POST UTME BOWEN UNIVERSITY 2023 Economics | Objective
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Question 1
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the labor and K is the capital. If the firm uses 100 units of labor and 200 units of capital, what is the quantity produced?
Question 2
A country's GDP is ₦100 billion and its imports are ₦20 billion. What is its balance of trade?
Question 3
The government of Nigeria has implemented a policy to increase agricultural production. Which of the following is a potential benefit of this policy?
Question 4
The National Bureau of Statistics (NBS) reports that the Gross Domestic Product (GDP) of Nigeria for a particular year was ₦15 trillion. If the population of Nigeria was 200 million, find the per capita income.
Question 5
A consumer has the following utility function: U(x, y) = 2x + 3y. The prices of x and y are ₦5 and ₦10 respectively. Find the consumer's optimal bundle of x and y.
Question 6
The demand function for a commodity is given by \( p = 100 - 2q \), where p is price and q is quantity demanded. If the supply function is \( p = 50 + 2q \), find the equilibrium price and quantity.
Question 7
A firm's demand curve for a product is given by Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. The supply curve is given by Qs = 2P - 100. Find the equilibrium price and quantity.
Question 8
Agricultural production in Nigeria can be represented by the Cobb-Douglas production function \( Q = 10K^{0.4}L^{0.6} \), where Q is output, K is capital, and L is labor. If the price of capital is ₦100 per unit and the price of labor is ₦50 per unit, find the optimal combination of capital and labor that maximizes profit.
Question 9
A consumer's utility function is given by U(x, y) = 2x^\( 1/2 \) y^\( 1/2 \). If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦10 respectively, what is the consumer's optimal bundle?
Question 10
A consumer's utility function is given by ( U(x,y) = 2x + 3y - x^2 - 2y^2 ). Find the marginal utility of x when x = 2 and y = 3.
Question 11
A firm produces two goods, A and B, u\sing two inputs, labor and capital. The production function for good A is \( Q_A = 2L^{0.4}K^{0.6} \) and for good B is \( Q_B = 3L^{0.6}K^{0.4} \). If the firm has 100 units of labor and 50 units of capital, find the optimal combination of labor and capital that maximizes the total output.
Question 12
A consumer has the following budget constraint: 2x + 3y = ₦100. The prices of x and y are ₦5 and ₦10 respectively. Find the consumer's optimal bundle of x and y.
Question 13
A firm's production function is given by Q = 2K^\( 1/2 \) L^\( 1/2 \). If the firm's capital and labor inputs are increased by 20% and 15% respectively, what is the resulting change in output?
Question 14
A consumer's budget constraint is given by 2x + 3y = 12. If the consumer's utility function is U(x, y) = x^\( 1/2 \) y^\( 1/2 \), what is the consumer's optimal bundle?
Question 15
The returns to scale in a production function can be classified into three types: increa\sing, decrea\sing, and cons\tant. Which of the following is an example of a production function with cons\tant returns to scale?
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