POST UTME COAL CITY UNIVERSITY 2023 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's demand curve is given by the equation D(p) = 2p^2 + 5p + 1, where p is the price of the good. If the firm's output is 10 when p = 3, what is the value of the firm's demand?
Question 2
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 price is ₦50, what is the quantity demanded?
Question 3
A firm's demand function is given by Q = 100 - 2P, where Q is quantity demanded and P is price. If the firm's supply function is given by Q = 2P - 100, calculate the equilibrium price and quantity.
Question 4
A country's GDP is ₦10 trillion, its imports are ₦2 trillion and its exports are ₦3 trillion. Calculate the country's GDP at market price.
Question 5
A firm produces two goods, X and Y, u\sing two inputs, labor (L) and capital (K). The production functions are given by X = 2L + 3K and Y = 4L + 2K. If the firm has 10 units of labor and 5 units of capital, what is the total output?
Question 6
A country's budget is given by the equation B(t) = 2t^2 + 5t + 1, where t is the time in years. If the country's government sp\ending is 15 when t = 2, what is the value of the country's budget?
Question 7
A consumer has the following utility function: U(x, y) = 2x + 3y. If the prices of x and y are ₦10 and ₦20 respectively, and the consumer has a budget of ₦100, what is the optimal bundle of x and y?
Question 8
The government of Nigeria uses the following fiscal policy tools to control inflation: (a) Taxation, (b) Government Exp\enditure, (c) both of the above, and (d) neither of the above. Which of the following is NOT a correct statement about the effect of taxation on inflation?
Question 9
A firm's \cost function is given by C(q) = 2q^2 + 10q + 5. If the firm produces 10 units of output, what is the total \cost of production?
Question 10
A consumer has a utility function given by ( U(x,y) = 2x + 3y ), where x and y are the quantities of two goods consumed. If the consumer's income is ₦1000 and the prices of the two goods are ₦2 and ₦3 respectively, what is the consumer's optimal bundle of goods?
Question 11
A country's balance of payments is given by \( BOP = X - M \), where X is the value of exports and M is the value of imports. If the value of exports is ₦1000 and the value of imports is ₦500, find the balance of payments.
Question 12
A monopolist faces a market demand curve given by Qd = 100 - 2P and a marginal \cost curve given by MC = 10 + 2Q. If the firm produces 50 units, what is the price it will charge?
Question 13
A country's GDP is given by the equation Y = C + I + G, where Y is the GDP, C is the consumption, I is the investment, and G is the government sp\ending. If the consumption is ₦100, the investment is ₦50, and the government sp\ending is ₦20, what is the GDP?
Question 14
The demand for a commodity is given by \( Q = 100 - 2P \) and the supply is given by \( Q = 2P - 10 \). Find the equilibrium price and quantity.
Question 15
The demand for a product is given by the equation Qd = 120 - 3P, where Qd is the quantity demanded and P is the price. If the price is ₦40, what is the quantity demanded?
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