POST UTME WELLSPRING UNIVERSITY 2024 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's \cost function is given by C(x) = 100 + 2x, where x is the number of units produced. If the firm produces 20 units, what is the total \cost?
Question 2
Consider a perfectly competitive market with n firms, each producing a homogeneous product. If the market demand curve is given by Qd = 100 - 2P and the supply curve is given by Qs = 10 + 3P, find the equilibrium price and quantity.
Question 3
A firm's revenue function is given by the equation R = 2x^2, where R is the revenue and x is the quantity sold. If the firm sells 10 units, what is the revenue?
Question 4
A consumer has the following utility function: U = 2x + 3y. The prices of x and y are ₦20 and ₦30 respectively. The consumer's budget is ₦100. What is the optimal level of x and y that the consumer should consume?
Question 5
A country's balance of payments is given by the equation BOP = X - M, where X is the value of exports and M is the value of imports. If the country's exports are ₦1000 and its imports are ₦800, what is the balance of payments?
Question 6
A country's GDP is ₦100 billion. If the country's population is 20 million, what is the per capita GDP?
Question 7
A consumer's utility function is given by U(x, y) = 2x + 3y. If the consumer's income is ₦100 and the prices of x and y are ₦5 and ₦10 respectively, what is the consumer's optimal bundle?
Question 8
A firm is faced with the following production function: Q = 2L^0.5 * K^0.5. If the price of labor (w) is ₦100 and the price of capital (r) is ₦50, and the firm's budget constraint is wL + rK = ₦5000, what is the optimal level of labor (L) and capital (K) that the firm should employ?
Question 9
A firm's production function is given by Q = 2L^0.5 * K^0.5, where Q is the output, L is the labor input, and K is the capital input. If the firm's labor input increases by 20% and the capital input remains cons\tant, what is the percentage change in output?
Question 10
A firm's production function is given by the equation Q = 2L^0.5K^0.5, where Q is the output, L is the labor, and K is the capital. If the labor is 50 units and the capital is 100 units, what is the output?
Question 11
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 12
A country's GDP is given by the equation Y = C + I + G, where Y is the GDP, C is the consumption, I is the investment, and G is the government sp\ending. If the consumption is 60% of the GDP, the investment is 20% of the GDP, and the government sp\ending is 10% of the GDP, what is the value of the GDP?
Question 13
A firm's \cost function is given by C(q) = 2q^2 + 5q + 10. If the firm produces 5 units of output, what is the total \cost of production?
Question 14
Consider a firm operating in a perfectly competitive market with a downward-sloping demand curve. If the firm's marginal revenue (MR) curve intersects its marginal \cost (MC) curve at point E, where MR = MC, and the firm's average total \cost (ATC) curve is U-shaped, what is the likely effect on the firm's profit-maximizing output level if the demand curve shifts to the left?
Question 15
A consumer's utility function is given by the equation U = 2x + 3y, where U is the utility, x is the quantity of good 1, and y is the quantity of good 2. If the consumer has a budget of ₦100 and the prices of good 1 and good 2 are ₦5 and ₦10 respectively, what is the optimal bundle of goods?
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