POST UTME ESUT 2020 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
The balance of payments (BOP) accounts for a country are given below. U\sing the BOP identity, calculate the current account balance.
Question 2
A country's balance of payments is given by the following equation: BOP = X - M + F - I. If the country's exports are ₦500 billion, imports are ₦300 billion, foreign investment is ₦200 billion, and interest payments are ₦100 billion, what is the country's balance of payments?
Question 3
A country's balance of payments is given by the equation \( BOP = X - M + F - C \). If the country's exports are ₦500 billion, imports are ₦300 billion, foreign aid is ₦200 billion, and capital outflows are ₦100 billion, find the country's balance of payments.
Question 4
A country's national income is given by the following equation: NI = C + I + G + \( X - M \). If the country's consumption is ₦500 billion, investment is ₦200 billion, government sp\ending is ₦300 billion, exports are ₦400 billion, and imports are ₦200 billion, what is the country's national income?
Question 5
A consumer has a budget of ₦1000 and faces the following prices for two goods: good X \costs ₦200 per unit and good Y \costs ₦300 per unit. The consumer's utility function is given by U = 2X + 3Y. What is the consumer's optimal consumption bundle?
Question 6
A monopolist faces a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. Find the profit-maximizing price and quantity.
Question 7
A country's money supply is given by the equation: M = \( C + I \) + \( B - L \), where C is consumption, I is investment, B is bank reserves, and L is loans. If C = 100, I = 80, B = 120, and L = 90, what is the money supply?
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. If the price elasticity of demand is 0.5, what is the price at which the quantity demanded is 60?
Question 9
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's labor and capital inputs are 100 and 400 respectively, calculate the marginal product of labor.
Question 10
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, find the consumer's optimal bundle of x and y.
Question 11
A perfectly competitive market has a downward-sloping demand curve and a perfectly elastic supply curve. If the market price is $10, and the marginal \cost is $8, what is the profit-maximizing quantity of the good?
Question 12
A firm is faced with a budget constraint of $100,000 and a production function of Q = 2L + 3K, where L is labor and K is capital. If the wage rate is $20 per hour and the rental rate of capital is $10 per hour, what is the optimal level of labor and capital?
Question 13
A firm produces two goods, X and Y. The production function for good X is given by Q_X = 2L + 3K, where L is the labor input and K is the capital input. The production function for good Y is given by Q_Y = 3L + 2K. If the firm has 10 units of labor and 8 units of capital, what is the opportunity \cost of producing one more unit of good X?
Question 14
A firm's production function is given by Q = 2L + 3K, where Q is the output, L is the labor, and K is the capital. If the labor is 10 units and the capital is 5 units, what is the output?
Question 15
A firm is producing a good with a production function of Q = 2L + 3K, where L is labor and K is capital. If the wage rate is $20 per hour and the rental rate of capital is $10 per hour, what is the marginal product of labor?
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