POST UTME COAL CITY UNIVERSITY 2024 Economics | Objective
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Question 1
A central bank increases the money supply by 10%. What is the expected effect on the price level?
Question 2
A consumer's budget constraint is given by \( P_1x_1 + P_2x_2 = I \), where \( P_1 \) and \( P_2 \) are the prices of the two goods, \( x_1 \) and \( x_2 \) are the quantities consumed, and I is the income. If the prices of the two goods are ₦100 and ₦200, respectively, and the income is ₦1000, what is the optimal bundle of goods?
Question 3
Consider a production function given by \( Q = 100K^0.5L^0.5 \), where Q is the output, K is the capital, and L is the labor. If the marginal product of labor is 10, and the wage rate is ₦500, what is the optimal level of labor?
Question 4
A country's balance of payments (BOP) is given by the following equation: BOP = X - M, where X is the value of exports and M is the value of imports. If the value of exports is $100 million and the value of imports is $120 million, what is the balance of payments?
Question 5
A perfectly competitive firm's supply curve is upward-sloping because of the law of increa\sing \costs. What is the primary reason for this upward-sloping supply curve?
Question 6
A consumer's budget constraint is given by 2X + 3Y = ₦150. If the prices of X and Y are ₦50 and ₦75 respectively, find the consumer's optimal bundle.
Question 7
A country's current account balance is given by the equation CA = X - M. If the country's current X is ₦30 trillion and the current M is ₦20 trillion, calculate the country's current account balance.
Question 8
A country's GDP is given by the following equation: GDP = C + I + G + \( X - M \), where C is consumption, I is investment, G is government sp\ending, X is exports, and M is imports. If the country's consumption is $500 billion, investment is $200 billion, government sp\ending is $300 billion, exports are $100 billion, and imports are $120 billion, what is the country's GDP?
Question 9
A consumer's utility function is given by U = 2x^0.5y^0.5, where x and y are the quantities of two goods. If the consumer's current consumption of good x is 4 units and the price of good y is ₦10, what is the marginal utility of good x?
Question 10
A firm's production function is given by \( Q = 2K^0.5L^0.5 \). If the firm is currently producing 100 units of output with 10 units of capital and 20 units of labor, what is the marginal product of labor?
Question 11
A firm's production function is represented by the equation: Q = 2L^2 + 3K. What is the marginal product of labor (MPL) function?
Question 12
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current input prices are w = 10 and r = 20, and the firm's current output price is p = 30, calculate the firm's maximum profit.
Question 13
A country's current account surplus (CAS) is ₦200 million. What is the value of the capital account deficit (CAD) if the balance of payments (BOP) accounts are in equilibrium?
Question 14
A firm has a production function given by Q = 2L^0.5K^0.5. The firm's \cost function is given by C = 10L + 20K. What is the firm's \cost-minimizing input bundle?
Question 15
A firm's \cost function is given by C = 2L + 3H, where C is \cost, L is labor, and H is capital. If the firm's current labor and capital inputs are 4 and 9 units respectively, what is the total \cost of labor?
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