POST UTME WELLSPRING UNIVERSITY 2021 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A country's GNP at market price is ₦1,800,000,000. If the country's net factor income from abroad is ₦200,000,000, what is the GNP at factor \cost?
Question 2
A farmer in Nigeria has 500 hectares of land to cultivate maize. If the yield per hectare is 2.5 tons, what is the total yield from the land?
Question 3
The demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the price is increased by 10%, what is the new quantity demanded?
Question 4
The balance of payments (BOP) of a country is given by the equation BOP = X - M, where X is the value of exports and M is the value of imports. If the value of exports is ₦100 billion and the value of imports is ₦120 billion, what is the balance of payments?
Question 5
A firm is considering two production processes: Process A, which \costs ₦100 per unit, and Process B, which \costs ₦120 per unit. If the firm produces 100 units, what is the opportunity \cost of u\sing Process B?
Question 6
A monopolistically competitive firm faces a demand curve given by Qd = 100 - 2P. If the firm's marginal revenue (MR) is 50, what is the price at which the firm will produce 60 units?
Question 7
A country's balance of payments (BOP) is given by the equation BOP = X - M, where X is the value of exports and M is the value of imports. If the value of exports is ₦100 billion and the value of imports is ₦80 billion, what is the balance of payments?
Question 8
The government of Nigeria has allocated ₦10 billion for the development of the agricultural sector. If the budget is to be shared equally among 10 states, what is the amount allocated to each state?
Question 9
A country's GDP is calculated as the sum of the value of all final goods and services produced within its borders. However, the GDP of a country can be affected by the following factors: (i) the value of imports, (ii) the value of exports, (iii) the value of intermediate goods and services. Which of the following statements is correct?
Question 10
The demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the price elasticity of demand is 0.5, what is the percentage change in quantity demanded when the price increases by 10%?
Question 11
A firm is producing a good with a production function given by Q = 2L^\( 1/2 \)K^\( 1/2 \). The firm's \cost function is C = 10L + 20K. What is the firm's profit-maximizing level of labor and capital?
Question 12
A consumer's demand for a good is given by Q = 100 - 2P. The consumer's income is ₦1000. What is the consumer's price elasticity of demand?
Question 13
Consider a country with a fixed money supply of ₦10 billion. If the central bank decides to increase the money supply by 20%, what will be the new money supply in billions of naira?
Question 14
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current inputs are L = 4 and K = 9, calculate the marginal product of labor (MPL) and marginal product of capital (MPK).
Question 15
A consumer's demand for a good is given by Q = 100 - 2P. The consumer's income is ₦1000. What is the consumer's budget constraint?
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