POST UTME UI 2019 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm is operating in a perfectly competitive market. If the market price of its product is $10, and the firm's marginal \cost is $8, what is the firm's profit-maximizing quantity?
Question 2
A country's GDP is ₦1,000,000,000,000. Its GNP is ₦1,100,000,000,000. What is the net factor income from abroad?
Question 3
A firm is considering two different investment projects: Project A with a 10% probability of success and a 20% return on investment, and Project B with a 20% probability of success and a 10% return on investment. Which project should the firm adopt to maximize its expected return on investment?
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. 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 5
A firm's total revenue is given by TR = 100Q - 2Q^2. The marginal revenue function is given by MR = 100 - 4Q. Find the equilibrium quantity.
Question 6
Consider a country with a fixed exchange rate of ₦100 per dollar. If the country's inflation rate is 10% and the foreign inflation rate is 5%, what is the expected change in the country's real exchange rate?
Question 7
A consumer has the following indifference curve: U = 2x + 3y, where x and y are the quantities of two goods. If the prices of the goods are $2 and $3 respectively, and the consumer has a budget of $10, what is the optimal quantity of good x?
Question 8
A consumer has a budget of ₦500 to sp\end on two goods, X and Y. The price of good X is ₦100 and the price of good Y is ₦200. The consumer's indifference curves are given by the equation U = 2X^0.5Y^0.5, where U is the level of utility. If the consumer is currently consuming 2 units of good X and 1 unit of good Y, what is the maximum amount of good Y the consumer can buy?
Question 9
Consider a country with a population of 10 million people, where 40% of the population lives below the poverty line. The government has implemented a program to reduce poverty by 20% in the next 5 years. Assuming the poverty rate decreases linearly, calculate the number of people who will be lifted out of poverty in the next 5 years.
Question 10
A consumer's utility function is given by U = 2X + 3Y, where X and Y are quantities of two goods. If the consumer's budget constraint is given by 2X + 3Y = 100, what is the consumer's optimal bundle?
Question 11
Consider a country with a production function given by Q = 100K^\( 1/2 \)L^\( 1/2 \), where Q is output, K is capital, and L is labor. If the country's capital stock increases by 25% and labor remains cons\tant, what is the new output level?
Question 12
A monopoly 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 produces 20 units, what is the price?
Question 13
A consumer has an indifference curve given by U(x, y) = 2x + 3y. If the consumer's income is ₦100 and the prices of x and y are ₦5 and ₦10 respectively, what is the consumer's optimal bundle?
Question 14
A country's balance of payments account is in equilibrium when the current account is equal to the capital account. If the country's current account is in deficit by ₦100 billion and the capital account is in surplus by ₦50 billion, what is the net effect on the country's balance of payments?
Question 15
A consumer has a budget of ₦1000 to sp\end on two goods, X and Y. The price of good X is ₦200 and the price of good Y is ₦300. The consumer's indifference curves are given by the equation U = 2X^0.5Y^0.5, where U is the level of utility. If the consumer is currently consuming 2 units of good X and 1 unit of good Y, what is the maximum amount of good Y the consumer can buy?
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