POST UTME BSU 2017 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A country's GDP is given by the equation Y = C + I + G. If C = 100, I = 200, and G = 300, find the GDP.
Question 2
A consumer has a budget of ₦1000 and faces the following prices: Q1 = ₦200, Q2 = ₦300, and Q3 = ₦400. U\sing the budget constraint, what is the maximum quantity of Q2 that the consumer can buy?
Question 3
The concept of opportunity \cost is closely related to the concept of
Question 4
A firm has a production function given by Q = 2L^0.5K^0.5. If the firm increases the capital from 100 to 200, and labor from 100 to 200, what is the percentage change in output?
Question 5
A country's government is considering a policy to reduce inflation. Which of the following policies would be most effective in reducing inflation?
Question 6
A monopolist faces a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. Find the profit-maximizing price and quantity.
Question 7
The concept of diminishing marginal utility is related to the concept of
Question 8
The opportunity \cost of producing one more unit of a good is measured by the
Question 9
The concept of comparative advantage is related to the concept of
Question 10
A country's balance of payments account is given by the following equation: BOP = X - M. If the country's exports (X) are ₦100 billion and its imports (M) are ₦80 billion, what is its balance of payments?
Question 11
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 supply of the product is given by the equation Qs = 2P - 50, where Qs is the quantity supplied, what is the equilibrium price and quantity?
Question 12
A firm is considering two different production techno\logies: a traditional techno\logy with a production function Q = 2L^0.5K^0.5, and a modern techno\logy with a production function Q = 3L^0.7K^0.3. If the firm's current input prices are wL = ₦100 and rK = ₦200, and it is currently producing 100 units of output, which techno\logy should the firm adopt?
Question 13
Consider a closed economy with a \single good and service. If the government imposes a tax on the production of this good, which of the following will occur?
Question 14
The concept of comparative advantage states that a country should specialize in producing the good or service for which it has a
Question 15
Consider a firm operating in a perfectly competitive market with a production function Q = 2L^0.5K^0.5. If the firm's current input prices are wL = ₦100 and rK = ₦200, and it is currently producing 100 units of output, what is the firm's current total \cost of production?
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