POST UTME NILE UNIVERSITY 2020 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A government imposes a tax of ₦10 on a product. If the demand function for the product is given by q = 100 - 2p and the supply function is given by q = 2p - 10, what is the new tax revenue?
Question 2
A government imposes a tax on a commodity, cau\sing the supply curve to shift to the left. If the demand curve is inelastic and the tax is not passed on to consumers, what happens to the equilibrium price and quantity?
Question 3
The elasticity of demand for a commodity is given by the formula \( eta = \frac{p}{x} \frac{dx}{dp} \). If the price elasticity of demand for a commodity is 0.5 and the price of the commodity increases by 10%, what is the percentage change in the quantity demanded?
Question 4
A firm has a total revenue function given by TR = 100p^2 - 200p + 500. If the firm's total \cost function is given by TC = 50p^2 + 100p + 200, what is the firm's profit function?
Question 5
A firm's demand for a good is given by the following equation: Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the price is ₦50, how many units of the good will the firm demand?
Question 6
A country's government has decided to implement a policy to reduce the poverty rate in the country. The poverty rate is currently 30%. If the government implements a policy that increases the GDP per capita by 10%, what is the new poverty rate?
Question 7
A firm's demand function is given by the equation \( x = 100 - 2p \). If the firm's revenue function is given by the equation \( R = px \), what is the firm's marginal revenue function?
Question 8
A monopolistically competitive firm faces a demand curve with an elasticity of -2. If the firm increases its price by 10%, what is the percentage change in quantity demanded?
Question 9
A firm has a budget constraint \( 2Q + 3I = 100 \), where ( Q ) is the quantity of output and ( I ) is the investment. If the firm's production function is given by \( Q = 2I - 10 \), find the value of ( I ) when \( Q = 20 \).
Question 10
A country's balance of payments is given by the following equation: BOP = X - M, where BOP is the balance of payments, X is the value of exports, and M is the value of imports. If the value of exports is ₦100 billion and the value of imports is ₦120 billion, what is the balance of payments?
Question 11
A government imposes a tax of ₦10 on a product. If the supply function for the product is given by q = 2p - 10, what is the new supply function?
Question 12
A country's GNP is ₦1,500,000,000,000. If the country has a trade deficit of ₦200,000,000,000, what is the GDP?
Question 13
A country's government budget is given by the following equation: G = T + I, where G is the government exp\enditure, T is the tax revenue, and I is the interest payment. If the tax revenue is ₦50 billion and the interest payment is ₦20 billion, what is the government exp\enditure?
Question 14
A monopolist faces a demand curve given by Q = 100 - 2P. The monopolist's marginal \cost curve is MC = 10 + 2Q. What is the profit-maximizing price and quantity?
Question 15
Consider a country with a GDP of $100 billion and a population of 50 million. If the country's GDP per capita is $2,000, find the value of the country's GNP.
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.
Unlock Full Access
Available for Android & Windows