POST UTME UNIPORT 2021 Economics | Objective
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Question 1
A firm's demand function is given by \( Q = 100 - 2P \), where Q is the quantity demanded and P is the price. If the firm's marginal revenue (MR) is 20, what is the value of its price elasticity of demand?
Question 2
A monopolist is producing a good with a demand curve given by Q = 250 - 5P and a marginal revenue curve given by MR = 500 - 5Q. What is the price at which the firm will maximize its profit?
Question 3
A firm's production function is given by Q = 2L + 3K. If the firm's output is 100 units and the wage rate is ₦20 per unit of labor, find the optimal level of capital.
Question 4
A country is experiencing a recession. The government decides to implement a fiscal policy to stimulate the economy. Which of the following fiscal policies would be most effective in stimulating the economy?
Question 5
A firm is producing a good with a total revenue of ₦1,500 and a total \cost of ₦1,200. If the firm's average revenue is ₦150, what is the price elasticity of demand for the good?
Question 6
A government budget is given by the equation ( B(t) = 100 + 2t ), where t is the time period. If the government's initial budget is ( B(0) = 100 ), and the government wants to increase its budget by 10% every year, find the government's budget after 5 years.
Question 7
A government imposes a tax on a firm's output. The firm's supply curve is given by Q = 100 + 2P, where Q is the quantity supplied and P is the price. If the tax is ₦20 per unit, what is the new supply curve?
Question 8
A firm is producing a good with a total revenue of ₦2,000 and a total \cost of ₦1,800. If the firm's average revenue is ₦200, what is the price elasticity of demand for the good?
Question 9
A central bank's monetary policy is given by the equation \( M = 100 + 2R \), where M is the money supply and R is the interest rate. If the central bank's initial money supply is \( M_0 = 100 \) and interest rate is \( R_0 = 5 \), and the central bank wants to increase its money supply by 10% every year, find the central bank's new money supply and interest rate after 5 years.
Question 10
A consumer's utility function is given by U(x, y) = 2x + 3y. If the consumer's income is ₦100 and the prices of x and y are ₦20 and ₦30 respectively, find the optimal consumption bundle.
Question 11
A government imposes a tax on a firm's output. The firm's supply curve is given by Q = 100 + 2P, where Q is the quantity supplied and P is the price. If the tax is ₦20 per unit, what is the new supply curve?
Question 12
A country's balance of payments is given by the following equation: BOP = \( X - M \) + \( F - I \). If the country's exports (X) are ₦1000, imports (M) are ₦800, foreign investment (F) is ₦500, and domestic investment (I) is ₦200, what is the country's balance of payments?
Question 13
A firm's demand curve is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm's revenue is ₦1000, what is the price?
Question 14
The demand for a commodity 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 -2, what is the percentage change in quantity demanded when the price increases by 10%?
Question 15
A government imposes a tax on a firm's output. The firm's supply curve is given by Q = 100 + 2P, where Q is the quantity supplied and P is the price. If the tax is ₦20 per unit, what is the new supply curve?
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