POST UTME FUTO 2021 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
Consider a monetary policy where the central bank increases the money supply by 10%. If the initial money supply is 1000, what is the new money supply?
Question 2
A firm has a production function Q = 2L + 3K. If the firm's \cost function is C(L,K) = 10L + 20K and the firm produces 20 units, what is the total \cost?
Question 3
A country's agricultural sector is given by the following production function: Q = 100L^0.5K^0.5, where Q is output, L is labor and K is capital. If the country's labor and capital are 100 units each, what is the marginal product of labor?
Question 4
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is output, L is labor, and K is capital. If the firm's labor and capital inputs are 100 and 200 respectively, what is the value of its output?
Question 5
A monopolist faces a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. If the firm's marginal revenue is MR = 50 - 2Q, what is the optimal quantity to produce?
Question 6
A firm is operating in a perfectly competitive market with a production function given by Q = 3L^0.5K^0.5. If the firm's current input prices are w_L = 15 and w_K = 30, and it wishes to maximize its profit, what is the optimal level of capital (K) it should employ, given that the market price of its output is P = 60?
Question 7
Consider a firm operating in a perfectly competitive market with a production function given by Q = 2L^0.5K^0.5. If the firm's current input prices are w_L = 10 and w_K = 20, and it wishes to maximize its profit, what is the optimal level of labor (L) it should employ, given that the market price of its output is P = 50?
Question 8
A firm's production function is given by Q = 3L^0.7K^0.3. If the firm increases its labor input from 8 units to 12 units, and its capital input from 4 units to 6 units, what is the percentage change in output?
Question 9
A consumer has a budget of ₦100 and faces a price of ₦10 per unit of a good. If the consumer's utility function is U(x) = 2x^2, what is the optimal quantity to consume?
Question 10
A firm's production function is given by Q = 100L^0.5K^0.5, where Q is output, L is labor and K is capital. If the firm's labor and capital are 100 units each, what is the marginal product of labor?
Question 11
A firm's supply curve is given by the equation \( Q = 50 + 2P \). If the price of the good is ₦10, how many units will the firm supply?
Question 12
A country's balance of payments is given by the following equation: BOP = X - M - \( I - S \). If the country's exports (X) are ₦100 billion, imports (M) are ₦80 billion, investment (I) is ₦50 billion and savings (S) is ₦30 billion, what is the balance of payments?
Question 13
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is output, L is labor, and K is capital. If the firm's marginal product of labor (MPL) is 1/L^0.5K^0.5, what is the value of MPL when L = 4 and K = 9?
Question 14
A firm's total revenue (TR) is given by the equation TR = 20q + 30q^2, where q is the quantity sold. If the firm's marginal revenue (MR) is 40q + 60q^2, what is the value of q when MR = TR?
Question 15
A consumer's utility function is given by U(x,y) = 2x + 3y, where x and y are the quantities of two goods consumed. If the consumer's income is 100 and the prices of the two goods are p_x = 10 and p_y = 20, what is the optimal bundle of goods that the consumer should purchase?
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