POST UTME ESUT 2023 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A country's balance of payments is given by the following equation: BOP = \( X - M \) + \( F - I \), where BOP is the balance of payments, X is exports, M is imports, F is foreign investment, and I is domestic investment. If exports increase by 10%, imports decrease by 5%, foreign investment increases by 20%, and domestic investment decreases by 15%, what is the new balance of payments?
Question 2
A monopolist faces a demand curve given by Qd = 100 - 2P and a \cost function given by C(Q) = 2Q^2 + 10Q. Find the profit-maximizing quantity and price.
Question 3
A consumer's utility function is given by U(x, y) = 2x^\( 1/2 \)y^\( 1/2 \). If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦10 respectively, what is the consumer's optimal bundle of x and y?
Question 4
The government of Nigeria has introduced a new tax policy aimed at increa\sing revenue from the agricultural sector. The policy includes a 10% tax on all agricultural produce sold in the market. If the total revenue from the sale of agricultural produce is ₦1,500,000, what is the amount of tax paid by farmers?
Question 5
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \). If the firm uses 100 units of labor and 100 units of capital, what is its output?
Question 6
A perfectly competitive market has many firms producing a homogeneous product. Which of the following is a characteristic of a perfectly competitive market?
Question 7
A monopolist faces a demand curve given by Q = 100 - 2P. The firm's marginal revenue (MR) is given by MR = 200 - 4Q. What is the firm's optimal price?
Question 8
A country's balance of payments (BOP) accounts record all transactions between residents and non-residents. Which of the following is a component of the current account?
Question 9
A firm's \cost function is given by the equation C(Q) = 2Q^2 + 10Q + 5, where C(Q) is the total \cost and Q is the quantity produced. Find the marginal \cost function.
Question 10
Consider a country with a GDP of ₦10 trillion and a population of 200 million. If the average annual income is ₦50,000, what is the GDP per capita?
Question 11
A country's money supply is given by M = 1000 + 0.5Y. If the country's income is ₦5000, what is its money supply?
Question 12
A consumer has a utility function given by U(x, y) = 2x + 3y. The prices of x and y are ₦5 and ₦10 respectively. Find the consumer's budget constraint.
Question 13
A country's GDP is ₦10 trillion, and its GNP is ₦12 trillion. What is the net factor income from abroad?
Question 14
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 ₦1,500,000, and the values of C, I, G, X, and M are ₦500,000, ₦200,000, ₦300,000, ₦400,000, and ₦100,000, respectively, what is the value of X?
Question 15
A firm's \cost function is given by C(x) = 2x^2 + 10x + 5. If the firm produces 20 units, what is the total \cost?
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