POST UTME SKYLINE UNIVERSITY 2023 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A diagram shows a downward-sloping demand curve and an upward-sloping supply curve. If the price elasticity of demand is 0.5 and the price elasticity of supply is 2, what is the likely outcome?
Question 2
A firm's \cost function is given by C = 2L + 3H, where C is \cost, L is labor, and H is capital. If the firm's current labor and capital inputs are L = 4 and H = 9, respectively, what is the firm's total \cost?
Question 3
A firm's production function exhibits cons\tant returns to scale. If the firm's current output is 100 units and the price of the input is ₦10 per unit, what is the minimum \cost of producing 200 units of output?
Question 4
A firm is producing a product u\sing a production function given by Q = 3L^0.5K^0.5, where Q is the quantity produced, L is the labor input, and K is the capital input. If the firm is currently producing 100 units of output with 4 units of labor and 9 units of capital, find the returns to scale.
Question 5
A firm is operating in the short run and has a total \cost function given by TC = 100 + 2Q + 0.5Q^2. If the firm's output is 10 units, what is the marginal \cost?
Question 6
The indifference curve for a consumer is downward sloping because of the law of
Question 7
Agricultural development in Nigeria has been hindered by the lack of access to credit facilities for farmers. Which of the following is a correct statement about the impact of credit constraints on agricultural production?
Question 8
A consumer has the following indifference curves: IC1: 2x + 3y = 6, IC2: 2x + 3y = 12. If the consumer's initial \endowment is (2, 1), what is the consumer's optimal consumption bundle?
Question 9
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \). If the price of labor is $10 per unit and the price of capital is $20 per unit, and the firm's budget constraint is 10L + 20K = 100, what is the optimal level of labor and capital?
Question 10
A monopolist faces a demand curve given by Qd = 100 - 2P and a \cost function given by C(Q) = 2Q^2 + 10Q. Find the profit-maximizing quantity and price.
Question 11
A government plans to increase its exp\enditure by 20% in the next fiscal year. If the current government exp\enditure is ₦5 trillion, what is the expected value of the government exp\enditure in the next fiscal year?
Question 12
A firm is producing a product u\sing a production function given by Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the labor input, and K is the capital input. If the firm is currently producing 100 units of output with 4 units of labor and 9 units of capital, find the marginal product of labor and the marginal product of capital.
Question 13
A firm's supply function is given by Q = 50 + 2P, where Q is the quantity supplied and P is the price. If the price elasticity of supply is 2, what is the percentage change in quantity supplied if the price increases by 10%?
Question 14
A firm's demand function for labor is given by L = 100 - 2P_L, where P_L is the wage rate. If the firm's supply function for labor is given by L = 20 + 2P_L, what is the equilibrium wage rate?
Question 15
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 + 5, where Qs is the quantity supplied, find the equilibrium price and quantity.
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