POST UTME AL-HIKMAH UNIVERSITY 2022 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current inputs are L = 16 and K = 9, what is the firm's current output?
Question 2
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 consumption is $500 billion, investment is $100 billion, government sp\ending is $200 billion, exports are $150 billion, and imports are $120 billion, what is the GDP?
Question 3
A firm's \cost function is given by C(q) = 2q^2 + 5q. What is the firm's average \cost function?
Question 4
A consumer's demand curve for a good is given by Qd = 100 - 2P. What is the consumer's demand for the good when the price is ₦50?
Question 5
A country's balance of payments is in equilibrium when the current account is equal to the capital account. What is the implication of this equilibrium on the country's exchange rate?
Question 6
A firm is faced with a production function given by Q = 100L^0.4K^0.3, where Q is output, L is labor, and K is capital. If the firm is currently u\sing 100 units of labor and 200 units of capital, calculate the marginal product of labor (MPL) and marginal product of capital (MPK).
Question 7
A country's GDP is $100 billion, its GNP is $120 billion, and its national income is $110 billion. What is the country's net factor income from abroad?
Question 8
The Nigerian economy has a GDP of ₦10 trillion and a population of 200 million people. Calculate the GDP per capita.
Question 9
A firm's production function is given by Q = 3L^0.5K^0.5. If the firm's current inputs are L = 25 and K = 16, what is the firm's current output?
Question 10
A country's current account deficit is financed by foreign direct investment. What is the effect of this on the country's balance of payments?
Question 11
A firm's \cost function is given by C(q) = 2q^2 + 5q. What is the marginal \cost function?
Question 12
A country's balance of payments is given by the following equation: BOP = \( X - M \) + \( F - I \). If the country's exports are $100 billion, its imports are $80 billion, its foreign investment is $20 billion, and its domestic investment is $30 billion, what is the country's balance of payments?
Question 13
A country's balance of payments is in equilibrium when the value of its imports equals the value of its exports. However, this equilibrium may not necessarily reflect the country's overall economic performance. What is the name of the economic concept that explains this phenomenon?
Question 14
A country's government imposes a 10% tax on all imports. If the price of a good is $100 and the tax is $15, what is the consumer's surplus?
Question 15
A firm's \cost function is given by C = 100 + 2Q + 0.5Q^2, where C is the total \cost and Q is the quantity produced. If the firm produces 20 units, what is the marginal \cost?
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