POST UTME FUTO 2023 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm is operating in a perfectly competitive market. If the firm's marginal revenue (MR) is ₦100 and the price (P) is ₦120, what is the firm's marginal \cost (MC)?
Question 2
A firm has a production function given by Q = 2L^0.5K^0.5. If the price of the good is $10 and the wage rate is $5, what is the optimal level of labor (L) if the firm wants to maximize its profit?
Question 3
A consumer's 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 consumer's income increases by 10%, find the new demand equation.
Question 4
Consider a firm operating in a perfectly competitive market with a production function given by Q = 2L^0.5K^0.5. If the price of the good is $10 and the wage rate is $5, what is the optimal level of labor (L) if the firm wants to maximize its profit?
Question 5
A firm's \cost function is given by the equation C(q) = 50 + 2q^2, where q is the quantity produced. If the firm's revenue function is TR(q) = 100q - 2q^2, find the profit function.
Question 6
A consumer's indifference curve is given by the equation y = -2x + 10, where x and y are the quantities of two goods. If the consumer's income is ₦1000 and the prices of the two goods are ₦5 and ₦10 respectively, what is the consumer's optimal bundle of goods?
Question 7
Consider a firm operating in a perfectly competitive market with a production function Q = 2L^0.5K^0.5. If the firm's current input prices are w = ₦100 and r = ₦200, and it is currently producing 100 units of output, what is the firm's current marginal \cost?
Question 8
A consumer's 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 consumer's income increases by 10%, find the new demand equation.
Question 9
A consumer has the following utility function: U = 2x + 3y. The prices of x and y are $2 and $3 respectively. If the consumer has a budget of $15, what is the optimal bundle of x and y?
Question 10
A consumer's utility function is given by U = 2x + 3y, where x and y are the quantities of two goods. If the consumer's income is ₦1000 and the prices of the two goods are ₦5 and ₦10 respectively, what is the consumer's optimal bundle of goods?
Question 11
Consider a monetary policy where the central bank increases the money supply by 10%. If the initial money supply is ₦1 trillion and the velocity of money is 2, what is the new money supply?
Question 12
A firm's \cost function is given by the equation C(q) = 50 + 2q^2, where q is the quantity produced. If the firm's revenue function is TR(q) = 100q - 2q^2, find the profit function.
Question 13
The government of Nigeria imposes a tax of ₦10 per ki\logram on maize. If the price of maize is ₦150 per ki\logram, what is the new price?
Question 14
A firm's production function is given by Q = 2L^0.5H^0.5, where Q is output, L is labor and H is capital. If the firm wants to increase output by 20% while keeping labor cons\tant, what percentage increase in capital is required?
Question 15
The demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. The supply of the product is given by the equation Qs = 2P - 100, where Qs is the quantity supplied. If the equilibrium price is 50, what is the equilibrium quantity?
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