POST UTME IMS U 2020 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
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 budget constraint is given by 2x + 3y = 12, what is the consumer's optimal bundle?
Question 2
A country's balance of payments (BOP) accounts are given by the following equations: CA = 100 + 0.5Y, SA = 50 + 0.2Y, and FA = 20 + 0.1Y. If the country's nominal GDP (Y) is 1000, find the current account (CA) and the capital account (KA).
Question 3
A firm's marginal revenue function is given by MR(q) = 20 - 2q, where q is the quantity produced. If the firm's marginal \cost function is given by MC(q) = 10 + 3q, what is the profit-maximizing quantity?
Question 4
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 exp\enditure, X is exports, and M is imports. If the country's GDP is ₦20 trillion, consumption is ₦5 trillion, investment is ₦2 trillion, government exp\enditure is ₦3 trillion, exports are ₦4 trillion, and imports are ₦2 trillion, what is the value of M?
Question 5
A country's GDP is $100 billion, and its GNP is $120 billion. What is the country's net factor income from abroad?
Question 6
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 market supply curve and the individual firm's supply curve?
Question 7
A firm's \cost function is given by C(q) = 2q^2 + 10q + 5. If the firm produces 20 units, what is the total \cost?
Question 8
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 100 and 400 respectively, what is the marginal product of labor?
Question 9
A firm's marginal revenue function is given by MR(q) = 20 - 2q, where q is the quantity produced. If the firm's marginal \cost function is given by MC(q) = 10 + 3q, what is the profit-maximizing quantity?
Question 10
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 wants to increase its output by 20% while keeping labor cons\tant, what percentage increase in capital is required?
Question 11
A firm's total revenue (TR) is given by the equation TR = 200Q - 2Q^2. If the firm's marginal \cost (MC) is given by MC = 100 - 2Q, find the firm's optimal quantity and price.
Question 12
The demand function for a product is given by p = 100 - 2q. If the price elasticity of demand is -2, what is the quantity demanded?
Question 13
The demand function for a product is given by p = 100 - 2q, where p is the price and q is the quantity demanded. If the supply function is given by p = 20 + 3q, what is the equilibrium price?
Question 14
Consider a country with a trade deficit of ₦500 billion and a current account deficit of ₦200 billion. If the country's GDP is ₦20 trillion, what is the ratio of the current account deficit to the trade deficit?
Question 15
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 budget constraint is given by 2x + 3y = 12, what is the consumer's optimal bundle?
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