POST UTME BELLS UNIVERSITY 2025 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A consumer's utility function is given by U = 2x + 3y, where U is utility, x is the quantity of good x, and y is the quantity of good y. If the consumer's budget is ₦1,000 and the prices of good x and good y are ₦100 and ₦200 respectively, what is the value of the consumer's utility?
Question 2
A firm's production function is given by \( Q = 2L + 3K \), where Q is the quantity produced, L is the labor input, and K is the capital input. If the firm's labor input is 10 units and its capital input is 5 units, what is the quantity produced?
Question 3
A firm's production function is given by the equation \( Q = 2L + 3K \). If the firm's output is 100 units, labor is 20 units, and capital is 30 units, what is the firm's marginal product of labor?
Question 4
A Nigerian firm is considering investing in a new project. The project has a fixed \cost of ₦50 million and a variable \cost of ₦20 per unit produced. The firm expects to sell 10,000 units at a price of ₦50 per unit. What is the minimum rate of return on investment required for the firm to accept the project?
Question 5
A country's agricultural sector is given by the following equation: \( A = 2P + 3I \). If the country's agricultural output is 100 units, price is ₦5, and investment is ₦10, what is the country's marginal product of investment?
Question 6
A government's budget can be classified into three main categories: revenue, exp\enditure, and net l\ending. Which of the following is NOT a component of the government's revenue?
Question 7
A country's economic growth is often hindered by the scarcity of resources. Which of the following is a correct example of an opportunity \cost in this scenario?
Question 8
A consumer's indifference curve is given by the equation ( u(x,y) = 2x + 3y ). If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦3 respectively, find the consumer's optimal bundle of x and y.
Question 9
A country's agricultural sector is given by the following supply and demand curves: ( S(p) = 100 - 2p ) and ( D(p) = 50 + 3p ). If the price of the agricultural product is ₦10, what is the quantity supplied?
Question 10
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \), where Q is output, L is labor, and K is capital. If the firm's labor and capital are 100 and 400 respectively, what is the value of the firm's output?
Question 11
A country's balance of payments is given by the following equation: \( BOP = \( X - M \ \) + \( F - I \) ). If the country's exports are ₦500 billion, imports are ₦400 billion, foreign investment is ₦200 billion, and domestic investment is ₦300 billion, what is the country's balance of payments?
Question 12
A country's balance of payments (BOP) accounts can be classified into three main categories: current account, capital account, and financial account. Which of the following is NOT a component of the current account?
Question 13
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is output, L is labor, and K is capital. If the firm's labor and capital are increased by 20% and 15% respectively, what is the percentage change in output?
Question 14
A firm's \cost function is given by the equation \( C = 2L + 3K \). If the firm's labor is 20 units and capital is 30 units, what is the firm's total \cost?
Question 15
A country's balance of payments is given by the following equation: \( BOP = X - M \), where X is the value of exports and M is the value of imports. If the country's exports are ₦500 billion and its imports are ₦700 billion, what is the country's balance of payments?
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