POST UTME OAU 2017 Economics | Objective
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Question 1
A country's GDP is given by 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 consumption is $200 billion, investment is $50 billion, government sp\ending is $100 billion, exports are $150 billion, and imports are $100 billion, what is its GDP?
Question 2
A country's GDP is 100 billion naira, and its GNP is 120 billion naira. What is the country's net factor income from abroad?
Question 3
Consider a firm operating in a perfectly competitive market with a downward-sloping demand curve. If the firm's marginal revenue (MR) is greater than its marginal \cost (MC), what will be the effect on the firm's output?
Question 4
A country's GDP is given by the equation GDP = C + I + G + \( X - M \). If the country's current values are C = 100, I = 50, G = 75, X = 150, and M = 50, calculate the country's GDP.
Question 5
A firm's revenue function is given by R(Q) = 20Q - 2Q^2. If the firm produces Q = 10 units, what is the total revenue?
Question 6
The government of Nigeria has introduced a new policy to increase agricultural production. The policy includes subsidies for fertilizers and seeds. If the demand for fertilizers is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price, and the supply of fertilizers is given by the equation Qs = 50 + 2P, where Qs is the quantity supplied and P is the price, what is the equilibrium price?
Question 7
A firm's \cost function is given by the equation C(x) = 100 + 2x^2, where x is the number of units produced. If the firm produces 10 units, what is the total \cost?
Question 8
A firm's total revenue (TR) is given by the equation TR = 100x - 2x^2, where x is the number of units sold. If the firm's marginal revenue (MR) is 80, what is the value of x?
Question 9
A country's money supply is given by M = 1000 + 0.5Y, where Y is the country's income. If the country's income is $100 billion, what is its money supply?
Question 10
A country's balance of payments (BOP) accounts are as follows:\n\nCurrent Account: ₦100 billion (exports) - ₦80 billion (imports) = ₦20 billion\nCapital Account: ₦30 billion (inflows) - ₦20 billion (outflows) = ₦10 billion\n\nDetermine the country's overall BOP balance.
Question 11
The demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the price elasticity of demand is 0.5, what is the value of Qd?
Question 12
A firm's \cost function is given by C(Q) = 2Q^2 + 10Q + 5. If the firm produces Q = 5 units, what is the total \cost?
Question 13
A firm's production function is given by Q = 2L^0.7K^0.3. If the firm's current input prices are w = 12 and r = 22, and it is currently producing 120 units of output, what is the firm's current profit-maximizing input combination?
Question 14
A firm's total revenue is given by TR = 100Q - 2Q^2, where Q is the quantity sold. If the firm sells 20 units, what is its total revenue?
Question 15
A monopolist faces the following demand and \cost functions:\n\nDemand: Qd = 100 - 2P\nCost: C = 20 + 5Q\n\nDetermine the monopolist's profit-maximizing price and quantity.
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