POST UTME UNIPORT 2017 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A country's GDP is given by the equation: GDP = C + I + G + \( X - M \). If the country's consumption (C) is 100, investment (I) is 50, government sp\ending (G) is 200, and net exports \( X - M \) is 50, what is the country's GDP?
Question 2
Consider a firm with a production function Q = 2L^0.5K^0.5. If the price of the good is $10 and the firm's \cost function is C = 2L + 3K, what is the optimal level of output and input usage?
Question 3
A consumer's budget constraint is given by the equation: 2X + 3Y = 100. If the consumer's indifference curve is given by the equation: U(X, Y) = 2X + 3Y, what is the consumer's optimal bundle?
Question 4
A government is considering a tax on a particular good. The demand curve for the good is given by Q = 100 - 2P, and the supply curve is given by Q = 2P. If the government imposes a tax of 10 on the good, what is the new equilibrium quantity?
Question 5
A firm is producing a good with a production function Q = 2L^0.5K^0.5, where L is labor and K is capital. If the firm is currently u\sing 100 units of labor and 100 units of capital, what is the total product of labor?
Question 6
A consumer has a budget of ₦1,000 and faces the following prices for two goods: Good X \costs ₦200 and Good Y \costs ₦300. If the consumer's indifference curves are such that the marginal rate of substitution (MRS) is 2, what is the consumer's optimal bundle?
Question 7
A firm's demand curve is given by the equation: Qd = 100 - 2P. If the firm's supply curve is given by the equation: Qs = 2P - 50, what is the equilibrium price and quantity?
Question 8
A farmer in Nigeria produces two crops, maize and sorghum. The production function for maize is Qm = 100 - 2L, where Qm is the quantity of maize produced and L is the labor input. The production function for sorghum is Qs = 50 + 3L, where Qs is the quantity of sorghum produced and L is the labor input. If the farmer has 20 units of labor, what is the total output of the farm?
Question 9
A firm's demand function is given by \( Q = 100 - 2P \) and the supply function is given by \( Q = 2P - 20 \). If the price of the firm's product is currently $2, what is the equilibrium quantity?
Question 10
Consider a firm operating in a perfectly competitive market with a downward-sloping demand curve. If the firm's marginal revenue (MR) curve intersects its average variable \cost (AVC) curve at a point where MR = AVC, what is the likely outcome for the firm's profit-maximizing output level?
Question 11
A country's balance of payments is given by the following equation: \( BOP = X - M \), where (X) is the value of exports and (M) is the value of imports. If the value of exports is ₦500 billion and the value of imports is ₦600 billion, what is the balance of payments?
Question 12
A government imposes a tax on a product, which increases the price of the product from ₦100 to ₦120. If the demand for the product is given by the inverse demand function \( p = 100 - 2q \), where (p) is the price and (q) is the quantity demanded, what is the new quantity demanded?
Question 13
A government is considering a tax on a particular good. The demand curve for the good is given by Q = 100 - 2P, and the supply curve is given by Q = 2P. If the government imposes a tax of 10 on the good, what is the new equilibrium price?
Question 14
Consider a country with a population of 100 million and a per capita income of ₦50,000. If the country's GDP is ₦5 trillion, find the country's GDP per capita u\sing the identity GDP per capita = GDP / population.
Question 15
A government imposes a tax of ₦50 on a good that is sold at a price of ₦200. If the demand for the good is given by \( Q = 100 - 2P \), what is the new equilibrium price?
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