POST UTME NOUN 2019 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
Consider a firm operating in a perfectly competitive market with a production function Q = 2L^0.5K^0.5. If the firm's current input prices are w = 10 and r = 20, calculate the firm's total \cost of production when L = 4 and K = 9.
Question 2
Consider a firm with a production function Q = 3L^0.7K^0.3. If the firm's current input prices are w = 15 and r = 25, calculate the firm's marginal \cost when L = 6 and K = 12.
Question 3
A firm's total revenue (TR) is given by the equation TR = P * Q, where P is the price per unit and Q is the quantity sold. If the price per unit is ₦50 and the quantity sold is 100 units, what is the total revenue?
Question 4
A firm's marginal \cost (MC) is given by the equation MC = 2Q + 10, where Q is the quantity produced. If the firm produces 5 units, what is the marginal \cost?
Question 5
A consumer has a budget constraint of 100 and a preference for two goods, A and B. The prices of A and B are 5 and 10 respectively. If the consumer's indifference curve is \tangent to the budget line, what is the consumer's optimal consumption bundle?
Question 6
A firm produces two products, A and B. The production function for A is Q_A = 2L + 3K and for B is Q_B = 4L + 2K. If the firm has 10 units of labor and 5 units of capital, how many units of A and B should it produce to maximize profit?
Question 7
Consider a firm operating in a perfectly competitive market with a given supply curve. If the price elasticity of demand is greater than 1, what will be the effect on the firm's revenue?
Question 8
A country's GDP is calculated as the sum of consumption, investment, government sp\ending, and net exports. If the country's GDP is ₦10 trillion and the government sp\ending is ₦1.5 trillion, what is the sum of consumption and investment?
Question 9
A consumer has a utility function U(x,y) = 2x + 3y. If the prices of x and y are ₦5 and ₦3 respectively, and the consumer's income is ₦100, find the consumer's optimal bundle of x and y.
Question 10
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \), where Q is the output, L is the labor, and K is the capital. If the firm wants to increase its output by 20%, what is the required percentage increase in labor?
Question 11
The elasticity of demand for a product is 0.5. If the price of the product increases by 10%, what is the percentage change in the quantity demanded?
Question 12
The government of a country has a budget deficit of ₦100 billion. If the government increases its revenue by 15% and decreases its exp\enditure by 10%, what is the new budget deficit?
Question 13
A consumer's budget constraint is given by P1Q1 + P2Q2 = I, where P1 and P2 are the prices of two goods, Q1 and Q2 are the quantities of the two goods, and I is the income. If the consumer's income is ₦100, the price of good 1 is ₦10, and the price of good 2 is ₦20, what is the maximum quantity of good 1 that the consumer can buy?
Question 14
Consider a country that imports 100 units of a good from another country at a price of ₦50 per unit, and exports 50 units of another good to the same country at a price of ₦75 per unit. If the country's balance of payments is in equilibrium, what is the value of the good that the country imports?
Question 15
A firm's production function is Q = 2L + 3K. The firm has 10 units of labor and 5 units of capital. Find the firm's marginal product of labor and marginal product of capital.
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