POST UTME LASU 2022 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
Calculate the value of the definite integral \( int_{0}^{2} \( 2x^2 + 3x - 1 \ \) dx ) u\sing the power rule of integration.
Question 2
The following diagram shows the supply and demand curves for a market. What is the equilibrium price?
Question 3
A firm's production function is given by \( Q = 2K^0.5L^0.5 \). If the firm's capital is \( K = 16 \) and labor is \( L = 9 \), what is the level of output?
Question 4
A monopolistically competitive firm faces a demand curve given by P = 100 - 2x. If the firm's marginal revenue is MR = 50 - 2x, what is the firm's optimal price?
Question 5
A firm's demand curve 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 -2, what is the price elasticity of demand when the quantity demanded is 80?
Question 6
A country's GDP is calculated as the sum of the value of all final goods and services produced within its borders. If the country's GDP is ₦10,000,000,000 and the value of imports is ₦2,000,000,000, what is the value of the country's net exports?
Question 7
A firm's production function is given by the equation Q = 2L^2 + 3K, where Q is the output, L is labor, and K is capital. If the firm increases the labor by 20% and the capital by 15%, what is the new output?
Question 8
A consumer has an income of ₦500 and faces the following budget constraint: \( x + 2y = 500 \). If the price of good x is ₦5 and the price of good y is ₦3, what is the consumer's optimal bundle of goods?
Question 9
A firm's supply curve is given by the equation Qs = 2P + 10, where Qs is the quantity supplied and P is the price. If the price elasticity of supply is 2, what is the percentage change in quantity supplied when the price increases by 5?
Question 10
A country's GDP is calculated as the sum of the value of all final goods and services produced within its borders. If the country's GDP is ₦10,000,000,000 and the value of imports is ₦2,000,000,000, what is the value of the country's net exports?
Question 11
A country's balance of payments account is given by the equation BOP = X - M, where BOP is the balance of payments, X is the value of exports, and M is the value of imports. If the value of exports is ₦5,000,000,000 and the value of imports is ₦3,000,000,000, what is the balance of payments?
Question 12
The agricultural sector in Nigeria contributes significantly to the country's GDP, but its growth rate has been
Question 13
A country's balance of payments is given by the following equation: \( BOP = X - M \), where ( X ) is the value of exports and ( M ) is the value of imports. If the country's exports are \( X = 100 \) and imports are \( M = 80 \), what is the balance of payments?
Question 14
A country's balance of payments account is given by the equation BOP = X - M, where BOP is the balance of payments, X is the value of exports, and M is the value of imports. If the value of exports is ₦5,000,000,000 and the value of imports is ₦3,000,000,000, what is the balance of payments?
Question 15
A firm's demand curve shifts to the right due to an increase in consumer income, which leads to a
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