POST UTME PAN-ATLANTIC UNIVERSITY 2025 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A consumer has the following utility function: U(x, y) = 2x^0.5y^0.5. If the consumer's income is ₦1000 and the prices of x and y are ₦10 and ₦20 respectively, what is the consumer's optimal bundle of x and y?
Question 2
A consumer's indifference curve is given by the equation u(x,y) = 2x + 3y. If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦3 respectively, what is the consumer's optimal bundle?
Question 3
A firm is producing a product with a marginal revenue of ₦100 and a marginal \cost of ₦80. If the price elasticity of demand is 0.5, what is the price at which the firm should produce the product?
Question 4
A firm is producing a product with a total revenue of ₦100,000 and a total \cost of ₦80,000. If the price elasticity of demand is 0.5, what is the price at which the firm should produce the product?
Question 5
A monopolist faces a demand curve given by P = 100 - 2Q. The firm's marginal \cost (MC) is given by MC = 20 + 0.5Q. If the firm produces 50 units of output, what is the profit-maximizing price?
Question 6
The demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the price elasticity of demand is 0.5, what is the price at which the quantity demanded is 50?
Question 7
A firm's production function is given by Q = 2L^0.5K^0.5. If the price of labor (L) is ₦100 per unit and the price of capital (K) is ₦200 per unit, calculate the \cost-minimizing input combination for a level of output Q = 100 units.
Question 8
A government's budget is given by the equation B = T + I. If the government's tax revenue (T) is ₦500 and its exp\enditure (I) is ₦300, what is the government's budget surplus?
Question 9
A firm's supply curve is given by the equation Q = 2P + 10. If the price of the good is ₦20, what is the quantity supplied?
Question 10
A firm is considering two different production techno\logies: a traditional techno\logy with a production function Q = 2L^0.5K^0.5, and a new techno\logy with a production function Q = 3L^0.7K^0.3. If the firm's current input prices are w_L = 10 and w_K = 20, and it is currently producing 100 units of output, which techno\logy should the firm adopt?
Question 11
A country is experiencing a trade deficit of ₦100 billion. If the country's GDP is ₦500 billion, what is the trade deficit as a percentage of GDP?
Question 12
A country's GDP is ₦100 billion. If the country's population is 20 million and the average GDP per capita is ₦5,000, what is the country's GDP per capita?
Question 13
A country is experiencing a balance of payments surplus of ₦100 billion. If the country's GDP is ₦500 billion, what is the balance of payments surplus as a percentage of GDP?
Question 14
A consumer has the following utility function: U(x, y) = 2x^0.5y^0.5. If the consumer's income is ₦1000 and the prices of x and y are ₦10 and ₦20 respectively, what is the consumer's optimal bundle of x and y?
Question 15
A country's GNP is ₦120 billion. If the country's GDP is ₦100 billion and the net factor income from abroad is ₦20 billion, what is the country's GNP?
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