POST UTME SKYLINE UNIVERSITY 2025 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A country's GDP is given by the 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 GDP is ₦10 trillion, consumption is ₦3 trillion, investment is ₦2 trillion, government sp\ending is ₦1 trillion, exports are ₦4 trillion, and imports are ₦2 trillion, what is the value of the country's net exports?
Question 2
A firm's production function is given by Q = 2L^0.5H^0.5. If the firm's current labor and capital inputs are L = 4 and H = 9, respectively, what is the marginal product of labor (MPL) when the firm is producing at the current level of inputs?
Question 3
A firm's production function is given by the equation \( Q = 2L^2 + 3K^2 \), where Q is the quantity produced, L is the number of labor hours, and K is the amount of capital. If the firm wants to produce 100 units of output, how many labor hours and capital are required?
Question 4
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, find the percentage change in quantity demanded when the price increases by 10%.
Question 5
A firm's \cost function is given by C(x) = 2x^2 + 3x - 1, where x is the quantity produced. If the firm's revenue function is given by R(x) = 2x^2 - 5x + 3, find the firm's profit function.
Question 6
A firm is producing a good with a production function given by Q = 2L^2. If the firm increases the number of workers from 5 to 6, what is the percentage change in output?
Question 7
A monopolist faces a demand curve given by P = 100 - 2Q. The firm's marginal \cost (MC) is given by MC = 10 + 2Q. What is the monopolist's profit-maximizing quantity?
Question 8
A consumer's utility function is given by the equation U = 2x + 3y, where x and y are the quantities of two goods. If the consumer's income is ₦100 and the prices of the two goods are ₦5 and ₦10 respectively, find the optimal quantities of the two goods.
Question 9
A consumer's indifference curve is represented by the equation ( u(x,y) = 2x + 3y ). If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦3 respectively, what is the consumer's optimal bundle of x and y?
Question 10
A firm's \cost function is given by C = 100 + 20Q. If the firm's current output is Q = 5, what is the firm's current \cost?
Question 11
A central bank's monetary policy tool is given by the equation M = kPY, where M is the money supply, k is the money multiplier, P is the price level, and Y is the real GDP. If the money multiplier is 0.5, price level is 2, and real GDP is 100, find the money supply.
Question 12
A consumer has a budget constraint of ₦1000 and a demand curve for a good given by Q = 100 - 2P. If the price of the good is ₦200, how much will the consumer sp\end on the good?
Question 13
A country's balance of payments is given by the equation BOP = X - M, where X is the value of exports and M is the value of imports. If the value of exports is ₦100 billion and the value of imports is ₦120 billion, find the balance of payments.
Question 14
A country's GDP is given by the 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 is ₦500 billion, investment is ₦200 billion, government sp\ending is ₦300 billion, exports are ₦600 billion, and imports are ₦400 billion, what is the country's GDP?
Question 15
A firm is producing at a point where its marginal revenue product of labor is equal to its wage rate. If the firm increases the wage rate by 15%, what will happen to the quantity of labor hired?
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.
Unlock Full Access
Available for Android & Windows