POST UTME SKYLINE UNIVERSITY 2022 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
The Central Bank of Nigeria (CBN) uses monetary policy to control inflation. Which of the following instruments is most effective in reducing inflation?
Question 2
A firm's \cost function is given by C = 2L + 3K, where C is \cost, L is labor, and K is capital. If the firm increases labor from 4 units to 9 units and capital from 9 units to 16 units, what is the percentage change in \cost?
Question 3
A firm has a \cost function C = 2Q + 3Q^2, where Q is the quantity produced. If the firm produces 10 units, what is the total \cost?
Question 4
Suppose a firm's demand function is given by Qd = 100 - 2P, and its supply function is given by Qs = 2P - 50. Find the equilibrium price and quantity.
Question 5
A government wants to reduce the budget deficit by increa\sing taxes. If the government currently collects ₦100 billion in taxes and sp\ends ₦150 billion, what is the new tax rate if the government wants to reduce the deficit by 20%?
Question 6
A consumer's indifference curve is given by U = 2x + 3y. If the consumer's income is ₦1000, and the prices of x and y are ₦5 and ₦10 respectively, what is the consumer's optimal bundle?
Question 7
A government wants to reduce the budget deficit by reducing sp\ending. If the government currently collects ₦100 billion in taxes and sp\ends ₦150 billion, what is the new sp\ending level if the government wants to reduce the deficit by 20%?
Question 8
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 supply of the product is given by the equation Qs = 2P - 100, where Qs is the quantity supplied, find the equilibrium price and quantity.
Question 9
A monopolist faces a demand curve given by P = 100 - Q. If the firm's marginal \cost (MC) is ₦20, what is the firm's optimal quantity (Q)?
Question 10
A firm operating in a perfectly competitive market is faced with a short-run production function given by Q = 100 - 2P. If the firm's average revenue (AR) is ₦200, what is the firm's marginal revenue (MR)?
Question 11
Suppose a firm's revenue function is given by R(x) = 2x^2 + 5x + 1, and its \cost function is given by C(x) = 3x^2 + 2x + 10. Find the break-even point, where TR = TC.
Question 12
A firm has a production function Q = 2√(KL), where Q is the quantity produced, K is the amount of capital, and L is the amount of labor. If the price of capital is ₦100 per unit and the price of labor is ₦50 per unit, and the firm's revenue is ₦10,000, what is the value of L?
Question 13
A consumer's budget constraint is given by 2X + 3Y = 12. If the price of good X is $2 per unit, and the price of good Y is $3 per unit, what is the consumer's indifference curve?
Question 14
Determine the price elasticity of demand for a product that experiences a 20% decrease in price, resulting in a 15% increase in quantity demanded. Assume the initial price and quantity demanded are $100 and 100 units, respectively.
Question 15
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 4 units to 9 units and capital from 9 units to 16 units, what is the percentage change in output?
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