POST UTME PAN-ATLANTIC UNIVERSITY 2017 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \). If the firm's current input levels are L = 16 and K = 9, calculate the marginal product of labor.
Question 2
A farmer in Nigeria produces maize and soybeans on a 100-hectare farm. The total revenue from maize is ₦1,500,000, and the total revenue from soybeans is ₦2,000,000. What is the total revenue from both crops?
Question 3
A monopolistically competitive firm faces a demand curve with a cons\tant elasticity of -2. If the firm's marginal revenue (MR) is given by MR = 100 - 2Q, where Q is the quantity sold, what is the firm's optimal quantity?
Question 4
A government imposes a tax of ₦10 on a product. If the pre-tax price is ₦50 and the demand curve is given by Qd = 100 - 2P, what is the new equilibrium price?
Question 5
A country's national income is calculated u\sing the formula Y = C + I + G + \( X - M \). If the country's consumption (C) is ₦50 billion, investment (I) is ₦20 billion, government sp\ending (G) is ₦30 billion, exports (X) are ₦40 billion, and imports (M) are ₦20 billion, what is the country's national income?
Question 6
A country's balance of payments (BOP) is in equilibrium when the current account and capital account are balanced. If the country's current account deficit is ₦500 billion and the capital account surplus is ₦200 billion, what is the net capital outflow?
Question 7
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 $60 billion, investment is $20 billion, government sp\ending is $15 billion, exports are $25 billion, and imports are $10 billion, find the value of X.
Question 8
Suppose the demand curve for a product is given by Qd = 100 - 2P and the supply curve is given by Qs = 2P - 10. If the equilibrium price is P = 20, what is the equilibrium quantity?
Question 9
A firm's \cost function is given by C(x) = 2x^2 + 10x + 5, where x is the number of units produced. If the firm produces 10 units, find the total \cost.
Question 10
A government imposes a tax of ₦5 per unit on a good. If the supply curve is given by the equation Q = 2P - 5, what is the new supply curve after the tax is imposed?
Question 11
A consumer's utility function is given by U = 2x + 3y. If the consumer's income is ₦100 and the prices of x and y are ₦5 and ₦10 respectively, what is the consumer's optimal bundle of x and y?
Question 12
A firm's total revenue (TR) is given by the equation TR = 2x^2 + 5x + 3, where x is the quantity sold. If the firm's total \cost (TC) is given by the equation TC = x^2 + 2x + 1, what is the profit-maximizing quantity?
Question 13
A consumer's budget constraint is given by P_x x + P_y y = 100. If P_x = 10 and P_y = 5, and the consumer's current consumption levels are x = 5 and y = 10, calculate the consumer's optimal consumption bundle.
Question 14
A consumer's budget constraint is given by 2x + 3y = 100. If the consumer's utility function is U = 2x + 3y, what is the consumer's optimal bundle of x and y?
Question 15
Consider a firm operating in a perfectly competitive market. If the firm's marginal revenue (MR) is greater than its marginal \cost (MC), what is the optimal quantity of output to produce?
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