POST UTME FUTO 2025 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm is considering two alternative production processes, A and B. Process A requires an initial investment of $100,000 and generates a profit of $50,000 per year. Process B requires an initial investment of $150,000 and generates a profit of $75,000 per year. If the firm has a discount rate of 10%, which process should it choose?
Question 2
A firm's demand function is given by Q = 100 - 2P, where Q is quantity demanded and P is price. If the price is increased by 20%, what is the new quantity demanded?
Question 3
A country's GDP is $100 billion, and its GNP is $120 billion. What is the net factor income from abroad?
Question 4
A country's balance of payments is given by the equation BOP = X - M, where X is the value of exports and M is the value of imports. If the value of exports is $150 billion and the value of imports is $120 billion, what is the balance of payments?
Question 5
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 increased by 20% and 15% respectively, what is the percentage change in output?
Question 6
A country's GDP is ₦100 billion and its GNP is ₦120 billion. What is the country's net factor income from abroad?
Question 7
A country's GDP is given by the equation Y = C + I + G + \( X - M \). If the country's GDP is ₦10 trillion, consumption is ₦3 trillion, investment is ₦1 trillion, government sp\ending is ₦2 trillion, exports are ₦2.5 trillion, and imports are ₦1.5 trillion, find the value of net exports.
Question 8
A country's GDP is given by the equation Y = C + I + G, where Y is the total output, C is the consumption, I is the investment, and G is the government sp\ending. If the country's GDP is ₦1,500 billion, and the consumption is ₦800 billion, the investment is ₦200 billion, and the government sp\ending is ₦500 billion, what is the value of the marginal propensity to consume?
Question 9
A country's balance of payments is given by the equation BOP = X - M + \( F - I \). If the country's BOP is ₦1 trillion, exports are ₦2.5 trillion, imports are ₦1.5 trillion, foreign investment is ₦500 billion, and domestic investment is ₦200 billion, find the value of net foreign exchange earnings.
Question 10
A firm's demand function is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm's supply function is given by Q = 2P - 100, find the equilibrium price and quantity.
Question 11
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 $100 billion, consumption is $50 billion, investment is $20 billion, government sp\ending is $15 billion, exports are $30 billion, and imports are $20 billion, what is the value of the country's net exports?
Question 12
A government imposes a subsidy on a particular good, which leads to an increase in its demand. What is the effect on the government's revenue?
Question 13
A firm produces two goods, A and B, u\sing two inputs, labor (L) and capital (K). The production functions are given by Q_A = 2L + 3K and Q_B = 4L + 2K. If the firm has 10 units of labor and 8 units of capital, what is the total output of the firm?
Question 14
A firm's elasticity of demand is given by the equation E = \( ΔQ/ΔP \) × \( P/Q \), where E is the elasticity of demand, ΔQ is the change in quantity demanded, ΔP is the change in price, P is the price, and Q is the quantity demanded. If the firm's demand function is given by Q = 100 - 2P, and the price is ₦50, what is the elasticity of demand?
Question 15
A government imposes a tax of ₦10 on a product. The demand for the product is given by Q = 100 - 2P. The supply of the product is given by Q = 2P + 10. Find the new equilibrium price and quantity.
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