POST UTME RHEMA UNIVERSITY 2022 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
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 60?
Question 2
A country's balance of payments is given by the equation BOP = X - M + \( F - I \), where BOP is the balance of payments, X is the exports, M is the imports, F is the foreign investment, and I is the domestic investment. If the country's exports are ₦50 billion, imports are ₦30 billion, foreign investment is ₦20 billion, and domestic investment is ₦10 billion, what is the value of the balance of payments?
Question 3
A firm's production function is given by Q = 2L^2 + 3K, where L is labor and K is capital. The firm's \cost function is given by C = 10L + 20K. Find the firm's profit-maximizing level of labor and capital.
Question 4
A firm'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 firm wants to produce 100 units of output, and the price of labor is ₦100 per unit, and the price of capital is ₦200 per unit, what is the optimal combination of labor and capital?
Question 5
A country's tax revenue is given by the equation: TR = T × Y, where T is the tax rate and Y is the national income. If the tax rate is 20% and the national income is ₦10 trillion, calculate the country's tax revenue.
Question 6
A country's economic growth rate can be influenced by various factors. Which of the following factors is NOT a direct cause of a country's economic growth?
Question 7
A firm's demand curve is given by the equation Qd = 100 - 2P. If the price of the good is ₦10, what is the quantity demanded?
Question 8
The government of Nigeria plans to increase the tax rate on agricultural products from 10% to 15%. If the current tax revenue from agriculture is ₦1.2 billion, what will be the new tax revenue?
Question 9
A firm is producing a good with a production function Q = 2L + 3K. If the firm's \cost function is C(L,K) = 10L + 20K, and the firm's revenue function is R(L,K) = 20L + 30K, what is the profit-maximizing level of L and K?
Question 10
A monopolist faces a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. If the monopolist produces 20 units, what is the producer surplus?
Question 11
A firm's revenue function is given by ( R(x) = 100x - 2x^2 ), where ( x ) is the number of units produced. If the firm's marginal revenue is ( MR(x) = 100 - 4x ), find the value of ( x ) at which the marginal revenue is zero.
Question 12
A government is considering implementing a value-added tax (VAT) to raise revenue. What is the likely effect of the VAT on the country's inflation rate?
Question 13
A firm's revenue function is given by ( R(x) = 100x - 2x^2 ), where ( x ) is the number of units produced. If the firm's marginal revenue is ( MR(x) = 100 - 4x ), find the value of the marginal \cost at the point where the quantity produced is 25.
Question 14
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is the output, L is the labor, and K is the capital. If the firm wants to increase its output by 20%, what is the required percentage increase in labor and capital?
Question 15
A country's GDP is ₦100 billion, and its GNP is ₦120 billion. What is the country's net factor income from abroad?
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