POST UTME DELSU 2023 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A country's GDP is ₦10 trillion, its GNP is ₦12 trillion, and its net factor income from abroad is ₦2 trillion. What is the country's national income?
Question 2
A firm's supply curve is given by Q = 2P + 10. The firm's marginal revenue (MR) is given by MR = 200 - 2Q. Find the profit-maximizing quantity and price.
Question 3
The Marshall-Lerner condition states that if the sum of the elasticities of demand for imports and exports is greater than 1, then a devaluation of the currency will lead to an improvement in the balance of payments. Which of the following is a correct interpretation of this condition?
Question 4
A monopolist faces a demand curve given by Q = 100 - 2P. If the firm's marginal revenue (MR) is given by MR = 200 - 2Q, what is the optimal price and quantity?
Question 5
A firm's demand curve is given by Q = 100 - 2P. The firm's marginal \cost (MC) is given by MC = 5 + 2Q. Find the profit-maximizing quantity and price.
Question 6
A consumer's indifference curve is given by U = 2x + 3y, where x and y are the quantities of two goods. If the consumer's budget constraint is 2x + 3y = 12, and the price of good x is $2 and the price of good y is $3, what is the consumer's optimal bundle of goods?
Question 7
A monopolist faces a demand curve given by Q = 100 - 2P. The monopolist's marginal revenue (MR) is given by MR = 200 - 2Q. Find the profit-maximizing price and quantity.
Question 8
The demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. The supply of the product is given by the equation Qs = 2P - 100, where Qs is the quantity supplied and P is the price. What is the equilibrium price?
Question 9
The demand for a commodity is inversely related to its price. If the price of the commodity increases by 20% and the demand decreases by 15%, what is the new equilibrium price?
Question 10
A firm's supply curve is given by Q = 2P + 10, where Q is the quantity supplied and P is the price. If the firm's current price is $20, what is the firm's current quantity supplied?
Question 11
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 budget constraint is 2x + 3y = 12, and the price of good x is $2 and the price of good y is $3, what is the consumer's optimal bundle of goods?
Question 12
A firm has a demand function given by \( Q = 100 - 2P \). If the firm's supply function is given by \( Q = 2P - 10 \), what is the firm's equilibrium price?
Question 13
The government of Nigeria has introduced a new policy aimed at increa\sing industrial production. The policy includes the provision of loans to industries at a subsidized rate. If the government sp\ends ₦500,000 on loans and the price of loans is reduced by 30%, what is the percentage increase in industrial production?
Question 14
A consumer's demand curve for a good is given by Q = 100 - 2P. The consumer's income is ₦1000. Find the consumer's optimal quantity and price.
Question 15
Consider a consumer with a utility function U(x,y) = 2x + 3y - x^2 - y^2. If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦3 respectively, what is the consumer's optimal bundle of x and y?
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