POST UTME NILE UNIVERSITY 2017 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm has a total revenue of ₦1.2 million and a total \cost of ₦800,000. If the firm's price elasticity of demand is 0.5, calculate the price elasticity of supply.
Question 2
A central bank has a money supply of ₦5 trillion and a reserve requirement of 20%. If the bank's required reserves are ₦1 trillion, calculate the excess reserves.
Question 3
A country's GDP is given by the equation 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 country's GDP is 100, and the values of C, I, G, X, and M are 20, 15, 10, 25, and 5, respectively, what is the value of the country's net exports?
Question 4
A country's GDP is calculated as the sum of all final goods and services produced within its borders. Which of the following is NOT included in the calculation of GDP?
Question 5
A firm's \cost function is given by the equation C = 2L + 3K, where C is the \cost, L is the labor, and K is the capital. If the firm wants to minimize its \cost, what is the optimal level of labor and capital?
Question 6
A firm's total revenue is given by TR = 10Q - 0.5Q^2. If the firm's output is 20 units, what is its total revenue?
Question 7
A country is experiencing a recession. The government increases government sp\ending by ₦1 trillion. What is the likely effect on the aggregate demand curve?
Question 8
A firm's marginal revenue is given by MR = 10 - Q. If the firm's output is 10 units, what is its marginal revenue?
Question 9
A country's GDP is given by the equation 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 country's GDP is 100, and the values of C, I, G, X, and M are 20, 15, 10, 25, and 5, respectively, what is the value of the country's net exports?
Question 10
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 firm's supply curve is given by the equation Qs = 2P - 10, where Qs is the quantity supplied, what is the equilibrium price?
Question 11
A firm's revenue function is given by the equation R = 2Q^2, where R is the revenue and Q is the quantity sold. If the firm wants to maximize its revenue, what is the optimal level of quantity sold?
Question 12
Consider a firm with a demand function Q = 100 - 2P and a supply function Q = 2P - 100. If the equilibrium price is ₦50, calculate the equilibrium quantity.
Question 13
A country's balance of payments account shows a trade deficit of $10 billion and a capital account surplus of $20 billion. What is the value of the current account balance?
Question 14
A government's budget constraint is given by the equation B = T + \( I - S \), where B is the budget deficit, T is tax revenue, I is government sp\ending, and S is savings. If the government's tax revenue is 50, and the values of I and S are 30 and 20, respectively, what is the value of the government's budget deficit?
Question 15
A firm is producing a good u\sing two inputs, labor and capital. The 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, what is the optimal combination of labor and capital?
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