POST UTME UNIOSUN 2018 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A consumer's utility function is given by the equation U = 2x + 3y, where x and y are the quantities of two goods consumed. If the prices of the two goods are ₦5 and ₦10 respectively, find the consumer's budget constraint.
Question 2
A central bank increases the money supply by 10%. What is the effect on the price level, assuming a cons\tant velocity of money?
Question 3
A country's inflation rate is given by the equation \pi = \frac{M}{PY}. If the money supply (M) is 100, the price level (P) is 10, and the real GDP (Y) is 1000, what is the inflation rate?
Question 4
Consider a production function given by \( Q = 1000K^0.4L^0.6 \), where Q is output, K is capital and L is labor. If the price of capital is ₦1000 per unit and the price of labor is ₦500 per unit, calculate the value of the marginal product of capital (MPC) at a point where K = 10 units and L = 15 units.
Question 5
The government of Nigeria has introduced a new policy to increase the production of a particular good. The policy includes providing subsidies to farmers, improving irrigation systems, and increa\sing the use of fertilizers. However, the policy also includes a provision to increase the price of the good by 20%. What is the likely effect of this policy on the production of the good?
Question 6
A firm's demand for a resource is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the supply of the resource is given by the equation Qs = 2P - 100, where Qs is the quantity supplied, find the elasticity of demand.
Question 7
A firm's marginal revenue product curve is downward-sloping. What does this imply about the firm's production techno\logy?
Question 8
A firm's production function is given by the equation Q = 2L + 3K, where Q is the quantity produced, L is labor, and K is capital. If the firm's labor is 10 and capital is 5, what is the quantity produced?
Question 9
A firm is producing a good with a cons\tant elasticity of demand. The demand function is given by Q = 100 - 2P. If the firm increases the price of the good by 10%, what is the percentage change in the quantity demanded?
Question 10
Consider a production function given by \( Q = 1000K^0.4L^0.6 \), where Q is output, K is capital and L is labor. If the price of capital is ₦1000 per unit and the price of labor is ₦500 per unit, calculate the value of the marginal product of labor (MPL) at a point where K = 10 units and L = 15 units.
Question 11
A firm's production function is given by Q = 100L^0.5K^0.5. If the price of labor (L) increases by 20% and the price of capital (K) remains cons\tant, what is the new value of the total product of labor (TPL)?
Question 12
A monopolistically competitive firm faces a demand curve that is downward sloping but has a cons\tant elasticity of -2. If the firm's marginal revenue curve is given by MR = 2Q - 10, what is the firm's optimal price?
Question 13
A government budget is given by the equation \( B = 1000 + 0.2Y \), where B is the budget and Y is the national income. If the national income is ₦10,000, what is the value of the budget?
Question 14
A country's balance of payments is given by the equation BOP = X - M, where X is the value of exports and M is the value of imports. If the value of exports is ₦100 billion and the value of imports is ₦120 billion, find the balance of payments.
Question 15
A monopolist faces a demand curve given by \( Q = 100 - 2P \) and a \cost function \( C = 20 + 5Q \). If the firm's profit-maximizing output is 40 units, what is the price at which it will sell?
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.
Unlock Full Access
Available for Android & Windows