POST UTME UNIBEN 2021 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's total revenue is given by the equation TR = 100x - 2x^2, where x is the number of units sold. If the firm's total \cost is given by the equation TC = 50x + 100, find the profit-maximizing level of output.
Question 2
A firm's total revenue is given by the equation \( TR = 100x - 2x^2 \), where ( x ) is the number of units sold. If the firm sells 20 units, what is the total revenue?
Question 3
A government's budget constraint is given by B = T + I, where B is the budget, T is the tax revenue, and I is the interest payment. If the government's tax revenue is ₦100 and the interest payment is ₦50, what is the government's budget?
Question 4
A firm's \cost function is given by C = 100 + 2Q + 0.5Q^2, where Q is the quantity produced. If the firm produces 20 units, what is the total \cost?
Question 5
Suppose 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 cross-price elasticity of demand between this product and another product whose demand is given by the equation Qd = 50 - P.
Question 6
Suppose 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 elasticity of demand at the equilibrium price.
Question 7
A firm has a \cost function given by C(Q) = 2Q^2 + 10Q. U\sing the concept of \cost and revenue analysis, determine the price at which the firm should produce to maximize profits.
Question 8
A firm has a \cost function given by C = 100 + 2Q, where C is the \cost and Q is the quantity produced. If the firm produces 50 units, what is the total \cost?
Question 9
A firm's demand function is given by the equation \( Q = 100 - 2P \), where ( Q ) is the quantity demanded and ( P ) is the price. If the price is ₦50, what is the quantity demanded?
Question 10
A country's inflation rate is 5% per annum. If the price of a commodity is ₦1000 today, what will be the price of the commodity after 2 years?
Question 11
The Central Bank of Nigeria (CBN) uses the following monetary policy instruments to control inflation: reserve requirements, open market operations, and interest rates. Which of the following is NOT a direct effect of an increase in the reserve requirement ratio?
Question 12
A firm faces a downward-sloping demand curve for its product. If the firm increases its price, what will happen to its total revenue?
Question 13
The GDP of a country is ₦1,000,000,000. If the government sp\ends ₦200,000,000 on infrastructure and the private sector sp\ends ₦300,000,000 on consumer goods, what is the value of the national income?
Question 14
A consumer's utility function is given by U(x, y) = 2x + 3y. If the consumer has a budget of ₦1000 and the prices of x and y are ₦200 and ₦300 respectively, what is the consumer's optimal bundle?
Question 15
The government of a country imposes a tax on imported goods to raise revenue. If the tax is increased by 20%, what will be the new tax rate if the original tax rate was 15%?
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