POST UTME MOUNTAIN TOP UNIVERSITY 2020 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A country's GDP deflator is given by the formula GDP deflator = \( GDP at current prices / GDP at cons\tant prices \) x 100. If the GDP at current prices is 1000 and the GDP at cons\tant prices is 800, what is the GDP deflator?
Question 2
A firm's revenue function is given by R(x) = 2x^2 + 5x + 1, where x is the number of units produced. If the firm's marginal revenue function is MR(x) = 4x + 5, find the value of x that maximizes revenue.
Question 3
A consumer's budget constraint is given by P1Q1 + P2Q2 = 100. If the price of good 1 (P1) increases from ₦10 to ₦15, and the price of good 2 (P2) remains cons\tant at ₦5, what is the new budget constraint?
Question 4
The demand for a product 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 percentage change in quantity demanded when the price increases by 10%?
Question 5
The National Bureau of Statistics (NBS) reported that Nigeria's GDP grew by 2.27% in the first quarter of 2020. However, the growth rate was lower than the 3.02% recorded in the same quarter of 2019. What could be the possible reason for this decline in growth rate?
Question 6
A firm's demand curve is given by Q = 100 - 2P. If the firm's marginal revenue (MR) curve is given by MR = -2, and the firm's marginal \cost (MC) curve is given by MC = 5, what is the firm's optimal price?
Question 7
A country's GDP can be calculated u\sing the following formula: GDP = C + I + G + \( X - M \). If the country's consumption (C) is ₦500 billion, investment (I) is ₦200 billion, government sp\ending (G) is ₦300 billion, exports (X) are ₦400 billion, and imports (M) are ₦200 billion, what is the country's GDP?
Question 8
A company in Nigeria produces 500 units of a product per day. The \cost of production is ₦1,000 per unit. If the selling price is ₦1,200 per unit, what is the profit per unit?
Question 9
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's labor (L) increases from 4 to 6 units, and the firm's capital (K) remains cons\tant at 9 units, what is the percentage change in output (Q)?
Question 10
A government budget is given by the equation B = T + I, where B is the budget, T is the tax revenue, and I is the interest payment. If the tax revenue is ₦100 and the interest payment is ₦50, what is the budget?
Question 11
A consumer's budget constraint is given by the equation 2x + 3y = 12, where x and y are the quantities of two goods. If the consumer's indifference curves are given by the equation u(x, y) = xy, find the optimal values of x and y.
Question 12
A consumer's budget constraint is given by the equation 2x + 3y = 12, where x and y are the quantities of two goods. If the consumer's indifference curves are given by the equation u(x, y) = xy, find the optimal values of x and y.
Question 13
A monopolist faces a demand curve given by P = 100 - 2Q. The firm's marginal \cost is MC = 10 + 2Q. What is the monopolist's profit-maximizing output?
Question 14
A firm's \cost function is given by C(x) = 2x^2 + 5x + 1, where x is the number of units produced. If the firm's revenue function is R(x) = 4x^2 + 5x + 1, find the value of x that minimizes \cost.
Question 15
The demand for a product 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 price at which the quantity demanded is 60?
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