POST UTME UNN 2017 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A country's GDP is given by GDP = C + I + G + \( X - M \). If the country's consumption is ₦1000 billion, investment is ₦200 billion, government sp\ending is ₦300 billion, exports are ₦500 billion, and imports are ₦400 billion, calculate the country's GDP.
Question 2
A country's GDP is given by the equation Y = C + I + G + \( X - M \), where Y is GDP, C is consumption, I is investment, G is government sp\ending, X is exports and M is imports. If the country's GDP is 100 billion, consumption is 60 billion, investment is 20 billion, government sp\ending is 10 billion, exports are 30 billion and imports are 20 billion, what is the value of X?
Question 3
A firm operating in a perfectly competitive market is said to be in a state of equilibrium when the marginal revenue equals the marginal \cost. What is the opportunity \cost of producing one more unit of the good?
Question 4
Consider a perfectly competitive market with a large number of firms producing a homogeneous product. If the market demand curve is downward sloping and the firms are price takers, what is the equilibrium price and quantity in this market?
Question 5
The production function for a firm is given by Q = 100K^\( 1/2 \)L^\( 1/2 \), where Q is output, K is capital and L is labor. If the firm wants to increase output by 20% while keeping labor cons\tant, what percentage increase in capital is required?
Question 6
A consumer's utility function is given by U = 2x + 3y. If the price of good x is ₦50 per unit and the price of good y is ₦75 per unit, calculate the consumer's budget constraint.
Question 7
A monopolistically competitive firm faces a demand curve with a cons\tant elasticity of -2. If the firm increases its price by 10%, what is the percentage change in quantity demanded?
Question 8
A government is considering a policy to reduce poverty. The government's budget constraint is given by B = 1000 + 0.5G, where B is the budget and G is the government exp\enditure. If the government wants to allocate ₦500 to poverty reduction, what is the maximum amount the government can allocate to other programs?
Question 9
The elasticity of demand for a commodity is given by the formula \( epsilon = \frac{Delta Q}{Delta P} \times \frac{P}{Q} \). If the price of the commodity increases by 10% and the quantity demanded decreases by 15%, calculate the elasticity of demand.
Question 10
A country's government imposes a tax of $10 on a firm's output. The firm's supply curve is given by q = 100 - p. What is the new supply curve after the tax?
Question 11
A firm's \cost function is given by C(q) = 2q^2 + 10q + 5. If the firm produces 20 units, what is the total \cost?
Question 12
A firm's revenue function is given by R = 100x - 2x^2. If the firm produces 10 units of output, calculate the marginal revenue.
Question 13
A monopolist faces a demand curve given by p = 100 - 2q. The firm's marginal \cost is $10. What is the profit-maximizing quantity?
Question 14
The demand for a product is given by the equation Qd = 100 - 2P. If the price of the product is $20, what is the quantity demanded?
Question 15
A country's GDP is given by the equation GDP = C + I + G + \( X - M \). If the country's consumption is $100 billion, investment is $20 billion, government sp\ending is $30 billion, exports are $50 billion, and imports are $20 billion, what is the country's GDP?
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