POST UTME CHRISTOPHER UNIVERSITY 2017 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A country's GDP is ₦500 billion, its imports are ₦100 billion, and its exports are ₦150 billion. What is its balance of trade?
Question 2
A firm's \cost function is given by C = 100 + 2Q + 0.5Q^2, where C is total \cost and Q is output. If the firm produces 20 units of output, what is the total \cost?
Question 3
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 w = ₦100 and r = ₦200, and it currently employs 4 units of labor and 9 units of capital, calculate the firm's current total \cost.
Question 4
A firm's \cost function is given by C(q) = 2q^2 + 10q + 5. If the firm produces 10 units of output, what is its total \cost?
Question 5
Consider a closed economy with a \single good, labor, and capital. If the production function is given by Q = 2L^0.5K^0.5, where Q is output, L is labor, and K is capital, and the price of the good is P = 10, calculate the value of the marginal product of labor (MPL) when L = 4 and K = 16.
Question 6
A firm's demand function is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the price is ₦50, what is the quantity demanded?
Question 7
The supply curve of a firm is upward-sloping because
Question 8
A country's GDP is ₦500 billion, its imports are ₦100 billion, and its exports are ₦150 billion. What is its balance of trade?
Question 9
A country's GNP is ₦120 billion, its GDP is ₦110 billion, and its net factor income from abroad is ₦5 billion. Calculate the country's national income.
Question 10
A perfectly competitive firm will produce at the point where its marginal \cost (MC) curve intersects the
Question 11
The government of a country imposes a tax on imported goods to raise revenue. The tax is levied at the rate of 10% on the value of the goods. If the value of the goods is ₦100,000, what is the amount of tax paid?
Question 12
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 13
A country's inflation rate is given by the following equation: inflation rate = \( C + I + G + X - M \) / Y. If the country's consumption is ₦500 billion, investment is ₦200 billion, government sp\ending is ₦300 billion, exports are ₦400 billion, imports are ₦500 billion, and GDP is ₦2 trillion, what is the country's inflation rate?
Question 14
A firm's demand function is given by Q = 100 - 2P and its \cost function is C(Q) = 2Q^2 + 10Q. If the firm's current price is P = 20, what is the elasticity of demand?
Question 15
A firm's supply function is given by Q = 2P - 50, where Q is the quantity supplied and P is the price. If the price is ₦25, what is the quantity supplied?
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