POST UTME VERITAS UNIVERSITY 2017 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's total revenue function is given by TR = 100x - 2x^2. If the firm's current output is x = 10, what is the firm's marginal revenue?
Question 2
A consumer's budget constraint is given by 2x + 3y = 1000. If the consumer's utility function is U(x, y) = 2x + 3y, what is the consumer's optimal bundle?
Question 3
A government is considering a policy to reduce the price of a particular good. The demand function for the good is given by Q = 100 - 2P, and the supply function is given by Q = 2P - 10. If the government wants to reduce the price of the good by 10%, what will be the new equilibrium price?
Question 4
A government imposes a tax on a firm's output. The firm's supply curve is given by \( S = 10 + 2q \). The tax rate is \( t = 5 \). Find the firm's new supply curve.
Question 5
Consider a firm operating in a perfectly competitive market with a given production function Q = 2L^\( 1/2 \)H^\( 1/2 \). If the firm's current input prices are w = 10 and r = 20, and the current output price is p = 30, calculate the firm's optimal input mix (L, H) u\sing the Lagrange method, assuming a cons\tant returns to scale production techno\logy.
Question 6
The Marshall Plan was a post-war economic aid program implemented by the United States to help rebuild which of the following countries?
Question 7
A country's balance of payments account is given by the following equation: BOP = \( X - M \) + \( F - I \). If the country's trade balance is in surplus by ₦100 billion, its current account is in deficit by ₦50 billion, and its capital account is in surplus by ₦20 billion, what is the value of BOP?
Question 8
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \). If the firm's current inputs are L = 16 and K = 9, what is the marginal product of labor?
Question 9
Suppose the demand for a product is given by the equation \( Q_d = 100 - 2P \) and the supply is given by \( Q_s = 2P - 10 \). If the market is in equilibrium, what is the price of the product?
Question 10
The concept of comparative advantage in international trade suggests that a country should specialize in producing goods for which it has a lower opportunity \cost compared to another country. Which of the following is a correct example of comparative advantage?
Question 11
A firm's \cost function is given by C(x) = 2x^2 + 5x + 10. If the firm produces 20 units, what is the marginal \cost?
Question 12
A firm's \cost function is given by C(x) = 2x^2 + 5x + 10. If the firm produces 20 units, what is the total \cost?
Question 13
A firm's revenue function is given by R(x) = 2x^2 + 5x + 1. If the firm's marginal revenue is 10, find the value of x.
Question 14
Consider a country's balance of payments account, which includes the following transactions: Exports of goods = ₦100 billion, Imports of goods = ₦120 billion, Services = ₦20 billion, and Transfer payments = ₦15 billion. What is the country's balance of payments deficit?
Question 15
Consider a production function ( f(x) = 2x^2 + 5x + 3 ) where ( x ) represents the number of units produced. If the marginal product of labor is 10 units when \( x = 4 \), what is the value of the average product of labor?
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