POST UTME UNILAG 2018 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A consumer's indifference curve is given by the equation ( u(x,y) = 2x + 3y ). If the consumer's income is ₦1000 and the prices of x and y are ₦2 and ₦3 respectively, find the consumer's optimal bundle of x and y.
Question 2
A perfectly competitive firm faces a market demand curve given by \( P = 100 - 2Q \). If the firm's marginal \cost is ₦20, find the firm's profit-maximizing output level.
Question 3
A country's balance of payments 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 ₦500 billion and its imports are ₦600 billion, find the country's balance of payments.
Question 4
A firm's production function is given by \( Q = 2K^0.5L^0.5 \). If the firm's capital and labor inputs are 100 units and 50 units respectively, find the firm's output level.
Question 5
A government's budget constraint is given by the equation \( B = T + I \), where B is the budget, T is the tax revenue, and I is the interest payment. If the government's tax revenue is ₦500 billion and its interest payment is ₦200 billion, find the government's budget.
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