POST UTME PAN-ATLANTIC UNIVERSITY 2020 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
The concept of comparative advantage suggests that a country should specialize in producing goods for which it has a
Question 2
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \), where L is labor and K is capital. If the firm's current labor and capital inputs are L = 16 and K = 9, respectively, what is the firm's marginal product of labor?
Question 3
A firm has a production function given by Q = 2L + 3K, where L and K are the quantities of labor and capital used. The \cost function is C = 10L + 20K. Find the optimal quantities of L and K.
Question 4
A firm's demand function for a good is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm's marginal \cost is ₦10, what is the firm's optimal price?
Question 5
A monopolist faces a demand curve given by Q = 100 - 2P. The marginal revenue function is MR = 50 - 2P. Find the price at which the monopolist will produce 80 units.
Question 6
The agricultural sector in Nigeria contributes significantly to the country's GDP, but its growth has been hindered by
Question 7
A consumer's utility function is given by U = 2x + 3y, where x and y are the quantities of two goods consumed. If the consumer's budget constraint is 2x + 3y = 12, and the price of good x is ₦2 and the price of good y is ₦3, what is the consumer's optimal bundle of goods?
Question 8
A country's balance of payments is in equilibrium when its current account is equal to its capital account. Which of the following is a consequence of this equilibrium?
Question 9
A firm is considering investing in a new project with an initial \cost of ₦1,500,000 and expected annual profits of ₦250,000. What is the payback period of the project?
Question 10
A firm is considering two production techno\logies: one that requires an investment of ₦100,000 and yields a profit of ₦150,000, and another that requires an investment of ₦200,000 and yields a profit of ₦300,000. If the firm's initial investment is ₦50,000, which techno\logy should it choose?
Question 11
The production function for a firm is given by Q = 2L^0.5K^0.5. If the firm's current inputs are L = 16 and K = 9, what is the marginal product of labor?
Question 12
A consumer's utility function is given by U(x,y) = 2x + 3y. If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦10 respectively, find the optimal bundle of x and y.
Question 13
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current output is 100 and the number of workers is 25, find the optimal capital.
Question 14
A firm's revenue function is given by R(x) = 100x - 2x^2. If the firm's marginal revenue is 50, find the value of x.
Question 15
A firm is operating in a monopoly market with a demand curve given by P = 100 - 2Q. If the firm's marginal \cost is cons\tant at ₦20, what is the firm's optimal quantity of output?
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