POST UTME BABCOCK UNIVERSITY 2021 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A farmer has 100 hectares of land and can grow either wheat or maize. The revenue from growing wheat is given by \( R_w = 1000Q_w - 2Q_w^2 \) and the revenue from growing maize is given by \( R_m = 800Q_m - Q_m^2 \). If the farmer can grow either crop, which crop should he grow to maximize his revenue?
Question 2
A government budget is given by the equation \( B = 1000 + 0.2Y \), where ( Y ) is the national income. If the national income is \( Y = 5000 \), what is the government budget?
Question 3
A monopolist faces a demand curve given by \( Q = 100 - 2P \) and a \cost function given by ( C(Q) = 10Q + 100 ). If the monopolist produces 20 units of the good, what is the profit?
Question 4
The government of Nigeria has implemented a policy to increase the production of rice through the use of irrigation systems. However, the policy has been criticized for its potential impact on the environment. Which of the following is a potential opportunity \cost of this policy?
Question 5
A monopolist produces a good with a demand curve given by \( Q = 100 - 2P \) and a \cost function given by ( C(Q) = 10Q + 100 ). Find the profit-maximizing price and quantity.
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