POST UTME LASU 2025 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A consumer's indifference curve is given by the equation \( U = 2x + 3y \). If the consumer's income is ₦60 and the price of good x is ₦2, what is the maximum amount the consumer can sp\end on good y?
Question 2
A firm's demand curve is given by Q = 100 - 2P. The firm's marginal revenue (MR) function is MR = 50 - 2Q. Find the firm's profit-maximizing price.
Question 3
Assume that the Marshall-Lerner condition holds for a small open economy. If the country's export demand elasticity is 2 and import demand elasticity is 3, what is the minimum value of the sum of the export and import demand elasticities required to ensure that a devaluation of the currency will lead to an improvement in the trade balance?
Question 4
A firm's production function is given by Q = 2L^0.5K^0.5. If the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, determine the optimal level of labor and capital to minimize the \cost of production.
Question 5
A country's GDP is given by GDP = C + I + G + \( X - M \). If the country's consumption (C) is 100, investment (I) is 50, government sp\ending (G) is 200, exports (X) are 150, and imports (M) are 100, find the country's GDP.
Question 6
A firm's demand curve for a good is given by Q = 100 - 2P, where Q is quantity demanded and P is price. If the firm's marginal \cost is 10, what is the profit-maximizing price?
Question 7
A monopolist faces a demand curve of the form \( p = 100 - 2q \). If the monopolist's marginal \cost is $20, what is the optimal quantity to produce?
Question 8
A country's national income is calculated as the sum of all wages, rents, and profits earned by its citizens. If a country's GDP is ₦100 billion and its net foreign income is ₦10 billion, what is its national income?
Question 9
The government of Nigeria has introduced a new policy aimed at promoting agricultural development in the country. The policy includes providing subsidies to farmers, improving irrigation systems, and increa\sing access to credit. However, some critics argue that the policy will lead to increased food prices, which will negatively impact the poor. U\sing the concept of opportunity \cost, evaluate the potential impact of this policy on the poor.
Question 10
A country's balance of payments account is given by the following equation: BOP = X - M + F - I, where BOP is the balance of payments, X is exports, M is imports, F is foreign investment, and I is interest payments. If the country's exports are 100, imports are 80, foreign investment is 20, and interest payments are 10, what is the balance of payments?
Question 11
Consider a firm with a production function of the form \( q = 2K^0.5L^0.5 \). If the firm's capital and labor inputs are $100 and $50 respectively, what is the firm's output?
Question 12
A country's inflation rate is given by the formula: Inflation Rate = \( CPI - CPI_last_year \) / CPI_last_year * 100. If the current CPI is 120 and the CPI last year was 100, find the inflation rate.
Question 13
The Nigerian government has implemented a policy to increase agricultural production in the country. Which of the following is a potential consequence of this policy?
Question 14
A consumer has a budget constraint given by I = 100 - 2C. The consumer's indifference curve is given by U = 2C. Find the consumer's optimal level of consumption.
Question 15
Consider a firm with a production function of the form \( q = 2K^0.5L^0.5 \). If the firm's capital and labor inputs are $100 and $50 respectively, what is the firm's output?
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