POST UTME OAU 2023 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's revenue function is given by the equation R(P) = 100P - 2P^2, where P is the price. If the firm wants to maximize its revenue, what is the price at which it should sell its product?
Question 2
A monopolist faces a demand curve given by Q = 100 - 2P. The monopolist's marginal \cost (MC) is 10. If the firm's price elasticity of demand is 2, what is the profit-maximizing price?
Question 3
A firm's production function is given by \( Q = 2L^2 + 3K^2 \), where ( L ) is labor and ( K ) is capital. If the firm's budget constraint is given by \( 2L + 3K = 100 \), what is the firm's optimal level of capital?
Question 4
A government is considering two economic development strategies: a strategy that focuses on increa\sing the country's human capital and a strategy that focuses on increa\sing the country's physical capital. If the country's current human capital is 50% and physical capital is 30%, which strategy is more likely to lead to economic growth?
Question 5
A firm's revenue function is given by R(x) = 2x^2 + 10x. If the firm's fixed \cost is ₦500, determine the profit-maximizing level of output.
Question 6
A country's trade balance is given by the equation TB = X - M, where X is exports and M is imports. If the country's exports are ₦100 billion and its imports are ₦120 billion, what is the trade balance?
Question 7
A country's GDP is ₦1,500 billion, and its GNP is ₦1,600 billion. What is the country's net factor income from abroad?
Question 8
The demand for a good is given by the equation Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the price increases from ₦10 to ₦15, what is the percentage change in quantity demanded?
Question 9
A country's inflation rate is given by the equation IR = \( P - P0 \)/P0, where P is the current price level and P0 is the base price level. If the current price level is ₦100 and the base price level is ₦90, what is the inflation rate?
Question 10
Consider a firm operating in a perfectly competitive market. If the firm's marginal revenue (MR) curve intersects its marginal \cost (MC) curve at point E, where MR = MC, and the price elasticity of demand (PED) is 2, what is the firm's optimal output level?
Question 11
A firm's demand curve is given by Q = 100 - 2P. The firm's marginal \cost (MC) is 10. If the firm's price elasticity of demand is 2, what is the profit-maximizing quantity?
Question 12
A country's GDP is 100 billion naira. The government imposes a 10% tax on all goods and services. If the tax revenue is 5 billion naira, what is the country's GNP?
Question 13
A country is experiencing a trade deficit due to a decrease in exports and an increase in imports. The country's balance of payments is given by the following equation: BOP = X - M, where X is the value of exports and M is the value of imports. If the value of exports is $100 and the value of imports is $120, find the balance of payments.
Question 14
A country's GDP is ₦1.5 trillion. If the country's population is 200 million, determine the per capita income.
Question 15
A firm is producing a good with a production function Q = 2L^0.5K^0.5, where L is labor and K is capital. If the firm increases capital from 400 to 441 units, and labor remains cons\tant at 100 units, what is the percentage change in output?
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