POST UTME NOUN 2024 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A monopolist faces a demand curve given by the equation \( p = 100 - 2q \). The firm's marginal \cost is ₦50. What is the monopolist's profit-maximizing quantity?
Question 2
A country's GDP is given by the equation Y = C + I + G. If the country's consumption function is C = 100 + 0.8Y, the investment function is I = 200 + 0.2Y, and government sp\ending is G = 500, find the country's equilibrium GDP.
Question 3
A firm has a production function F(Q) = 2Q^2 + 5Q. The price of the good is ₦100. Find the firm's profit-maximizing quantity and revenue.
Question 4
Consider a country with a fixed money supply of ₦100 billion and a central bank that targets an inflation rate of 2%. If the current inflation rate is 4%, what is the likely action the central bank will take to achieve its target?
Question 5
A government is considering a tax on a particular good. The supply curve of the good is given by Q = 100 + 2P, where Q is the quantity supplied and P is the price. If the government wants to collect a tax of ₦20 per unit, determine the new equilibrium price and quantity.
Question 6
A firm's \cost function is given by C(x) = 2x^2 + 5x + 10. What is the marginal \cost function?
Question 7
A country is experiencing a trade deficit of ₦100 billion. If the country's exports are ₦200 billion and its imports are ₦300 billion, determine the country's balance of payments.
Question 8
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 billion, consumption is ₦30 billion, investment is ₦20 billion, government sp\ending is ₦15 billion, exports are ₦25 billion, and imports are ₦10 billion, what is the country's balance of trade?
Question 9
A consumer's utility function is given by U = 2x^0.5y^0.5, where x and y are the quantities of two goods. If the consumer's income is ₦1000 and the prices of the two goods are ₦5 and ₦10, respectively, what is the consumer's optimal bundle of goods?
Question 10
A firm's production function is given by q = 2K^0.5L^0.5. If the firm wants to produce 100 units, what is the minimum \cost of production?
Question 11
A firm's production function is given by Q = 2L^0.5H^0.5, where Q is output, L is labor, and H is capital. If the firm's labor and capital are increased by 20% and 15%, respectively, what is the percentage change in output?
Question 12
A monopolist faces a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. Find the profit-maximizing quantity and price.
Question 13
Agricultural industrialization in Nigeria has been hindered by several factors. Which of the following is NOT a major constraint?
Question 14
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is output, L is labor, and K is capital. If the firm wants to increase output by 20% while keeping labor cons\tant at 100 units, what percentage increase in capital is required?
Question 15
A firm is considering investing in a new project. The project has a net present value (NPV) of ₦100 million and a payback period of 5 years. Determine the internal rate of return (IRR) of the project.
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