POST UTME JOSEPH AYO BABALOLA UNIVERSITY 2017 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A country's GDP is given by the equation Y = C + I + G + \( X - M \). If the country's consumption function is C = 500 + 0.8Y, the investment function is I = 200 + 0.2Y, the government exp\enditure function is G = 1000, the export function is X = 5000, and the import function is M = 2000, what is the country's GDP?
Question 2
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \), where Q is the quantity of output, L is the quantity of labor, and K is the quantity of capital. If the firm is currently u\sing 16 units of labor and 25 units of capital, what is the marginal product of labor?
Question 3
A country's inflation rate is 5% per annum. What is the effect on the purcha\sing power of a consumer?
Question 4
A consumer's indifference curve is downward sloping and convex to the origin. What is the implication of this shape on the consumer's marginal rate of substitution (MRS)?
Question 5
The following table shows the budgetary allocations for a country. What is the effect of an increase in the budget for education on the overall budget deficit?
Question 6
The government of a country decides to implement a policy to reduce the price of a commodity by 20%. If the initial price is ₦100, what is the new price of the commodity?
Question 7
A government imposes a tax on a commodity to reduce its consumption. If the demand for the commodity is inelastic, what will be the effect on the government's revenue?
Question 8
A firm produces two goods, X and Y. The production of X requires 2 units of labor and 1 unit of capital, while the production of Y requires 1 unit of labor and 2 units of capital. If the firm has 10 units of labor and 15 units of capital, what is the opportunity \cost of producing 5 units of good X?
Question 9
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's output is 16 units, and the number of workers (L) is 4, what is the value of the capital stock (K)?
Question 10
A country's balance of payments is in surplus. What is the likely effect on its exchange rate?
Question 11
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's output is 16 units, and the number of workers (L) is 4, what is the value of the capital stock (K)?
Question 12
The demand function for a product is given by Q = 100 - 2P. If the price elasticity of demand is measured at a point where the quantity demanded is 50 units, what is the price elasticity of demand?
Question 13
The demand function for a product is given by Q = 100 - 2P. If the price elasticity of demand is measured at a point where the quantity demanded is 50 units, what is the price elasticity of demand?
Question 14
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 price is currently $10, what is the quantity demanded?
Question 15
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 price elasticity of demand is 0.5, what is the percentage change in quantity demanded when the price increases by 10%?
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