrastructure projects.
Question 15
A consumer has a utility function U(x, y) = 2x + 3y, where x and y are the quantities of two goods. If the consumer's income is ₦1000 and the prices of the two goods are ₦5 and ₦10 respectively, find the consumer's optimal bundle of goods.
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