POST UTME FUTO 2018 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A country's GDP is ₦1,500 billion and its GNP is ₦1,600 billion. What is the country's net factor income from abroad?
Question 2
A firm's total revenue (TR) is given by the equation TR = 100x - 2x^2, where x is the number of units sold. What is the marginal revenue (MR) of the firm?
Question 3
A firm's total revenue (TR) is given by TR = 100Q - 2Q^2. If the firm's marginal \cost (MC) is given by MC = 10 + 2Q, what is the firm's optimal output?
Question 4
A firm's production function is given by Q = 2L^0.5K^0.5. If the price of labor (w) is ₦100 per unit and the price of capital (r) is ₦50 per unit, calculate the value of the elasticity of labor with respect to output.
Question 5
A firm's production function is given by \( Q = 2L^2 + 3K \), where ( L ) is labor and ( K ) is capital. If the price of labor is ₦50 per unit and the price of capital is ₦100 per unit, and the firm's budget constraint is ₦10,000, what is the optimal combination of labor and capital that the firm should employ?
Question 6
A country is experiencing a trade deficit due to a large imbalance in its balance of payments. Which of the following policies would help to reduce the trade deficit?
Question 7
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's output is 100 units and the price of labor is ₦500 per unit, what is the opportunity \cost of one unit of labor?
Question 8
A monopolist faces a demand curve given by the equation P = 100 - 2x. What is the price elasticity of demand (PED) at a quantity of 20 units?
Question 9
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's output is 100 units and the price of labor is ₦500 per unit, what is the opportunity \cost of one unit of labor?
Question 10
A firm's production function is given by Q = L^0.5K^0.5. If the price of labor (w) is ₦100 per unit and the price of capital (r) is ₦50 per unit, calculate the value of the elasticity of capital with respect to output.
Question 11
A firm's production function is given by Q = 2L^0.5K^0.5. If the price of labor (w) is ₦100 per unit and the price of capital (r) is ₦50 per unit, calculate the value of the elasticity of labor with respect to output.
Question 12
A firm's \cost function is given by the equation C(x) = 100 + 2x + 0.5x^2. What is the marginal \cost (MC) of the firm?
Question 13
A monopolist faces a demand curve given by Q = 100 - 2P. If the monopolist's marginal revenue (MR) is given by MR = 200 - 4Q, what is the monopolist's optimal price?
Question 14
A consumer's indifference curve is represented by the equation \( u = 2x + 3y \), where (u) is the level of satisfaction and (x) and (y) are the quantities of two goods. If the consumer's income is ₦1,000 and the prices of the two goods are ₦200 and ₦300 respectively, what is the consumer's optimal bundle of goods?
Question 15
A country's balance of payments is given by the following equation: BOP = \( X - M \) + \( F - I \). If the country's exports are ₦100 billion, imports are ₦80 billion, foreign investment is ₦20 billion, and domestic investment is ₦30 billion, what is the balance of payments?
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