POST UTME CRAWFORD UNIVERSITY 2025 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A monopolist's demand curve is given by Q = 100 - 2P, and the inverse supply curve is given by P = 10 + 0.5Q. Find the equilibrium price and quantity.
A. ₦20, 50
B. ₦25, 75
C. ₦30, 100
D. ₦35, 125
Question 2
A firm's production function is given by Q = 2L + 3K, where L and K are the quantities of labor and capital respectively. If the firm's output is 100 units, and the price of labor is ₦10 and the price of capital is ₦20, find the optimal quantities of labor and capital.
A. L = 20, K = 30
B. L = 30, K = 40
C. L = 40, K = 50
D. L = 50, K = 60
Question 3
A firm's production function is given by the equation Q = 2L^0.5K^0.5, where Q is the quantity produced, L is labor, and K is capital. If the firm uses 100 units of labor and 100 units of capital, what is the quantity produced?
A. 100
B. 200
C. 300
D. 400
Question 4
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm has 4 units of labor and 9 units of capital, what is the total output?
A. 12
B. 15
C. 18
D. 20
Question 5
A firm is producing a good with a marginal revenue of ₦50 and a marginal \cost of ₦40. What is the profit-maximizing quantity?
A. 100 units
B. 200 units
C. 300 units
D. 400 units
Question 6
A firm is producing a good with a total revenue of ₦100,000 and a total \cost of ₦80,000. What is the profit of the firm?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 7
A firm's \cost function is given by C = 2L + 3K. If the firm has 5 units of labor and 6 units of capital, what is the total \cost?
A. 20
B. 25
C. 30
D. 35
Question 8
A firm's production function is given by Q = 2L + 3K. What is the likely reason for the positive slope of the production function?
A. Law of diminishing returns
B. Law of increa\sing returns
C. Law of cons\tant returns
D. No relationship with production function
Question 9
A government imposes a tax of ₦10 on a product. If the demand for the product is given by the equation Qd = 100 - 2P and the supply curve is given by the equation Qs = 50 + 2P, what is the new equilibrium price?
A. ₦20
B. ₦25
C. ₦30
D. ₦35
Question 10
The Nigerian government has implemented a policy to increase the production of a good. However, the policy has led to a decrease in the production of other goods. What is the opportunity \cost of increa\sing the production of the good?
A. The decrease in production of other goods
B. The increase in production of the good
C. The decrease in income of farmers
D. The increase in prices of the good
Question 11
A country's GDP is given by the equation GDP = C + I + G + \( X - M \). If the country's consumption is 100, investment is 50, government sp\ending is 75, exports are 150, and imports are 100, what is the GDP?
A. 275
B. 300
C. 325
D. 350
Question 12
The demand for a good is given by the equation Qd = 100 - 2P and the supply is given by Qs = 2P - 50. What is the equilibrium price and quantity?
A. P = 25, Q = 75
B. P = 30, Q = 80
C. P = 35, Q = 85
D. P = 40, Q = 90
Question 13
The government of a country is considering a policy to reduce its budget deficit. Which of the following is a correct way to reduce the budget deficit?
A. Increase government sp\ending and decrease taxes.
B. Decrease government sp\ending and increase taxes.
C. Increase taxes and decrease government sp\ending.
D. Decrease taxes and increase government sp\ending.
Question 14
A consumer's utility function is given by U = 2x + 3y, where x and y are the quantities of two goods. If the prices of the goods are ₦5 and ₦3 respectively, and the consumer's income is ₦100, find the optimal quantities of the goods.
A. x = 10, y = 20
B. x = 15, y = 30
C. x = 20, y = 40
D. x = 25, y = 50
Question 15
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 elasticity of demand is -2, what is the percentage change in quantity demanded when the price increases by 10%?
A. 20%
B. 10%
C. 5%
D. 15%

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