POST UTME UNIOSUN 2024 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's demand curve is given by Q = 100 - 2P, where Q is quantity demanded and P is price. If the firm's marginal revenue is $10, what is the optimal price and quantity that maximize profit?
Question 2
In a perfectly competitive market, the supply curve is upward-sloping because
Question 3
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 is 20, what is the quantity demanded?
Question 4
A government imposes a tax on a good to reduce its consumption. If the tax causes the demand curve to shift leftward and the supply curve to shift rightward, what is the likely effect on the equilibrium price and quantity of the good?
Question 5
A country's GDP is $100 billion, and its GNP is $120 billion. If the country has a net factor income from abroad of $10 billion, what is the country's net national product?
Question 6
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is output, L is labor, and K is capital. If the firm's labor and capital inputs are increased by 10% and 20%, respectively, what is the percentage change in output?
Question 7
A firm's \cost function is given by C(q) = 2q^2 + 10q + 100. If the firm's revenue function is R(q) = 20q, calculate the firm's profit-maximizing output level.
Question 8
The government of a country wants to increase its GDP by 10% in a year. If the current GDP is ₦100 billion, what is the required increase in the national income?
Question 9
A firm's marginal revenue (MR) is given by the equation MR = 100 - 2q, where q is the quantity sold. If the firm sells 20 units, what is its marginal revenue?
Question 10
A firm's production function is given by the equation: \( Q = 2L + 3K \), where ( Q ) is the output, ( L ) is the labor, and ( K ) is the capital. If the firm wants to produce 20 units of output, how many units of labor are required?
Question 11
A government's budget is given by B = T + H - G, where B is the budget surplus, T is the tax revenue, H is the non-tax revenue, and G is the government exp\enditure. If the government's tax revenue is ₦500 billion, non-tax revenue is ₦200 billion, and government exp\enditure is ₦700 billion, calculate the government's budget surplus.
Question 12
A firm produces two goods, A and B, u\sing two inputs, labor and capital. The production functions for the two goods are given by q_A = 2L^0.5K^0.5 and q_B = 3L^0.7K^0.3. If the firm has 100 units of labor and 50 units of capital, calculate the output of good A.
Question 13
Suppose a country has a trade deficit of ₦100 billion and a current account deficit of ₦50 billion. If the country's exchange rate is fixed at ₦200 per dollar, calculate the country's balance of payments deficit.
Question 14
Consider a country with a population of 100 million people and a GDP per capita of ₦100,000. If the country's GDP is ₦10 trillion, calculate the country's GDP at cons\tant prices u\sing the implicit price deflator.
Question 15
Consider a country with a trade deficit of ₦500 billion and a current account deficit of ₦200 billion. If the country's GDP is ₦10 trillion, calculate the country's balance of payments deficit.
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