POST UTME UNILORIN 2020 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's \cost function is given by C = 100 + 2L + 3H, where C is \cost, L is labor and H is capital. If the firm's current labor and capital are 10 and 5 respectively, what is the total \cost?
Question 2
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is the output, L is the labor and K is the capital. If the firm has 100 units of labor and 100 units of capital, what is the maximum output?
Question 3
A country's GDP is given by 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 current consumption, investment, government sp\ending, exports and imports are 500, 100, 200, 150 and 120 respectively, what is the GDP?
Question 4
A country's GDP is given by the equation Y = C + I + G + \( X - M \). If the country's consumption function is C = 500 + 0.8Y, the investment function is I = 200 + 0.2Y, the government sp\ending function is G = 1000, the export function is X = 1500 + 0.5Y, and the import function is M = 500 + 0.2Y, what is the country's GDP?
Question 5
A firm is considering investing in a new project with a net present value (NPV) of $50 million. What is the likely effect on the firm's \cost of capital?
Question 6
A government budget shows a deficit of $10 billion. What is the likely effect on the interest rate?
Question 7
A monopolist faces a demand curve given by Q = 100 - 2P and a \cost function C = 2Q^2 + 10Q. What is the profit-maximizing price and quantity?
Question 8
A country's trade balance is given by TB = X - M, where X is exports and M is imports. If the country's current exports and imports are 120 and 100 respectively, what is the trade balance?
Question 9
A consumer's budget constraint is given by the equation 2X + 3Y = 100, where X and Y are the quantities of two goods. If the consumer's income is ₦100 and the price of good X is ₦2, what is the quantity of good Y?
Question 10
A country's current account is given by CA = X - M + \( N - T \), where X is exports, M is imports, N is net factor income and T is net transfers. If the country's current exports, imports, net factor income and net transfers are 150, 120, 20 and 10 respectively, what is the current account?
Question 11
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, what is the percentage change in quantity demanded when the price increases by 10%?
Question 12
A firm is considering investing in a new project with a net present value (NPV) of $50 million. What is the likely effect on the firm's stock price?
Question 13
A firm's production function is given by Q = 2L^0.5H^0.5, where Q is output, L is labor and H is capital. If the firm's current labor and capital are 16 and 9 respectively, what is the marginal product of labor?
Question 14
The demand for a product is given by Qd = 100 - 2P and the supply is given by Qs = 2P. If the price is currently 20, what is the equilibrium quantity?
Question 15
A firm's revenue function is given by R = 100Q - 2Q^2, where R is the revenue and Q is the quantity sold. If the firm sells 50 units, what is the revenue?
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