POST UTME NILE UNIVERSITY 2021 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's production function is given by ( f(x,y) = 2x^2 + 3y^2 ). If the firm produces 10 units of output, what is the marginal product of x?
Question 2
A firm's supply function is given by Q = 100 + 2P. If the price of the firm's product is ₦50, what is the quantity supplied?
Question 3
A monopolist has a demand curve given by Qd = 100 - 2P and a marginal revenue curve given by MR = 20 - 2Q. If the firm's marginal \cost is $10, what is the firm's profit-maximizing output?
Question 4
A firm's \cost function is given by C(q) = 2q^2 + 10q + 100. What is the marginal \cost when q = 5?
Question 5
A consumer has a utility function given by U(x, y) = 2x + 3y. If the consumer's budget constraint is 2x + 3y = 12, and the prices of x and y are $2 and $3 respectively, what is the consumer's optimal bundle?
Question 6
A firm is operating in a perfectly competitive market with a demand curve given by Qd = 100 - 2P and a supply curve given by Qs = 2P. If the market equilibrium price is $20, what is the producer surplus?
Question 7
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \), where L is labor and K is capital. If the firm's current labor and capital inputs are L = 16 and K = 9, respectively, what is the firm's current output?
Question 8
A country's GDP grows at an annual rate of 5% while its population grows at an annual rate of 2%. What is the growth rate of per capita GDP?
Question 9
A country's GDP is ₦100 billion, its government exp\enditure is ₦30 billion, and its net taxes are ₦20 billion. What is the country's national income?
Question 10
A consumer's budget constraint is given by 2x + 3y = 12. If the price of x is 2 and the price of y is 3, what is the consumer's budget line?
Question 11
The Gross Domestic Product (GDP) is a measure of the total value of all final goods and services produced within a country's borders. Which of the following is NOT included in the calculation of GDP?
Question 12
A country's balance of payments is given by the following table:\n\n| Item | Exports | Imports |\n| --- | --- | --- |\n| Goods | 100 | 150 |\n| Services | 50 | 30 |\n| Transfer | 20 | 10 |\n\nWhat is the country's trade deficit?
Question 13
A firm's demand function is given by Q = 100 - 2P, where Q is quantity demanded and P is price. If the firm's marginal revenue is ₦50, what is the firm's optimal price?
Question 14
A firm's 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, and the firm's budget constraint is 100L + 200K = ₦10,000, find the optimal level of labor and capital.
Question 15
A country's export supply function is given by X = 100 + 2P, where X is the quantity of exports and P is the price of exports. If the price of exports is ₦50, what is the quantity supplied?
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