POST UTME CRAWFORD UNIVERSITY 2017 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm operating in a perfectly competitive market is faced with a downward-sloping demand curve. If the firm's marginal revenue (MR) is greater than its marginal \cost (MC), what will be the effect on the firm's output and price?
Question 2
A firm's production function is given by Q = 2L^0.5 K^0.5, where L and K are the quantities of labor and capital respectively. If the firm is currently producing 100 units, and the price of labor is ₦10 and the price of capital is ₦20, what is the firm's \cost-minimizing input bundle?
Question 3
A consumer's utility function is given by U = 2x + 3y, where x and y are the quantities of two goods. If the consumer's income is ₦100 and the prices of the two goods are ₦5 and ₦10 respectively, what is the consumer's optimal bundle?
Question 4
A firm has a production function Q = 2L + 3K, where L is labor and K is capital. If the firm's output is 100 units and the price of output is ₦10, what is the firm's optimal combination of labor and capital?
Question 5
The demand and supply curves for a commodity are given by D = 100 - 2p and S = 50 + p respectively, where p is the price of the commodity. What is the equilibrium price and quantity of the commodity?
Question 6
A firm faces a demand curve given by Q = 100 - 2P and a supply curve given by Q = 2P - 10. If the firm is currently producing 60 units at a price of ₦20, what is the firm's profit-maximizing output?
Question 7
A country's GDP is given by GNP - \( imports - exports \). If the country's GNP is $100 billion, imports are $20 billion, and exports are $15 billion, what is the country's GDP?
Question 8
A consumer's utility function is given by U = 2x + 3y, where x and y are the quantities of two goods consumed. If the prices of the two goods are $2 and $3 respectively, and the consumer's income is $15, what is the consumer's optimal bundle of goods?
Question 9
A market has a demand function P = 100 - 2Q and a supply function P = 20 + Q. What is the equilibrium price and quantity in this market?
Question 10
A firm's supply curve is given by Q = 2P - 10, where P is the price of the good. If the firm's fixed \cost is ₦50, and the price of the good is ₦20, what is the firm's total revenue?
Question 11
A monopolist's marginal revenue (MR) curve is a graphical representation of the rate of change of total revenue with respect to the quantity of output produced. Which of the following is a characteristic of a monopolist's MR curve?
Question 12
A consumer has a utility function U(x, y) = 3x + 2y, where x and y are the quantities of two goods consumed. If the consumer's budget constraint is 120, and the prices of the two goods are p_x = 4 and p_y = 2, what is the consumer's optimal bundle of goods?
Question 13
A government's budget is given by R + T = G + I, where R is revenue, T is taxation, G is government exp\enditure, and I is investment. If the government's revenue is $50 billion, taxation is $20 billion, government exp\enditure is $30 billion, and investment is $10 billion, what is the government's budget deficit?
Question 14
A country's balance of payments is in equilibrium when the value of its imports equals the value of its exports. However, if the country's imports exceed its exports, it will experience a trade deficit. Which of the following is a consequence of a trade deficit?
Question 15
A firm's \cost function is a mathematical representation of the total \cost of producing a given quantity of output. Which of the following is a characteristic of a firm's \cost function?
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