POST UTME CRAWFORD UNIVERSITY 2024 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm has a demand function Q = 100 - 2P. If the price is ₦50, what is the quantity demanded?
Question 2
A firm is faced with a budget constraint given by 2L + 3K = 12, where L is the labor, and K is the capital. If the firm wants to maximize its profit, which of the following combinations of labor and capital would be most profitable?
Question 3
A government wants to reduce the inflation rate in an economy. Which of the following monetary policies would be most effective in achieving this goal?
Question 4
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current inputs are L = 4 and K = 9, what is the marginal product of labor?
Question 5
The government of a country imposes a tax of ₦50 per unit on the production of a good. If the price of the good is currently ₦150 per unit, and if the quantity demanded is 20 units, then the quantity supplied is
Question 6
The following diagram shows the production function for a firm. If the firm is currently producing 10 units of output, and if the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, then the opportunity \cost of producing one more unit of output is
Question 7
The demand for a commodity is said to be inelastic if a change in its price leads to a change in the quantity demanded of the commodity by a percentage that is less than the percentage change in the price. Which of the following statements is true about inelastic demand?
Question 8
A firm's \cost function is given by C = 100 + 2L + 3K. If the firm's current inputs are L = 4 and K = 9, what is the total \cost?
Question 9
A firm's production function is given by Q = 2L^0.5H^0.5, where Q is output, L is labor, and H is capital. If the firm's current labor and capital inputs are 16 and 9 units respectively, what is the marginal product of labor?
Question 10
A country's GDP grows at an annual rate of 5% while its population increases at a rate of 2.5%. What is the rate of growth of per capita GDP?
Question 11
A firm produces two goods, A and B, u\sing two inputs, labor and capital. The production function for good A is Q_A = 2L^0.5K^0.5, and the production function for good B is Q_B = 3L^0.7K^0.3. If the firm allocates 100 units of labor and 50 units of capital, what is the marginal rate of technical substitution (MRTS) of labor for good A with respect to good B?
Question 12
A firm has a production function given by Q = 2L + 3K, where L is labor and K is capital. If the firm has 10 units of labor and 5 units of capital, what is the total output?
Question 13
A consumer has a budget of ₦1000 and a demand function given by Q = 2P - 10. If the price of the commodity is 10, what is the consumer's willingness to pay?
Question 14
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's output increases by 20% with a 10% increase in labor and a 15% increase in capital, what is the return to scale?
Question 15
A country has a trade deficit of ₦100 billion and a current account deficit of ₦50 billion. What is the balance of payments identity?
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