POST UTME KSU 2019 Economics | Objective
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Question 1
A country's inflation rate is 5% and its nominal interest rate is 10%. What is the real interest rate?
Question 2
A firm's production function is given by Q = 2L^2 + 5K, where Q is the output, L is the labor and K is the capital. If the firm uses 10 units of labor and 5 units of capital, what is the output?
Question 3
A firm produces two goods, A and B, u\sing two inputs, labor and capital. The production functions are given by Q_A = 2L^0.5K^0.5 and Q_B = 3L^0.7K^0.3. If the firm has 100 units of labor and 50 units of capital, find the optimal allocation of labor and capital between the two goods.
Question 4
A firm's total revenue is given by the equation TR = 2Q^2 - 5Q + 10, where Q is the quantity sold. If the firm sells 10 units, what is the total revenue?
Question 5
A firm's production function is given by \( Q = 2L^0.5K^0.5 \), where ( Q ) is the quantity produced, ( L ) is the amount of labor used, and ( K ) is the amount of capital used. If the firm's \cost function is given by \( C = 100L + 200K \), what is the value of ( L ) when the firm's marginal product of labor is equal to its wage?
Question 6
A firm's total revenue function is given by TR = 2x^2 + 5x, where x is the quantity of the good produced. Find the marginal revenue function and the average revenue function.
Question 7
A firm's \cost function is given by C = 2x^2 + 5x, where x is the quantity of the good produced. Find the marginal \cost function and the average \cost function.
Question 8
A company in Nigeria produces two products, A and B. The \cost of producing product A is ₦50,000 per unit, and the \cost of producing product B is ₦60,000 per unit. If the company produces 100 units of product A and 50 units of product B, what is the total \cost of production?
Question 9
A government imposes a tax of ₦10 on a good. If the demand for the good is given by the equation Qd = 100 - 2P and the supply is given by Qs = 2P - 10, what is the new equilibrium price?
Question 10
A firm has a total revenue function of \( TR = 100x - 2x^2 \) and a total \cost function of \( TC = 50x + 10x^2 \). Determine the profit-maximizing level of output.
Question 11
The Nigerian government is considering a policy to increase agricultural production. The policy involves providing subsidies to farmers. If the demand for agricultural products is given by Q = 100 - 2P and the supply function is Q = 2P + 10, find the price and quantity of agricultural products after the policy is implemented.
Question 12
A government has a tax function of \( T = 100 + 0.1Y \) and a government exp\enditure function of \( G = 200 + 0.2Y \). Determine the equilibrium level of government revenue.
Question 13
Consider a country with a GDP of ₦10 trillion and a population of 200 million. If the average annual income is ₦50,000, what is the implied GDP per capita?
Question 14
Suppose the demand for a product is given by the equation Qd = 100 - 2P and the supply is given by Qs = 2P - 10. If the market is in equilibrium, what is the price of the product?
Question 15
A consumer in Nigeria has a budget of ₦100,000 per month. The consumer's utility function is given by U(x, y) = 2x + 3y, where x is the number of units of good X and y is the number of units of good Y. If the price of good X is ₦50 per unit and the price of good Y is ₦60 per unit, how many units of good X should the consumer buy?
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