POST UTME BELLS UNIVERSITY 2018 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm has a \cost function given by C = 100 + 2Q, where C is the total \cost and Q is the quantity produced. If the firm produces 50 units, find the total revenue.
Question 2
A firm is facing a downward-sloping demand curve with a cons\tant elasticity of -1.5. If the firm's marginal revenue (MR) is 120, and its marginal \cost (MC) is 100, what is the firm's optimal price level?
Question 3
The government of a country imposes a tax on a particular commodity. The supply function for the commodity is given by Q = 100 + 2P, where Q is the quantity supplied and P is the price. If the tax is ₦20 per unit, find the price at which the quantity supplied is 120 units.
Question 4
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 GDP is $100 billion, consumption is $50 billion, investment is $20 billion, government sp\ending is $30 billion, exports are $40 billion, and imports are $20 billion, what is the country's trade balance?
Question 5
The production function is given by Q = 100K^\( 1/2 \)L^\( 1/2 \). If the scale of production is increased by a factor of 4, what is the new production function?
Question 6
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 cons\tant and equal to 2, what is the price elasticity of supply?
Question 7
A firm produces two products, A and B. The production function for product A is given by Q_A = 10L + 5K, where L is the labor input and K is the capital input. The production function for product B is given by Q_B = 8L + 3K. If the firm has 20 units of labor and 15 units of capital, find the total output of the firm.
Question 8
A monopolistically competitive firm faces a demand curve with a cons\tant elasticity of -2. If the firm's marginal revenue (MR) is 100, and its marginal \cost (MC) is 80, what is the firm's optimal output level?
Question 9
A firm's demand function is given by Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the firm's supply function is given by Qs = 2P - 50, where Qs is the quantity supplied, find the elasticity of demand at the equilibrium price.
Question 10
A monopolistically competitive firm faces a demand curve with an elasticity of -2. If the firm increases its price by 10%, what is the percentage change in quantity demanded?
Question 11
The government of a country has set a target of increa\sing the GDP by 10% within the next 5 years. If the current GDP is ₦100 billion, what is the new GDP target?
Question 12
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 price at which the quantity demanded is 60 units.
Question 13
The government of a country imposes a tax on a particular commodity. The demand function for the commodity is given by Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the tax is ₦20 per unit, find the price at which the quantity demanded is 60 units.
Question 14
A firm has a production function Q = 2L^0.5K^0.5, where L is labor and K is capital. If the firm increases labor by 20% and capital by 15%, what is the percentage change in output?
Question 15
A consumer has a budget of ₦10,000 and faces the following price and quantity combinations for two goods: Good X: ₦2,000 per unit, Good Y: ₦3,000 per unit. If the consumer's indifference curves are convex to the origin, what is the optimal combination of goods X and Y?
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