POST UTME JOSEPH AYO BABALOLA UNIVERSITY 2018 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A consumer has a utility function U(x, y) = 2x + 3y. If the consumer's income is ₦1000 and the prices of x and y are ₦2 and ₦3 respectively, what is the consumer's optimal bundle?
Question 2
A firm's revenue function is given by TR = 100q - 2q^2. If the market price is $10, find the firm's marginal revenue.
Question 3
The government of Nigeria is planning to implement a new economic policy to stimulate economic growth. The policy includes increa\sing the minimum wage, reducing taxes, and investing in infrastructure. What is the expected outcome of this policy?
Question 4
A firm is producing a good with a total revenue of ₦1,500 and a total \cost of ₦1,200. If the price elasticity of demand is 1.5, what is the price at which the firm should produce to maximize profits?
Question 5
A firm's revenue function is given by TR = 100q - 2q^2. If the market price is $10, find the firm's average revenue.
Question 6
A firm is producing a good with a total revenue of ₦1,500 and a total \cost of ₦1,200. What is the profit of the firm?
Question 7
A country's balance of payments (BOP) accounts are given by the following equations: \( CA = 100 + 0.5Y \) and \( SA = 50 + 0.2Y \), where ( CA ) is the current account balance and ( SA ) is the capital account balance. If the country's GDP is $1000, what is the BOP deficit?
Question 8
A firm is considering two projects: Project A has a probability of success of 0.6 and a payoff of ₦1000, while Project B has a probability of success of 0.4 and a payoff of ₦500. What is the expected value of the firm's payoff?
Question 9
A farmer is producing a crop with a yield of 100 kg/ha. The price of the crop is ₦500/kg. What is the total revenue of the farmer from 10 hectares of land?
Question 10
A consumer is faced with a budget constraint of ₦1,500 and a utility function of U = 2x + 3y, where x and y are the quantities of two goods. If the prices of the two goods are ₦50 and ₦75, respectively, what is the optimal bundle of goods that maximizes utility?
Question 11
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's labor and capital inputs are 100 and 400 respectively, what is the firm's output?
Question 12
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 10x + 5y = 100, what is the optimal combination of x and y that maximizes utility?
Question 13
A country's national income accounting identity is given by the equation \( Y = C + I + G + \( X - M \ \) ), where ( Y ) is the national income, ( C ) is the consumption, ( I ) is the investment, ( G ) is the government sp\ending, ( X ) is the exports, and ( M ) is the imports. If the country's national income is $1000, consumption is $300, investment is $200, government sp\ending is $100, exports are $200, and imports are $100, what is the trade balance?
Question 14
A firm's \cost function is given by C(q) = 100 + 20q. If the market price is $20, find the firm's profit-maximizing quantity.
Question 15
A firm's revenue function is given by TR = 100q - 2q^2. If the market price is $10, find the firm's total \cost.
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