POST UTME UNIPORT 2022 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's revenue function is given by R = 100Q - 2Q^2, where R is revenue and Q is output. Find the firm's profit-maximizing output.
Question 2
A firm's \cost function is given by C(q) = 2q^2 + 10q + 5. If the firm's revenue function is R(q) = 20q, what is the firm's profit-maximizing quantity?
Question 3
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 current labor and capital inputs are 20 units and 30 units respectively, calculate the firm's current output.
Question 4
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 increases labor from 100 units to 121 units, and capital from 100 units to 121 units, by how much will output increase?
Question 5
Consider a country with a GDP of ₦10 trillion and a GNP of ₦12 trillion. If the net factor income from abroad is ₦1.5 trillion, what is the value of the country's net foreign investment?
Question 6
A country is experiencing a recession, and the government decides to implement a fiscal policy to stimulate the economy. What type of fiscal policy would be most effective in this situation?
Question 7
A firm's revenue function is given by R = 100Q - 2Q^2, where R is revenue and Q is quantity. If the firm increases quantity from 10 units to 11 units, by how much will revenue increase?
Question 8
Consider a country with a GDP of ₦10 trillion and a GNP of ₦12 trillion. If the country's net factor income from abroad is ₦1.5 trillion, what is the value of its net domestic product?
Question 9
A consumer is faced with the following utility function: U(x, y) = 2x^0.5y^0.5. If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦10 respectively, what will be the consumer's optimal bundle of x and y?
Question 10
A country is experiencing a trade deficit of ₦500 billion. If the exchange rate is ₦200 per dollar, what is the value of the country's trade deficit in dollars?
Question 11
A monopolistically competitive firm faces a demand curve with the following equation: \( Q = 100 - 2P \). If the firm's marginal revenue function is \( MR = 50 - 2Q \), what is the firm's optimal price?
Question 12
A firm's \cost function is given by C = 100 + 2L + 3K, where C is \cost, L is labor, and K is capital. If the firm's current labor and capital inputs are 30 units and 25 units respectively, calculate the firm's current \cost.
Question 13
A country's balance of payments account is given by the following equation: BOP = \( X - M \) + \( F - I \). If the country's exports are ₦10 billion, imports are ₦8 billion, foreign investment is ₦2 billion, and domestic investment is ₦3 billion, what is the country's balance of payments?
Question 14
A firm's production function is given by the following equation: \( Q = 10L^{0.5}K^{0.5} \), where ( L ) is labor and ( K ) is capital. If the firm's marginal product of labor is \( MPL = 5L^{-0.5}K^{0.5} \), what is the firm's optimal level of labor?
Question 15
A country's balance of payments is in deficit, and the central bank decides to intervene by selling foreign exchange on the market. What will be the effect on the exchange rate?
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