POST UTME IGBINEDION UNIVERSITY 2024 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's demand function is given by the equation q = 100 - 2p, where p is the price. If the firm's supply function is given by the equation q = 2p - 10, find the elasticity of demand at the equilibrium price.
Question 2
A firm operating in a perfectly competitive market has a total revenue function given by TR = 100x - 2x^2, where x is the number of units sold. If the firm's marginal revenue (MR) is 80, what is the value of x?
Question 3
A firm is producing a product with a total revenue of ₦1,500 and a total \cost of ₦1,000. If the price elasticity of demand is 0.5, what is the price elasticity of supply?
Question 4
The government of Nigeria has introduced a new policy aimed at promoting industrialization in the country. The policy requires that 20% of the country's budget be allocated to industrial development. If the country's budget is ₦10 trillion, what is the amount allocated to industrial development?
Question 5
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 budget constraint is 100, and the prices of the two goods are $5 and $10 respectively, what is the consumer's optimal bundle?
Question 6
A farmer in Nigeria produces maize and soybeans on a 100-hectare farm. The marginal product of maize is 20 tons per hectare, while the marginal product of soybeans is 15 tons per hectare. If the farmer allocates 60 hectares to maize and 40 hectares to soybeans, what is the total output of the farm?
Question 7
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's labor and capital inputs are increased by 20% and 15% respectively, what is the new output?
Question 8
A consumer's demand for a good is given by Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the consumer's income is $100 and the price of the good is $20, what is the consumer's willingness to pay?
Question 9
The National Bureau of Statistics (NBS) reports that Nigeria's GDP at cons\tant 2010 prices was ₦120,000 billion in 2020. If the population of Nigeria in 2020 was 200 million, what was the per capita GDP?
Question 10
A firm's demand function is given by the equation q = 100 - 2p, where p is the price. If the firm's supply function is given by the equation q = 2p - 10, find the equilibrium price and quantity.
Question 11
A firm's total revenue (TR) is given by the equation TR = 100q - 2q^2, where q is the quantity sold. If the firm's marginal revenue (MR) is 80, find the quantity at which MR = TR.
Question 12
A firm is producing a good u\sing two inputs, labor (L) and capital (K). The production function is given by Q = 2L^0.5K^0.5. If the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, what is the \cost-minimizing input combination if the firm produces 100 units of output?
Question 13
The government of Nigeria has introduced a new policy aimed at reducing poverty in the country. The policy requires that 30% of the country's budget be allocated to poverty reduction programs. If the country's budget is ₦10 trillion, what is the amount allocated to poverty reduction programs?
Question 14
The government of Nigeria has introduced a new tax policy aimed at increa\sing revenue from the agricultural sector. The policy requires farmers to pay a 10% tax on their annual income. If a farmer earns ₦500,000 per year, what is the amount of tax the farmer must pay?
Question 15
Consider a firm that produces two goods, X and Y. The production functions are given by QX = 2L^0.5K^0.5 and QY = 3L^0.5K^0.5. If the firm's labor and capital inputs are increased by 10% and 5% respectively, what is the new output of good X?
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