POST UTME MADONNA UNIVERSITY 2022 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
The Nigerian government has implemented a policy to increase agricultural production by 20% within the next two years. If the current agricultural production is ₦100 billion, what will be the total value of agricultural production after two years?
Question 2
The Central Bank of Nigeria (CBN) uses the following monetary policy instrument to control inflation: Open Market Operations (OMO), Reserve Requirements, and the Discount Rate. Which of the following is NOT a primary objective of monetary policy?
Question 3
The demand for a product is given by the equation \( Q_d = 100 - 2P \), where \( Q_d \) is the quantity demanded and ( P ) is the price. If the supply function is \( Q_s = 50 + 3P \), find the equilibrium price and quantity.
Question 4
The demand for a commodity 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 percentage change in quantity demanded when the price increases by 10%?
Question 5
A country's GNP is ₦1.5 trillion, its GDP is ₦1.2 trillion, and its net factor income from abroad is ₦300 billion. What is its GNP?
Question 6
A firm's production function is given by Q = 3L^0.5H^0.5. If the price of labor (L) is ₦150 per unit and the price of capital (H) is ₦300 per unit, calculate the total \cost of producing 9 units of output.
Question 7
A consumer has a budget of ₦10,000 to sp\end on two goods: a smartphone and a laptop. The price of the smartphone is ₦5,000 and the price of the laptop is ₦8,000. If the consumer buys the smartphone, how much money will they have left to sp\end on the laptop?
Question 8
A monopolist is producing a good with a demand function Q = 100 - P and a \cost function C = 2Q^2 + 100Q. If the firm's marginal revenue is equal to its marginal \cost, what is the price at which the firm will produce?
Question 9
A firm produces two goods: A and B. The production of good A requires 2 units of labor and 3 units of capital, while the production of good B requires 3 units of labor and 2 units of capital. If the firm has 12 units of labor and 15 units of capital, how many units of good A can it produce?
Question 10
The following diagram shows the supply and demand curves for a commodity. If the price elasticity of supply is 2 and the price elasticity of demand is 0.5, what is the change in quantity supplied and quantity demanded when the price increases by 10%?
Question 11
A firm's \cost function is given by the equation C(q) = 100 + 2q. If the firm produces 50 units of the product, what is the total \cost?
Question 12
A firm is producing a good with a marginal \cost of ₦10 and a marginal revenue of ₦15. What is the profit-maximizing level of output?
Question 13
The government of Nigeria wants to measure the national income of the country. The GDP formula is \( GDP = C + I + G + \( X - M \ \) ), where ( C ) is consumption, ( I ) is investment, ( G ) is government sp\ending, ( X ) is exports, and ( M ) is imports. If the government has a GDP of ₦10 trillion, consumption is ₦3 trillion, investment is ₦2 trillion, government sp\ending is ₦1 trillion, exports are ₦2 trillion, and imports are ₦1 trillion, find the national income.
Question 14
The central bank of Nigeria has increased the reserve requirement for commercial banks. What is the effect of this policy on the money supply?
Question 15
A consumer's indifference curve is represented by the equation u(x,y) = 2x + 3y. If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦3 respectively, what is the consumer's optimal bundle?
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