POST UTME IGBINEDION UNIVERSITY 2019 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
Consider a country with a GDP of ₦10 trillion and a GNP of ₦12 trillion. If the country's population is 200 million, calculate the per capita income in naira.
Question 2
The government of a country imposes a tax on imports to raise revenue. The tax rate is 10% of the value of the imported goods. If the value of the imported goods is ₦1,000,000, what is the amount of tax paid?
Question 3
A monopolistic firm in Nigeria has a demand curve given by Q = 100 - 2P. The firm's marginal \cost is MC = 10. What is the profit-maximizing price and quantity?
Question 4
A perfectly competitive market has a supply curve given by Qs = 100 - 2P. If the demand curve is given by Qd = 200 - P, what is the equilibrium price?
Question 5
A country's GDP is calculated as the sum of the value of all final goods and services produced within its borders. If a country imports a good worth ₦100,000, what will be the impact on its GDP?
Question 6
A firm's revenue function is given by R(q) = 50q - 2q^2. If the firm produces 15 units, what is the total revenue?
Question 7
A firm is faced with a production function of Q = 2L^0.5K^0.5. If the firm uses 4 units of labor and 9 units of capital, what is the output?
Question 8
A country's GDP is given by the equation GDP = C + I + G + \( X - M \). If the country's consumption is ₦1000, investment is ₦200, government sp\ending is ₦300, exports are ₦500, and imports are ₦200, what is its GDP?
Question 9
The government of Nigeria has introduced a new tax policy to increase revenue. The policy includes a 10% tax on all goods and services. If the government's current revenue is ₦100 billion, what will be the new revenue after the tax policy is implemented?
Question 10
A country's balance of payments is given by the following equation: BOP = \( X - M \) + \( F - I \), where BOP is the balance of payments, X is the value of exports, M is the value of imports, F is the value of foreign investment, and I is the value of domestic investment. If the value of exports is ₦100, the value of imports is ₦80, the value of foreign investment is ₦20, and the value of domestic investment is ₦10, what is the balance of payments?
Question 11
A firm's production function is given by Q = 2L^2 + 3K, where Q is the quantity produced, L is the number of labor units, and K is the number of capital units. If the firm uses 4 labor units and 6 capital units, what is the quantity produced?
Question 12
A firm's demand function is given by Q = 100 - 2P + 3X, where Q is the quantity demanded, P is the price, and X is an exogenous variable. If the price is ₦50 and the exogenous variable is 10, calculate the quantity demanded.
Question 13
A country's balance of payments is given by the following equation: BOP = X - M. If the country's exports (X) are ₦100 billion and imports (M) are ₦80 billion, what is the balance of payments?
Question 14
A government imposes a tax on a particular good. If the demand for the good is inelastic, what will happen to the price of the good?
Question 15
The elasticity of demand for a commodity is measured by the percentage change in the quantity demanded in response to a 1% change in the price of the commodity. If the demand for a commodity is elastic, what does this imply about the price elasticity of demand?
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