POST UTME UNILORIN 2017 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A consumer has an indifference curve I_2 and a budget constraint with a price ratio of 3:2. If the consumer's income is ₦1200, what is the optimal bundle of goods (x, y) that maximizes utility?
Question 2
A firm's production function is given by Q = 3L^0.7K^0.3. If the price of the firm's product is P = 15, and the wage rate is W = 6, calculate the optimal level of labor (L) and capital (K) u\sing the first-order conditions for profit maximization.
Question 3
A country's money supply is given by M = 1000 + 0.5Y. If the country's GDP is 100 billion naira, what is the money supply?
Question 4
A firm's production function is given by Q = 2L^0.5K^0.5. If the price of the firm's product is P = 10, and the wage rate is W = 5, calculate the optimal level of labor (L) and capital (K) u\sing the first-order conditions for profit maximization.
Question 5
A firm's demand function is given by \( Q = 100 - 2P \). If the price of the good is ₦20, what is the quantity demanded?
Question 6
A consumer has the following utility function: U = 2x + 3y, where x and y are the quantities of two goods consumed. If the prices of the two goods are $2 and $3 respectively, and the consumer has a budget of $10, how many units of each good should the consumer buy?
Question 7
A firm is producing a good with the following production function: Q = 2L^2 + 3K^2, where Q is the quantity produced, L is the labor input, and K is the capital input. If the firm wants to produce 100 units of the good, and the price of labor is $10 per unit and the price of capital is $20 per unit, what is the total \cost of production?
Question 8
A firm operating in a perfectly competitive market is characterized by which of the following?
Question 9
Consider a firm operating in a perfectly competitive market with a given production function Q = 2L^0.5K^0.5. If the price of the firm's product is P = 10, and the wage rate is W = 5, calculate the optimal level of labor (L) and capital (K) u\sing the first-order conditions for profit maximization.
Question 10
A firm's \cost function is given by C = 2L + 3K. If the firm's labor (L) is 10 and its capital (K) is 5, what is the firm's total \cost?
Question 11
A government is considering a tax on a particular good. The supply curve of the good is given by Q = 2P + 5, and the demand curve is given by Q = 100 - 2P. If the government imposes a tax of $5 per unit, what is the new equilibrium price?
Question 12
A firm is considering two different production techno\logies. The first techno\logy has a fixed \cost of $100, a variable \cost of $10 per unit, and a revenue function of $20 per unit. The second techno\logy has a fixed \cost of $200, a variable \cost of $15 per unit, and a revenue function of $25 per unit. Which techno\logy should the firm choose if it expects to produce 100 units?
Question 13
A firm's revenue function is given by R(x) = 50x - 0.5x^2. If the firm produces 20 units of output, what is the total revenue?
Question 14
A monopolist faces a demand curve given by P = 100 - Q. The marginal revenue (MR) function is given by MR = 100 - 2Q. If the firm produces 20 units, what is the price?
Question 15
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's labor (L) is 16 and its capital (K) is 9, what is the firm's output level?
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