POST UTME WELLSPRING UNIVERSITY 2019 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
Calculate the value of the definite integral \( int_{0}^{2} \( 2x^2 + 3x - 4 \ \) dx ) u\sing the power rule of integration.
Question 2
A consumer's utility function is given by U = 2x + 3y, where x and y are the quantities of two goods consumed. If the consumer's income is ₦1000 and the prices of the two goods are ₦5 and ₦10 respectively, what is the consumer's optimal bundle of goods?
Question 3
Consider a market with the following demand and supply functions: D(p) = 100 - 2p and S(p) = 50 + 3p. What is the equilibrium price and quantity?
Question 4
A firm's production function is given by \( Q = 2L^{0.5}K^{0.5} \). If the firm's output is 16 units when the labor input is 4 units and the capital input is 4 units, what is the marginal product of labor?
Question 5
A consumer is faced with the following utility function: U(x,y) = 2x + 3y. If the consumer's income is ₦100,000 and the prices of x and y are ₦20 and ₦30 respectively, what is the optimal bundle of x and y?
Question 6
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \). If the firm's labor and capital inputs are increased by 20% and 15% respectively, what is the percentage change in output?
Question 7
A country's GDP is given by the equation Y = C + I + G, where Y is GDP, C is consumption, I is investment, and G is government sp\ending. If the country's consumption is ₦500 billion, investment is ₦200 billion, and government sp\ending is ₦300 billion, what is the country's GDP?
Question 8
A firm has a production function Q = 2L^0.5K^0.5. The prices of labor and capital are $10 and $20 respectively. The firm's revenue is $1000. What is the firm's optimal input mix?
Question 9
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \), where Q is output, L is labor and K is capital. If the firm's labor and capital are increased by 20% and 15% respectively, what is the percentage change in output?
Question 10
The government of Nigeria has introduced a new policy aimed at increa\sing the production of rice. The policy requires farmers to use a new type of fertilizer that \costs ₦50,000 per hectare. If a farmer has 10 hectares of land, how much will they sp\end on fertilizer?
Question 11
Consider a firm that produces two goods, X and Y, u\sing two inputs, labor and capital. The production functions are given by X = 2L^\( 1/2 \)K^\( 1/2 \) and Y = 3L^\( 1/2 \)K^\( 1/2 \). If the firm's labor and capital inputs are increased by 20% and 15% respectively, what is the percentage change in output of good X?
Question 12
A consumer's budget constraint is given by \( 2x + 3y = 100 \). If the consumer's utility function is \( U = 2x + 3y \), what is the consumer's optimal bundle of x and y?
Question 13
A country's balance of payments account shows a trade deficit of ₦500 billion and a capital account surplus of ₦200 billion. What is the overall balance of payments position?
Question 14
A firm is producing a good with the following production function: Q = 2L + 3K. If the firm's \cost of labor is ₦20 per unit and the \cost of capital is ₦30 per unit, what is the minimum \cost of producing 10 units of the good?
Question 15
A consumer is faced with the following budget constraint: 2x + 3y = 100. If the consumer's income is ₦100,000 and the prices of x and y are ₦20 and ₦30 respectively, what is the optimal bundle of x and y?
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