POST UTME KSU 2017 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A monopolist faces a demand curve given by P = 100 - 2q. If the firm's marginal \cost is 10, find the quantity at which the firm's profit is maximized.
Question 2
Suppose a country's import demand function is given by Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the price elasticity of demand is -2, what is the percentage change in quantity demanded when the price increases by 10%?
Question 3
A monopolistically competitive firm faces a demand curve given by Q = 100 - 2P. If the firm's marginal revenue (MR) is 20 and the price elasticity of demand is -2, what is the firm's optimal price?
Question 4
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 price at which the quantity demanded is 50?
Question 5
The concept of scarcity in economics implies that the available resources are insufficient to meet the unlimited wants of individuals. Which of the following is a consequence of scarcity?
Question 6
A country's balance of payments is given by the equation \( BOP = 100 - 2X + 3M \). If the country's imports are ₦500 and its exports are ₦200, find the country's balance of payments.
Question 7
A government's budget is given by the equation B = R - T, where B is the budget, R is the revenue, and T is the tax. If the revenue is ₦100 and the tax is ₦80, what is the budget?
Question 8
A government's budget is given by the equation B = T + I, where B is the budget, T is the tax revenue, and I is the interest payment. If the tax revenue is ₦50 billion and the interest payment is ₦20 billion, what is the budget?
Question 9
A consumer's indifference curve is represented by the equation ( u(x,y) = 3x + 2y ). If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦3 respectively, find the consumer's optimal bundle of x and y.
Question 10
A monopolist faces a downward-sloping demand curve. What is the likely effect of an increase in the monopolist's fixed \costs?
Question 11
A country's GDP is given by the equation Y = C + I + G + \( X - M \), where Y is GDP, C is consumption, I is investment, G is government sp\ending, X is exports, and M is imports. If the country's GDP is $100 billion, consumption is $60 billion, investment is $20 billion, government sp\ending is $15 billion, exports are $30 billion, and imports are $20 billion, what is the value of the country's net exports?
Question 12
A farmer produces wheat u\sing a production function Q = 2L^0.5K^0.5. If the farmer currently uses 100 units of labor and 50 units of capital, and the prices of labor and capital are 10 and 20 respectively, calculate the farmer's current output and its marginal product of labor (MPL) and marginal product of capital (MPK).
Question 13
Consider a market with a demand function Qd = 100 - 2P and a supply function Qs = 2P. If the market is initially in equilibrium at a price of 20, and the government imposes a tax of 5 on the suppliers, what will be the new equilibrium price and quantity?
Question 14
Consider a firm operating in a perfectly competitive market with a production function Q = 2L^0.5K^0.5. If the firm's current input prices are w = 10 and r = 20, and it currently uses 100 units of labor and 50 units of capital, calculate the firm's current output and its marginal product of labor (MPL) and marginal product of capital (MPK).
Question 15
Consider a market with a demand function Qd = 100 - 2P and a supply function Qs = 2P. If the market is initially in equilibrium at a price of 20, and the government imposes a tax of 5 on the suppliers, what will be the new equilibrium price and quantity?
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