POST UTME FUTA 2017 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A consumer's indifference curve is downward sloping and convex to the origin. What is the implication of this shape for the consumer's marginal rate of substitution (MRS)?
Question 2
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 country's GDP per capita?
Question 3
A country's GDP is given by the equation Y = C + I + G, where Y is the GDP, C is the consumption, I is the investment, and G is the government sp\ending. If the country's consumption is ₦100 billion, its investment is ₦50 billion, and its government sp\ending is ₦75 billion, find the country's GDP.
Question 4
A country's balance of payments (BOP) is a statistical statement that summarizes all economic transactions between residents and non-residents over a specific period. Which of the following is NOT a component of the BOP?
Question 5
A monopolist faces a demand curve given by Q = 100 - 2P. The firm's marginal \cost is $10. What is the monopolist's optimal price?
Question 6
A bank's money supply is given by M = 1000 + 2Y, where Y is the country's GDP. If the country's GDP is 5000, find the bank's money supply.
Question 7
A country's national income is given by the following equation: NI = 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 consumption is ₦500 billion, its investment is ₦200 billion, its government sp\ending is ₦300 billion, its exports are ₦500 billion, and its imports are ₦600 billion, what is its national income?
Question 8
A firm's production function is given by Q = 2L^0.5 K^0.5. If the firm's current input levels are L = 4 and K = 9, and the price of good L is 3 units of good K, find the firm's optimal input levels.
Question 9
A country's demand for a good is given by Qd = 100 - 2P, where P is the price of the good. If the country's supply of the good is given by Qs = 2P - 50, find the equilibrium price and quantity of the good.
Question 10
The following table shows the price elasticity of demand for a particular good.
Question 11
A firm's total revenue (TR) is given by the equation TR = 100q - 2q^2. What is the firm's marginal revenue (MR) at a quantity of q = 5?
Question 12
A country's balance of payments is given by BOP = X - M, where X is the country's exports and M is its imports. If the country's exports are 1000 and its imports are 800, find the country's balance of payments.
Question 13
A firm's demand curve is given by the equation Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm's revenue function is R(P) = P\( 100 - 2P \), find the price at which the firm's revenue is maximized.
Question 14
A firm's \cost function is given by C = 2Q + 3Q^2, where Q is the quantity produced. If the firm produces 10 units, what is its total \cost?
Question 15
A consumer's budget constraint is given by the equation 2x + 3y = 12. What is the consumer's opportunity \cost of choo\sing x = 3?
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