POST UTME BELLS UNIVERSITY 2017 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's \cost function is given by C = 100 + 2Q + 0.5Q^2, where C is \cost and Q is output. If the firm produces 100 units of output, what is the total \cost?
Question 2
A firm's total revenue is given by the equation TR = 100x - 2x^2, where x is the number of units sold. If the firm sells 20 units, what is its total revenue?
Question 3
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 4
A consumer's demand curve for a good is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the consumer's income is 100, and the price of the good is 20, find the quantity demanded.
Question 5
A consumer's utility function is given by U(x, y) = 2x + 3y, where x and y are the quantities of two goods consumed. If the consumer has a budget constraint of 100, and the prices of the two goods are 2 and 3 respectively, find the optimal quantities of the two goods to consume.
Question 6
A diagram of a simple agricultural production process is shown below. What is the main input used in this process?
Question 7
The production function for a firm is given by Q = 2L + 3K, where Q is the output, L is the labor and K is the capital. If the firm has 10 units of labor and 5 units of capital, what is the maximum output that the firm can produce?
Question 8
A monopolistically competitive firm faces a demand curve with elasticity of -2. If the firm increases its price by 10%, what is the percentage change in quantity demanded?
Question 9
A diagram of a simple circuit is shown below. What is the total resis\tance of the circuit?
Question 10
A government imposes a tax on a good, which leads to a decrease in the quantity demanded of the good. The tax revenue is used to finance a public good. Which of the following is a correct statement about the effect of the tax on the deadweight loss?
Question 11
The demand function for a product is given by p = 100 - 2x. If the price elasticity of demand is 0.5, what is the value of x?
Question 12
A farmer produces 100 units of wheat, with a price of ₦10 per unit. If the farmer's opportunity \cost of producing wheat is ₦5 per unit, what is the farmer's total revenue?
Question 13
The Marshall-Lerner condition states that if the sum of the elasticities of demand for exports and imports is greater than 1, then a devaluation of the currency will lead to an improvement in the balance of payments. Which of the following is a correct interpretation of the Marshall-Lerner condition?
Question 14
A government is planning to invest ₦50 billion in a new infrastructure project. If the project has a 10% rate of return, what is the present value of the project?
Question 15
A country's export supply function is given by X = 100 + 2P - 3Y, where X is exports, P is the price of the exported good, and Y is the country's income. If the price of the exported good decreases by 15% and the country's income increases by 10%, what is the percentage change in exports?
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