POST UTME AL-HIKMAH UNIVERSITY 2024 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A consumer has a utility function given by ( U(x, y) = x^{2} + 2y ). If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦10 respectively, what is the consumer's optimal bundle?
Question 2
A firm is operating in a perfectly competitive market with a production function given by \( Q = 2L^{1/2}K^{1/2} \). If the firm's output is 100 units and the wage rate is ₦10 per unit of labor, what is the firm's optimal capital?
Question 3
A firm is facing a decrease in demand for its product. Which of the following is a potential response?
Question 4
Consider a firm that produces two goods, A and B. The production function for good A is given by Q_A = 2L_A^\( 1/2 \)K_A^\( 1/2 \), and the production function for good B is given by Q_B = 2L_B^\( 1/2 \)K_B^\( 1/2 \). If the firm's capital (K) is 4 units, and the firm's labor (L) is 8 units, what is the optimal allocation of labor between good A and good B?
Question 5
A firm is operating in a perfectly competitive market with a demand curve given by Q = 100 - 2P. If the firm's marginal \cost is 10, what is the optimal price it should charge?
Question 6
A firm is considering investing in a new project. The project has a net present value (NPV) of ₦1,500,000 and a required rate of return of 10%. What is the present value of the project's expected cash flows?
Question 7
The demand for a product is given by the equation Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the price is ₦50, what is the quantity demanded?
Question 8
A country's production function is given by Q = 100K^0.5L^0.5. If the country's capital is 100 and labor is 50, what is the country's output?
Question 9
A country's GDP is 100 billion naira and its GNP is 120 billion naira. What is the value of the net factor income from abroad?
Question 10
A firm's demand function is given by Q = 100 - 2P. If the firm's current price is ₦50, what is the optimal quantity to produce?
Question 11
A firm is considering the production of a new product. The firm has a fixed \cost of ₦200,000 and a variable \cost of ₦15 per unit. If the firm produces 30,000 units of the product, what is the total \cost of production?
Question 12
A consumer has a utility function given by ( U(x, y) = 2x + 3y ). If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦10 respectively, what is the consumer's optimal bundle?
Question 13
A country's balance of payments is given by the equation BOP = X - M, where BOP is the balance of payments, X is the value of exports, and M is the value of imports. If the value of exports is ₦1,000,000 and the value of imports is ₦800,000, what is the balance of payments?
Question 14
A firm is operating in a perfectly competitive market with a downward-sloping demand curve. If the firm increases its output from 100 units to 120 units, and the price falls from ₦100 to ₦90, what is the price elasticity of demand?
Question 15
A country's GDP is given by the equation GDP = C + I + G + \( X - M \), where GDP is the Gross Domestic Product, C is the consumption, I is the investment, G is the government sp\ending, X is the value of exports, and M is the value of imports. If the consumption is ₦1,000,000, the investment is ₦500,000, the government sp\ending is ₦200,000, the value of exports is ₦1,000,000, and the value of imports is ₦800,000, what is the GDP?
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