POST UTME BELLS UNIVERSITY 2017 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A diagram of a simple agricultural production process is shown below. What is the main input used in this process?
Question 2
A firm's revenue function is given by R = 100Q - 2Q^2, where R is revenue and Q is output. If the firm produces 50 units of output, what is the total revenue?
Question 3
A consumer's utility function is given by U(x, y) = 2x + 3y, where x and y are the quantities of two goods consumed. If the consumer has a budget constraint of 100, and the prices of the two goods are 2 and 3 respectively, find the optimal quantities of the two goods to consume.
Question 4
A perfectly competitive market has a demand curve with elasticity of -2 and a supply curve with elasticity of 2. If the market is initially in equilibrium at a price of ₦10, what is the percentage change in quantity demanded if the price increases by 10%?
Question 5
A monopolistically competitive firm faces a demand curve with elasticity of -2. If the firm increases its price by 10%, what is the percentage change in quantity demanded?
Question 6
A country's GDP is calculated as the sum of all final goods and services produced within its borders. Which of the following is NOT included in the calculation of GDP?
Question 7
A firm's \cost function is given by C(x) = 100 + 2x^2, where x is the number of units produced. If the firm produces 20 units, what is the total \cost?
Question 8
A country's balance of payments is a statistical statement that summarizes all economic transactions between a country and the rest of the world over a specific period of time. Which of the following is a component of the balance of payments?
Question 9
A country's import demand function is given by M = 100 - 2P + 3Y, where M is imports, P is the price of the imported good, and Y is the country's income. If the price of the imported good increases by 10% and the country's income increases by 5%, what is the percentage change in imports?
Question 10
The supply of a product is given by the equation Qs = 50 + 2P, where Qs is the quantity supplied and P is the price. If the price elasticity of supply is 2, what is the percentage change in quantity supplied when the price increases by 10%?
Question 11
A farmer produces 100 units of wheat, with a price of ₦10 per unit. If the farmer's opportunity \cost of producing wheat is ₦5 per unit, what is the farmer's total revenue?
Question 12
A firm's production function is given by Q = 100K^\( 1/2 \)L^\( 1/2 \), where Q is output, K is capital, and L is labor. If the firm's capital and labor inputs are increased by 20% and 15% respectively, what is the percentage change in output?
Question 13
A central bank increases the reserve requirement for commercial banks. What is the effect on the money supply?
Question 14
A firm's \cost function is given by C(x) = 2x^2 + 5x + 10. If the firm produces 20 units, what is the total \cost?
Question 15
A consumer's utility function is given by 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, what is the optimal bundle of goods that the consumer will choose?
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