POST UTME OSUSTECH 2021 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A country's balance of payments is given by the equation \( BOP = X - M \), where ( X ) is the value of exports and ( M ) is the value of imports. If the value of exports is ₦1,000 billion and the value of imports is ₦800 billion, what is the balance of payments?
Question 2
A firm's production function is given by Q = 100K^\( 1/2 \)L^\( 1/2 \), where Q is output, K is capital, and L is labor. If the firm's capital stock increases by 25% and labor remains cons\tant, what is the percentage change in output?
Question 3
A firm's demand function is given by Q = 100 - 2P, where Q is quantity demanded and P is price. If the firm increases its price from $10 to $15, what is the percentage change in quantity demanded?
Question 4
A firm's demand function is given by the equation \( Q = 100 - 2P \), where ( P ) is the price. If the price is ₦50, what is the quantity demanded?
Question 5
Consider a country with a balance of payments deficit. Which of the following is a likely consequence of this situation?
Question 6
A monopolist faces a demand curve given by the equation \( Q = 100 - 2P \). If the firm's marginal \cost is ₦50, what is the optimal price and quantity to produce?
Question 7
A firm's total revenue is given by the equation \( TR = 100x - 2x^2 \), where ( x ) is the number of units sold. If the firm sells 20 units, what is the total revenue?
Question 8
The Nigerian government has implemented policies to promote agricultural industrialization. Which of the following is a likely consequence of this policy?
Question 9
A firm is producing a good with a total revenue of ₦1000 and a total \cost of ₦800. What is the profit of the firm?
Question 10
Consider a country with a production function given by Q = 100K^\( 1/2 \)L^\( 1/2 \), where Q is output, K is capital, and L is labor. If the country's capital stock increases by 25% and labor remains cons\tant, what is the percentage change in output?
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 increases labor from 4 to 9 units, and capital from 9 to 16 units, what is the percentage change in output?
Question 12
A firm is operating in a perfectly competitive market. If the firm's marginal revenue (MR) is greater than its marginal \cost (MC), what will happen to the firm's output?
Question 13
A firm is considering two different production processes. Process A requires an initial investment of ₦1,000,000 and has a fixed \cost of ₦200,000 per unit produced. Process B requires an initial investment of ₦500,000 and has a fixed \cost of ₦150,000 per unit produced. If the firm produces 1,000 units, which process will result in lower total \costs?
Question 14
A country's GDP is $100 billion, its imports are $20 billion and its exports are $25 billion. What is its balance of trade?
Question 15
A consumer has a budget of ₦10,000 to sp\end on two goods, X and Y. The price of good X is ₦5,000 and the price of good Y is ₦3,000. If the consumer sp\ends all of their budget, how many units of good X can they buy?
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