POST UTME IMS U 2018 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
Consider a market with a demand function \( Q_d = 100 - 2P \) and a supply function \( Q_s = 2P - 20 \). If the market is in equilibrium, what is the price at which this occurs?
Question 2
Consider a consumer with a utility function U(x,y) = 2x + 3y. If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦3 respectively, what is the consumer's optimal bundle of x and y?
Question 3
The 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 supply function is Qs = 2P - 10, find the price elasticity of demand at the equilibrium price.
Question 4
Consider a firm that operates in a perfectly competitive market. If the firm's production function is given by Q = 2L^0.5 and the market wage rate is ₦50 per hour, what is the firm's optimal labor input?
Question 5
A firm's marginal revenue function is \( MR = 100 - 2Q \) and its marginal \cost function is \( MC = 20 + 3Q \). If the firm is producing 10 units, what is its marginal profit?
Question 6
A country's GDP can be calculated u\sing the formula \( GDP = C + I + G + \( X - M \ \) ). If the country's consumption is ₦500 billion, investment is ₦200 billion, government sp\ending is ₦300 billion, exports are ₦400 billion, and imports are ₦200 billion, what is the country's GDP?
Question 7
A firm's demand function is Q = 100 - 2P. If the firm's price is ₦20, what is the firm's quantity demanded?
Question 8
A country has a production function given by Y = 10L + 20K, where Y is the output, L is the labor, and K is the capital. If the country wants to increase its output by 10%, what percentage increase in labor and capital is required?
Question 9
A country's balance of payments (BOP) account is in equilibrium when the current account (CA) is equal to the capital account (KA). If the country's CA is in deficit, what is the likely outcome for the country's exchange rate?
Question 10
Suppose the production function for a firm is given by Q = 100K^\( 1/2 \)L^\( 1/2 \), where Q is output, K is capital, and L is labor. If the firm's capital and labor inputs are increased by 20% and 15% respectively, what is the percentage change in output?
Question 11
A firm's supply function is Q = 100 - 2P. If the firm's price is ₦30, what is the firm's quantity supplied?
Question 12
The government of a country has decided to implement a new tax policy to reduce income inequality. The policy involves a 10% tax on all income above ₦500,000. If a person earns ₦750,000 per annum, how much will they pay in taxes?
Question 13
Consider a perfectly competitive market with n firms, each producing a homogeneous product. If the market demand curve is given by Qd = 100 - 2P and the marginal \cost (MC) of each firm is 20, what is the equilibrium price and quantity?
Question 14
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 country's exports are ₦100 and its imports are ₦80, find the balance of payments.
Question 15
A government imposes a tax of ₦10 on a firm's output. If the firm's supply curve is given by Qs = 20 + 2P and the market demand curve is given by Qd = 100 - 2P, what is the new equilibrium price and quantity?
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