POST UTME SKYLINE UNIVERSITY 2024 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A country's agricultural sector is characterized by a high degree of price inelasticity of demand. What is the likely effect of a government-imposed price ceiling on the agricultural sector?
Question 2
Consider a firm operating under cons\tant returns to scale. If the firm's production function is given by Q = 2L^2 + 3K^2, where Q is output, L is labor, and K is capital, what is the value of the marginal product of labor (MPL) when L = 4 and K = 3?
Question 3
A country's export supply function is given by X = 50 + 2Y - 3P. If the country's income is ₦100,000 and the price of exports is ₦20, how many units of exports will be supplied?
Question 4
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm uses 16 units of labor and 9 units of capital, what is the average product of labor?
Question 5
A government imposes a tax on a firm's output. The firm's supply curve shifts from S1 to S2. What is the effect on the equilibrium quantity?
Question 6
A country's GDP is ₦1,200 billion, its imports are ₦300 billion, and its exports are ₦250 billion. What is the country's balance of trade?
Question 7
A country's balance of payments (BOP) is given by the following equation: BOP = X - M, where X is the value of exports and M is the value of imports. If the country's exports are ₦100 billion and imports are ₦120 billion, what is the country's balance of payments?
Question 8
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm uses 16 units of labor and 9 units of capital, what is the marginal product of labor?
Question 9
A firm's production function is given by Q = 2L^2 + 3K^2, where Q is output, L is labor, and K is capital. If the firm's current production is Q = 100, and the price of labor is ₦10 per unit, what is the firm's optimal level of capital?
Question 10
A government imposes a tax on a firm's output. The firm's supply curve shifts from S1 to S2. What is the effect on the equilibrium price?
Question 11
A country's export supply function is given by X = 50 + 2Y - 3P. If the country's income is ₦100,000 and the price of exports is ₦20, how many units of exports will be supplied?
Question 12
The government of Nigeria has introduced a new tax policy aimed at increa\sing revenue from the agricultural sector. The policy includes a 10% tax on all agricultural produce sold in the market. If a farmer sells 1000 bags of rice at ₦5000 each, what is the total tax payable?
Question 13
The Nigerian government has introduced a new policy to promote agricultural development in the country. The policy aims to increase agricultural production by 20% within the next two years. However, the policy also requires farmers to adopt new techno\logies and practices that are more expensive than the traditional methods. Assuming that the new techno\logies and practices will increase production \costs by 15%, what will be the total \cost of production for a farmer who produces 1000 units of a particular crop?
Question 14
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 2x + 3y = ₦100, and the price of good x is ₦5, what is the consumer's optimal bundle of goods?
Question 15
A firm's supply curve is given by Q = 50 + 2P. If the firm's marginal \cost (MC) is given by MC = 100 - 2Q, what is the firm's optimal quantity?
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