POST UTME RHEMA UNIVERSITY 2025 Economics | Objective
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Question 1
A government's budget is given by the equation B = T + I, where B is the budget, T is taxation, and I is interest on debt. If the government's budget is $100 billion, taxation is $50 billion, and interest on debt is $20 billion, what is the government's fiscal policy?
Question 2
A firm has a production function F(K, L) = 2K^0.5 L^0.5. The prices of capital and labor are $10 and $5 respectively. Find the firm's \cost-minimizing input combination.
Question 3
Consider a firm operating in a perfectly competitive market with a downward-sloping demand curve. If the firm increases its production from 100 units to 120 units, and the price elasticity of demand is 2, what is the percentage change in total revenue?
Question 4
A central bank increases the money supply by 10%. Find the effect on the price level.
Question 5
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's current labor and capital inputs are 16 and 25 respectively, what is the marginal product of labor (MPL) when K = 25?
Question 6
A firm's \cost function is given by C = 100 + 2L + 3K, where C is \cost, L is labor, and K is capital. If the firm's current labor and capital inputs are 10 and 20 respectively, what is the total \cost?
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 10x + 5y = 50, what is the optimal bundle of goods that maximizes utility?
Question 8
A firm's demand function for a good is given by Q = 100 - 2P, where Q is quantity demanded and P is price. If the firm's current price is 20, what is the price elasticity of demand?
Question 9
A government imposes a tax of 10% on a good. If the price of the good without tax is 100, what is the price of the good with tax?
Question 10
A consumer's utility function is given by the equation U = 2x + 3y, where x and y are the quantities of two goods consumed. If the consumer's budget constraint is given by the equation 2x + 3y = $100, what is the consumer's optimal bundle of goods?
Question 11
A country's GDP is calculated as the sum of all final goods and services produced within its borders. However, this measure does not account for the value of intermediate goods and services used in the production process. What is the name of the accounting method that adjusts GDP to account for these intermediate goods and services?
Question 12
A country's GDP is given by the following 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 consumption increases by 5%, investment decreases by 10%, government sp\ending remains cons\tant, exports increase by 15%, and imports decrease by 10%, what is the new GDP?
Question 13
A firm's demand curve is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the firm's supply curve is given by the equation Qs = 2P - 50, where Qs is the quantity supplied, what is the equilibrium price and quantity?
Question 14
A firm's demand curve is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the firm's supply curve is given by the equation Qs = 2P - 50, where Qs is the quantity supplied, what is the price elasticity of demand at a price of $20?
Question 15
A firm's demand function is given by Qd = 100 - 2P. If the price of the good is $20, what is the quantity demanded?
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