POST UTME GREENFIELD UNIVERSITY 2022 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
The concept of scarcity in economics implies that the production of one good is limited by the availability of resources, which can be used to produce other goods. This is an example of a trade-off between two goods, where the production of one good is reduced in order to produce more of another good. What is the name of this economic concept?
Question 2
A monopolist faces a demand curve given by Qd = 100 - 2P and a \cost function of C(Q) = 2Q^2. If the firm produces 20 units, what is the profit-maximizing price?
Question 3
A consumer's budget constraint is given by 2x + 3y = 12, where x and y are the quantities of two goods. If the consumer's income is ₦12 and the price of good x is ₦2, what is the quantity of good y that the consumer can buy?
Question 4
A monopolist faces a demand curve given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm's marginal \cost is $10, what is the optimal price?
Question 5
Consider a perfectly competitive market with n firms, each producing a homogeneous product. If the market demand curve is downward sloping and the firms are price takers, what is the relationship between the marginal revenue (MR) and the price (P) of the product?
Question 6
A firm's total revenue (TR) is given by the equation TR = 100x - 2x^2, where x is the number of units sold. If the firm sells 20 units, what is the marginal revenue (MR)?
Question 7
A monopolist faces a demand curve given by Q = 100 - 2P. The marginal revenue (MR) is given by MR = 200 - 2P. If the firm's marginal \cost (MC) is cons\tant at ₦50, what is the profit-maximizing price (P)?
Question 8
A firm has a \cost function given by C = 100 + 2Q + 0.5Q^2. The firm's revenue function is R = 50Q. What is the firm's profit-maximizing output level?
Question 9
The demand for a product is given by Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. The supply of the product is given by Qs = 2P - 100, where Qs is the quantity supplied. What is the elasticity of demand at a price of ₦50?
Question 10
A country's GDP is $100 billion, and its GNP is $120 billion. What is the net factor income from abroad?
Question 11
A firm's \cost function is given by C = 100 + 2Q + 0.5Q^2, where C is the \cost and Q is the output. If the firm produces 10 units of output, what is the total \cost?
Question 12
A firm's total revenue (TR) is given by the equation TR = P × Q, where P is the price and Q is the quantity sold. If the price elasticity of demand is unit elastic \( i.e., E_d = 1 \), what is the relationship between the total revenue (TR) and the price (P)?
Question 13
A firm's \cost function is given by C = 2L + 3K, where C is the \cost, L is the labor, and K is the capital. If the firm increases labor from 2 units to 5 units and capital from 3 units to 6 units, what is the percentage change in \cost?
Question 14
A monopolistically competitive firm faces a demand curve with a cons\tant elasticity of -2. If the firm's marginal revenue (MR) is 120, what is its marginal \cost (MC)?
Question 15
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the labor input, and K is the capital input. If the firm wants to produce 100 units of output, and the wage rate is ₦100 per hour, and the rental rate of capital is ₦200 per hour, what is the optimal combination of labor and capital that the firm should use?
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.
Unlock Full Access
Available for Android & Windows