POST UTME LAUTECH 2025 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's demand function is Q = 100 - 2P, where Q is quantity demanded and P is price. If the firm's current price is ₦20, how many units will it sell?
Question 2
A country experiences an inflation rate of 10% and a nominal interest rate of 12%. What is the real interest rate?
Question 3
U\sing the Marshall-Lerner condition, determine the effect of a 10% depreciation in the exchange rate on the balance of payments of a country.
Question 4
A firm operates in a perfectly competitive market with a demand curve given by Q = 100 - 2P and a supply curve given by Q = 10 + 3P. What is the equilibrium price and quantity?
Question 5
A firm's demand function is given by Q = 100 - 2P. If the price (P) increases by 10%, what will be the effect on the quantity demanded?
Question 6
A firm produces two goods, X and Y, u\sing two inputs, Labour (L) and Capital (K). The production function for good X is given by X = 2L^0.5K^0.5, while that for good Y is given by Y = 3L^0.25K^0.75. If the firm has 100 units of Labour and 200 units of Capital, what is the value of the elasticity of substitution between Labour and Capital?
Question 7
A firm has a total revenue function given by TR = 100Q - 2Q^2. If the firm produces 20 units, what is the marginal revenue?
Question 8
A consumer has the following utility function: U = 2x^0.5y^0.5. If the prices of x and y are $2 and $3 respectively, and the consumer has an income of $100, what is the optimal bundle of x and y that the consumer will choose?
Question 9
A country's elasticity of demand is given by the equation E = \( ΔQd / ΔP \) × \( P / Qd \), where E is the elasticity of demand, ΔQd is the change in quantity demanded, ΔP is the change in price, P is the price, and Qd is the quantity demanded. If the country's demand curve is given by the equation Qd = 100 - 2P, what is the elasticity of demand when P = ₦30 and Qd = 40?
Question 10
A monopolist faces a demand curve given by \( Q = 100 - 2P \). If the marginal \cost is \( MC = 10 \), determine the profit-maximizing price and quantity.
Question 11
A firm faces the following demand and supply curves: \( D = 100 - 2P, S = 20 + P \). Determine the equilibrium price and quantity.
Question 12
A country's GNP is ₦15 trillion, its GDP is ₦12 trillion, and its net factor income from abroad is ₦1 trillion. What is its national income?
Question 13
A firm is producing a good u\sing a production function given by Q = 2L^0.5K^0.5. If the firm has 100 units of Labour and 200 units of Capital, what is the value of the marginal product of Labour?
Question 14
A country's balance of payments is given by the equation BOP = X - M, where X is the value of exports and M is the value of imports. If the country's exports are ₦1000 and its imports are ₦800, what is the country's balance of payments?
Question 15
A consumer has the following utility function: U = 2x^0.5y^0.5. If the prices of x and y are $2 and $3 respectively, and the consumer has an income of $100, what is the optimal bundle of x and y that the consumer will choose?
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