POST UTME OSUSTECH 2024 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's demand function is given by Q = 100 - 2P, where Q is quantity demanded and P is price. If the firm's supply function is given by Q = 50 + 3P, what is the equilibrium price?
Question 2
A government has a budget constraint of ₦1000 and a tax rate of 20%. If the government wants to maximize its revenue, what is the optimal level of taxation?
Question 3
A country's GDP is ₦10 trillion, its imports are ₦2 trillion, and its exports are ₦1.5 trillion. What is its balance of trade?
Question 4
A firm faces a production function Q = 2L^0.5K^0.5. If the prices of labor and capital are w = ₦100 and r = ₦200, respectively, find the profit-maximizing values of L and K.
Question 5
A firm is considering investing in a new project that has the following cash flows: Year 1: -100, Year 2: 150, Year 3: 200. What is the net present value of the project if the discount rate is 10%?
Question 6
A firm is considering investing in a new project with a net present value (NPV) of ₦1000. If the \cost of capital is 10%, find the internal rate of return (IRR) of the project.
Question 7
A firm is considering investing in a new project with a net present value (NPV) of ₦1000. If the \cost of capital is 10%, find the internal rate of return (IRR) of the project.
Question 8
A firm's revenue function is given by ( R(x) = 2x^2 - 3x + 10 ). If the firm produces 10 units of output, find the marginal revenue.
Question 9
A monopolist faces a demand curve with the following equation: Q = 100 - 2P. If the firm's marginal \cost curve is MC = 10, what is the profit-maximizing price and quantity?
Question 10
A country's GDP is calculated as the sum of all final goods and services produced within its borders. If a foreign company produces a good within the country, but the good is not sold within the country, how will this affect the country's GDP?
Question 11
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 country's exports are ₦500 and imports are ₦300, find the balance of payments.
Question 12
A country's production function is given by the equation Q = 2L^0.5K^0.5, where Q is the output, L is the labor, and K is the capital. If the country has 100 units of labor and 200 units of capital, what is the output?
Question 13
Consider a firm that produces two goods, A and B. The production function for good A is \( Q_A = 2L_A + 3K_A \) and the production function for good B is \( Q_B = 3L_B + 2K_B \). If the firm has 10 units of labor and 8 units of capital, how many units of good A and good B should the firm produce to maximize profits?
Question 14
A firm's production function is given by Q = 10L^0.5K^0.5, where Q is output, L is labor, and K is capital. If the firm increases labor from 100 to 120 units, and capital from 100 to 121 units, what is the percentage change in output?
Question 15
A monopolist faces a demand curve given by P = 100 - 2Q, where P is price and Q is quantity. If the firm's marginal \cost (MC) is 20, what is the profit-maximizing quantity?
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