POST UTME ELIZADE UNIVERSITY 2017 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A country's demand for a particular good can be represented by the demand curve D = 100 - 2P, where D is demand and P is price. If the supply curve is given by S = 2P + 10, what is the equilibrium price and quantity?
Question 2
A firm's production function is given by \( Q = 100K^{\frac{1}{2}}L^{\frac{1}{2}} \), where (Q) is the output, (K) is the capital and (L) is the labor. If the firm's capital and labor are increased by 20% and 15% respectively, what is the percentage change in the output?
Question 3
A country's GDP is ₦100 billion, its imports are ₦20 billion, and its government exp\enditure is ₦30 billion. Find the country's national income.
Question 4
A central bank can increase the money supply by
Question 5
A country's GDP is given by the equation GDP = C + I + G + \( X - M \), where C is consumption, I is investment, G is government sp\ending, X is exports, and M is imports. If the country's GDP is ₦100 billion, and the values of C, I, G, X, and M are ₦50 billion, ₦20 billion, ₦15 billion, ₦30 billion, and ₦10 billion respectively, what is the value of X?
Question 6
A consumer has a utility function U(x, y) = 2x + 3y. If the prices of x and y are ₦10 and ₦20 respectively, and the consumer's income is ₦100, find the optimal bundle of x and y.
Question 7
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 cons\tant and equal to 2, what is the price at which the quantity demanded is 60?
Question 8
A country's balance of payments is given by the equation BOP = X - M + \( F - I \), where X is exports, M is imports, F is foreign investment, and I is foreign debt. If the country's balance of payments is ₦10 billion, exports are ₦25 billion, imports are ₦15 billion, foreign investment is ₦5 billion, and foreign debt is ₦3 billion, what is the value of the current account balance?
Question 9
A firm's total revenue is given by the equation TR = 100x - 2x^2, where x is the number of units sold. Find the price elasticity of demand when the quantity demanded is 50 units.
Question 10
Calculate the price elasticity of demand for a product whose price is reduced from ₦100 to ₦90, and the quantity demanded increases from 100 units to 120 units.
Question 11
A consumer's indifference curve is given by the equation u(x,y) = 2x + 3y. 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?
Question 12
A monopolist faces a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. If the monopolist's marginal revenue is MR = 200 - 4Q, find the profit-maximizing quantity and price.
Question 13
A firm's production function can be represented by the equation Q = f(K, L), where Q is output, K is capital, and L is labor. If the production function is given by Q = 2K^0.5L^0.5, what is the value of the marginal product of labor (MPL) if the firm is currently u\sing 4 units of capital and 4 units of labor?
Question 14
A country's balance of payments (BOP) accounts can be classified into three main categories: (i) Current account, (ii) Capital account, and (iii) Financial account. Which of the following is NOT a component of the current account?
Question 15
A country's GDP is given by the equation Y = C + I + G, where C is consumption, I is investment, and G is government sp\ending. If the country's GDP is ₦1 trillion, and the consumption and investment are ₦500 billion and ₦200 billion respectively, what is the government sp\ending?
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