POST UTME DELSU 2020 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is output, L is labor, and K is capital. If the firm's current labor and capital inputs are 16 and 9 units respectively, what is the marginal product of labor (MPL) at this point?
Question 2
A firm's \cost function is given by C(q) = 100 + 2q + 0.5q^2. If the firm's revenue function is R(q) = 200q, what is the firm's profit-maximizing quantity of output?
Question 3
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current output is 16 units, and it wants to increase output to 25 units, what should be the new ratio of labor to capital?
Question 4
A country's balance of payments is in equilibrium when the value of its imports equals the value of its exports. True or False?
Question 5
A firm is producing a good u\sing two inputs, labor and capital. The production function is given by \( Q = 100L^0.4K^0.6 \). If the price of labor is ₦50 per unit and the price of capital is ₦100 per unit, and the firm's objective is to minimize \cost, what is the optimal combination of labor and capital?
Question 6
Consider a firm operating under cons\tant returns to scale. If the firm's production function is given by Q = 2L^2, where Q is output and L is labor, what is the marginal product of labor?
Question 7
A country's GDP is ₦1,500,000,000. The country's population is 20,000,000. What is the country's GDP per capita?
Question 8
A perfectly competitive firm's marginal revenue (MR) is given by the equation MR = 50 - 0.5x. If the firm's marginal \cost (MC) is 20, what is the profit-maximizing quantity of output?
Question 9
A firm is considering implementing a new pricing strategy. The firm's current price is ₦100 per unit. If the firm wants to increase its revenue by 20%, what should be the new price?
Question 10
A firm's production function is given by Q = 3L^0.5K^0.5, where Q is output, L is labor, and K is capital. If the firm's current labor and capital inputs are 25 and 16 units respectively, what is the marginal product of capital (MPC) at this point?
Question 11
The Nigerian government has introduced a new policy to increase industrial production. The policy includes providing subsidies to industries, improving infrastructure, and providing training on new techno\logies. What is the likely effect of this policy on the industrial sector?
Question 12
A firm's demand for labor is given by L = 100 - 2P, where P is the price of labor. If the price of labor increases by 10%, what is the new demand for labor?
Question 13
A firm is considering investing in a new project. The project has a net present value (NPV) of ₦1,000,000. If the firm's \cost of capital is 10%, what is the present value of the expected future cash flows from the project?
Question 14
A country's GDP is $100 billion, and its GNP is $120 billion. What is the country's net factor income from abroad?
Question 15
Consider a perfectly competitive market with n firms, each producing a homogeneous product. If the market price is P = 10, and the inverse demand function is P = 100 - Q, where Q is the total quantity demanded, what is the marginal revenue (MR) function?
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.
Unlock Full Access
Available for Android & Windows