POST UTME BOWEN UNIVERSITY 2018 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
The production function is given by Q = 2L^0.5K^0.5. If the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, and the firm's budget constraint is 100L + 200K = 10000, what is the optimal level of labor and capital?
Question 2
A consumer's indifference curve is represented by the equation ( u(x,y) = x^2 + 2y^2 ). If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦3 respectively, what is the consumer's optimal bundle of x and y?
Question 3
A country's GDP is given by the equation GDP = C + I + G + \( X - M \). If the country's consumption is ₦500 billion, investment is ₦200 billion, government sp\ending is ₦300 billion, exports are ₦400 billion, and imports are ₦200 billion, what is the country's GDP?
Question 4
A country's money supply is ₦100 billion, its velocity of money is 2, and its price level is ₦10. What is the country's nominal GDP?
Question 5
A firm is producing a good with a production function Q = 2L^0.5K^0.5. If the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, and the firm's budget constraint is 100L + 200K = 10000, what is the optimal level of labor and capital?
Question 6
The government of Nigeria has implemented a tax on imported goods. The tax is ₦5 per unit of the good. If a firm imports 100 units of the good, what is the total tax paid?
Question 7
A country's GDP is ₦100 billion, its GNP is ₦120 billion, and its net factor income from abroad is ₦10 billion. Find the country's national income.
Question 8
The balance of payments (BOP) accounts for a country are given below. What is the value of the current account balance?
Question 9
A firm is producing a good u\sing two inputs, labor and capital. The production function is given by Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the amount of labor used, and K is the amount of capital used. If the firm uses 100 units of labor and 200 units of capital, what is the quantity produced?
Question 10
A consumer's utility function is given by U(x,y) = 2x + 3y. If the consumer has a budget of ₦100 and the prices of x and y are ₦5 and ₦3 respectively, what is the consumer's optimal bundle?
Question 11
A country's GDP is ₦1.2 trillion. Its imports are ₦400 billion and its exports are ₦300 billion. What is its balance of trade?
Question 12
A firm's production function is given by Q = 2L^0.5H^0.5, where Q is output, L is labor and H is capital. If the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, and the firm's budget constraint is 100L + 200H = 10000, find the optimal level of labor and capital that maximizes output.
Question 13
A firm's total revenue function is given by TR = 100x - 2x^2, where x is the quantity of output produced. If the firm's fixed \cost is ₦1000, find the profit-maximizing level of output.
Question 14
A firm is operating in a perfectly competitive market. The demand for its product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. The firm's supply curve is given by the equation Qs = 2P - 10, where Qs is the quantity supplied. What is the equilibrium price and quantity in this market?
Question 15
A firm's supply curve is given by the equation Qs = 2P + 10, where Qs is the quantity supplied and P is the price. If the price is $5, what is the quantity supplied?
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