POST UTME AFE BABALOLA UNIVERSITY 2022 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
The government of a country imposes a tax of ₦10 on every unit of a good. If the supply curve of the good is given by Qs = 100 + 2P, where Qs is the quantity supplied and P is the price, find the new supply curve after the tax is imposed.
Question 2
A country's GDP is given by the equation GDP = C + I + G + \( X - M \), where C is the consumption, I is the investment, G is the government sp\ending, X is the value of exports, and M is the value of imports. If the consumption is 100, the investment is 80, the government sp\ending is 60, the value of exports is 120, and the value of imports is 100, find the GDP.
Question 3
A monopolist faces a demand curve given by P = 100 - 2Q. The monopolist's marginal \cost (MC) is given by MC = 10 + 2Q. What is the monopolist's profit-maximizing price?
Question 4
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, find the percentage change in quantity demanded when the price increases by 10%.
Question 5
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, find the percentage change in quantity demanded when the price increases by 10%.
Question 6
A farmer has 100 hectares of land and can grow two crops: wheat and maize. The profit from growing wheat is ₦1000 per hectare, while the profit from growing maize is ₦800 per hectare. If the farmer can sell the crops at any time, find the optimal crop mix that maximizes profit.
Question 7
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 value of exports is 100 and the value of imports is 80, find the balance of payments.
Question 8
A monopolist faces a demand curve given by P = 100 - 2Q. The monopolist's marginal \cost (MC) is given by MC = 10 + 2Q. What is the monopolist's profit-maximizing quantity?
Question 9
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is the output, L is the labor, and K is the capital. If the firm has 100 units of labor and 200 units of capital, find the marginal product of labor.
Question 10
A firm's production function is given by \( Q = 2L^{0.5}K^{0.5} \). If the firm's output is 100 units and the price of labor is ₦10 per unit, find the firm's optimal level of capital.
Question 11
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current input levels are L = 4 and K = 9, what is the firm's current output?
Question 12
A consumer has a utility function U(x, y) = 2x + 3y, where x and y are the quantities of two goods. If the consumer's income is ₦1000 and the prices of the two goods are ₦5 and ₦10 respectively, find the consumer's optimal bundle of goods.
Question 13
A consumer's indifference curve is given by the equation ( u(x,y) = 2x + 3y ). If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦3 respectively, find the consumer's optimal bundle of x and y.
Question 14
A country's trade balance is given by the equation \( TB = X - M \), where X is the country's exports and M is the country's imports. If the country's exports are ₦1,500,000,000,000 and its imports are ₦1,200,000,000,000, find the country's trade balance.
Question 15
A government's budget is given by the equation \( B = T + I \), where B is the government's budget, T is the government's tax revenue, and I is the government's interest payment. If the government's tax revenue is ₦1,000,000,000,000 and its interest payment is ₦500,000,000,000, find the government's budget.
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