POST UTME REDEEMERS UNIVERSITY 2018 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm is producing a good with a production function F(x) = 3x^2 + 2x + 1, where x is the number of units produced. If the firm's objective is to minimize \costs, what is the optimal level of production?
Question 2
A firm's production function is given by Q = 2L^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 120 units, what is the percentage change in output?
Question 3
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current output is 16 units and the current input of labor is 4 units, what is the marginal product of labor?
Question 4
Consider a firm operating in a perfectly competitive market with a production function given by Q = 2L^0.5K^0.5. If the firm's current input prices are w = 10 and r = 20, and the current output price is p = 50, calculate the firm's optimal input bundle (L, K) u\sing the Hotelling's Lemma.
Question 5
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 percentage change in quantity demanded when the price increases by 10%?
Question 6
A monopoly firm's demand curve is given by Qd = 100 - 2P, and its marginal revenue curve is given by MR = 200 - 4P. Find the firm's profit-maximizing price and quantity.
Question 7
The following diagram shows the production possibility frontier (PPF) for a country. What is the opportunity \cost of producing 100 units of good X?
Question 8
Determine the price elasticity of demand for a product whose price elasticity of demand is 0.5 and the quantity demanded decreases by 20% when the price increases by 10%.
Question 9
The following table shows the data for the agricultural sector in Nigeria for the year 2018. What is the value of the sector's contribution to the country's GDP?
Question 10
A firm's revenue function is given by R = 100Q - 2Q^2, where R is the revenue and Q is the quantity sold. Find the marginal revenue and the elasticity of demand.
Question 11
The concept of elasticity of demand is most relevant in the context of a perfectly competitive market, where a small change in price leads to a large change in quantity demanded. Which of the following is a correct statement about the elasticity of demand?
Question 12
A firm's demand curve is given by Qd = 100 - 2P, and the supply curve is given by Qs = 2P - 10. Find the equilibrium price and quantity.
Question 13
A firm's production function is given by Q = 2L + 3K, where Q is the quantity produced, L is the labor input, and K is the capital input. The \cost function is given by C = 10L + 20K. Find the marginal product of labor and the marginal product of capital.
Question 14
The Nigerian government has implemented policies to promote agricultural development in the country. Which of the following is a major challenge facing agricultural development in Nigeria?
Question 15
A country's national income is given by N = C + I + G + \( X - M \), where N is national income, C is consumption, I is investment, G is government sp\ending, X is exports, and M is imports. If the country's consumption is ₦500 billion, investment is ₦200 billion, government sp\ending is ₦300 billion, exports are ₦600 billion, and imports are ₦400 billion, what is the national income?
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