POST UTME UNIOSUN 2025 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's demand function is given by Q = 100 - 2P, where Q is quantity demanded and P is price. If the firm's supply function is given by Q = 2P - 100, what is the equilibrium price and quantity?
Question 2
A firm's average total \cost curve intersects its average variable \cost curve at a point where the firm's marginal \cost is equal to its average total \cost. What is the implication of this point for the firm's production decision?
Question 3
A monopolistically competitive firm faces a demand curve with the following equation: Q = 100 - 2P. The firm's marginal revenue (MR) is given by MR = 200 - 2Q. What is the firm's equilibrium price?
Question 4
A government imposes a tax of ₦5 per unit on a product. If the demand function for the product is given by q = 100 - 2p and the supply function is given by q = 2p - 50, find the equilibrium price and quantity.
Question 5
A government increases the tax rate on a firm's output. The firm's supply curve shifts to the left. What is the effect on the firm's revenue?
Question 6
A firm's revenue function is given by R(x) = 2x^2 + 10x. If the firm's marginal revenue function is MR(x) = 4x + 10, find the value of x that maximizes revenue.
Question 7
A firm's production function is given by Q = 100K^0.5L^0.5, where Q is output, K is capital, and L is labor. If the price of capital is ₦100 per unit and the price of labor is ₦50 per unit, and the firm's budget constraint is ₦10,000, what is the optimal level of capital and labor to maximize output?
Question 8
A firm produces two goods, X and Y, u\sing two inputs, labor (L) and capital (K). The production functions are given by X = 2L + 3K and Y = 4L + 2K. If the firm has 10 units of labor and 5 units of capital, find the maximum value of the objective function Z = 2X + 3Y.
Question 9
Consider a firm operating in a perfectly competitive market. If the firm's marginal revenue (MR) curve intersects its marginal \cost (MC) curve at point E, where MR = MC, and the firm is producing 100 units of output, what is the opportunity \cost of producing one more unit of output?
Question 10
A firm's production function is given by Q = 2L + 3K. If the firm's marginal product of labor (MPL) is given by MPL = 2, what is the firm's marginal product of capital (MPK)?
Question 11
A firm's production function is given by Q = 2L + 3K, where L is labor and K is capital. If the firm's marginal product of labor (MPL) is 2 and the wage rate is ₦50 per hour, what is the optimal level of labor?
Question 12
A firm's revenue function is given by R(x) = 3x^2 + 20x. If the firm's marginal revenue function is MR(x) = 6x + 20, find the value of x that maximizes revenue.
Question 13
A country's balance of payments is given by the following table:\n\n| Category | Amount (₦) |\n| --- | --- |\n| Exports | 500,000,000 |\n| Imports | 600,000,000 |\n| Net Factor Income | 100,000,000 |\n| Net Transfer | 50,000,000 |\n\nWhat is the country's balance of payments deficit?
Question 14
A country's GDP is given by the equation GDP = C + I + G + \( X - M \). If the country's current GDP is $100 billion, and the values of C, I, G, X, and M are $20 billion, $30 billion, $10 billion, $50 billion, and $20 billion respectively, what will be the country's trade balance?
Question 15
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current input levels are L = 4 and K = 9, what will be the firm's optimal input levels for maximum output?
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