POST UTME UNIPORT 2024 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
Consider a country with a GDP of ₦10 trillion and a GNP of ₦12 trillion. If the country's population is 200 million, calculate the per capita GDP.
Question 2
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 - 50, where Q is quantity supplied and P is price, calculate the equilibrium price and quantity.
Question 3
A country's economic growth rate is given by the equation Y = 2Y0\( 1 + g \)^t, where Y is the current GDP, Y0 is the initial GDP, g is the growth rate, and t is time. If the country's initial GDP is ₦10 trillion, the growth rate is 5%, and time is 10 years, calculate the current GDP.
Question 4
A firm's production function is given by Q = 3L^0.7K^0.3. If the firm's current input levels are L = 27 and K = 8, what is the marginal product of labor (MPL) at this point?
Question 5
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 4 units to 9 units, and capital from 9 units to 16 units, calculate the percentage change in output.
Question 6
A firm's \cost function is given by C = 2L + 3K. If the firm's labor and capital inputs are 6 and 12 respectively, what is the total \cost?
Question 7
A firm's production function is given by \( Q = 2K^{\frac{1}{2}}L^{\frac{1}{2}} \). If the price of capital is ₦500 per unit, and the price of labor is ₦200 per unit, what is the optimal level of capital to maximize profits?
Question 8
The following diagram shows the supply and demand curves for a commodity. If the price of the commodity is initially at P1, what is the likely effect of a decrease in the price to P2?
Question 9
Consider a production function given by \( Q = 100K^{\frac{1}{3}}L^{\frac{2}{3}} \), where Q is output, K is capital, and L is labor. If the marginal product of labor is 20, and the price of labor is ₦200 per unit, what is the optimal level of labor to maximize profits?
Question 10
The government of Nigeria has introduced a new tax policy aimed at reducing income inequality. The policy involves a progressive tax system where the tax rate increases as income increases. If the tax rate is 10% for income up to ₦100,000, 20% for income between ₦100,001 and ₦200,000, and 30% for income above ₦200,000, what is the total tax paid by a person with an income of ₦250,000?
Question 11
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 profit-maximizing quantity of output?
Question 12
A country's government is considering a budget that allocates 60% of its revenue to education and 20% to healthcare. If the total revenue is ₦1,000,000, what is the amount allocated to education?
Question 13
A consumer's utility function is given by U = 2x + 3y, where x and y are the quantities of two goods. If the consumer's income is ₦1000 and the prices of the two goods are ₦2 and ₦3 respectively, what is the consumer's optimal bundle of goods?
Question 14
A government's budget constraint is given by B = T + I, where B is the budget, T is the tax revenue, and I is the interest payment. If the tax revenue is $10 billion and the interest payment is $5 billion, what is the government's budget?
Question 15
A monopolist faces a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. Find the profit-maximizing quantity and price, assuming the monopolist sells the output at the market price.
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