POST UTME IMS U 2024 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
The Nigerian government is considering a new tax policy to increase revenue. The policy includes a value-added tax (VAT) of 10% on all goods and services. However, the policy also includes an exemption for certain goods and services, such as food and medicine. Which of the following types of taxes best describes the situation?
Question 2
A firm's demand curve is given by Q = 100 - 2P. If the firm's \cost function is C(Q) = 2Q^2 + 10Q, find the profit-maximizing price and quantity.
Question 3
A government is considering a tax on a particular good. The demand for the good is given by Q_d = 100 - 2P, where Q_d is the quantity demanded and P is the price. The supply of the good is given by Q_s = 2P, where Q_s is the quantity supplied. If the government imposes a tax of 5 on the good, what is the new equilibrium price and quantity?
Question 4
Consider a monopolist with a demand curve given by \( P = 100 - 2q \) and a marginal \cost curve given by \( MC = 10 \). What is the monopolist's profit-maximizing quantity?
Question 5
A firm's demand function for a product is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm's current price is ₦50, what is the firm's current quantity demanded?
Question 6
A monopolist faces a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. Find the profit-maximizing quantity and price.
Question 7
A consumer's utility function is given by U = 2x + 3y, where x and y are the quantities of two goods consumed. If the consumer's budget constraint is 2x + 3y = 12 and the prices of the two goods are p_x = 2 and p_y = 3, respectively, what is the consumer's optimal bundle of goods?
Question 8
The Nigerian government has introduced a new policy to increase agricultural production. The policy includes providing subsidies to farmers, improving irrigation systems, and increa\sing access to credit. However, the policy also includes a provision that allows the government to seize land from farmers who fail to meet production targets. Which of the following market structures best describes the situation?
Question 9
A firm's production function is given by \( Q = 100K^{0.5}L^{0.5} \). If the firm's output is 100 units and the wage rate is ₦100 per unit, find the value of the capital stock.
Question 10
A firm's production function is given by Q = 3L^0.5K^0.5. If the firm's current output is 9 units and the number of workers (L) is 1, find the number of machines (K) required.
Question 11
A firm is producing a good u\sing the production function Q = 2L^0.5K^0.5. If the price of the good is $10 and the price of labor is $5, and the price of capital is $10, what is the profit-maximizing level of capital?
Question 12
A firm's production function is given by Q = 2L^2 + 3K, where L is labor and K is capital. If the firm hires 4 units of labor and 3 units of capital, what is the total output?
Question 13
The Nigerian government is considering a new tax policy to increase revenue. The policy includes a value-added tax (VAT) of 10% on all goods and services. However, the policy also includes an exemption for certain goods and services, such as food and medicine. Which of the following types of taxes best describes the situation?
Question 14
A firm is producing a good u\sing the production function Q = 2L^0.5K^0.5. If the price of the good is $10 and the price of labor is $5, and the price of capital is $10, what is the profit-maximizing level of labor?
Question 15
A monopolist faces a demand curve given by P = 150 - 3Q. The monopolist's marginal \cost (MC) is given by MC = 15 + 3Q. Find the profit-maximizing quantity of output.
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