POST UTME BOWEN UNIVERSITY 2017 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
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's budget constraint is 2x + 3y = 30, what is the optimal combination of x and y?
Question 2
A country's balance of payments account shows a trade deficit of ₦50 billion. If the country's foreign exchange reserves are ₦100 billion, what is the percentage change in the reserves?
Question 3
The government of a country imposes a tax on a particular good, which increases the price of the good by 20%. If the demand for the good is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price, what is the new demand equation after the tax is imposed?
Question 4
A monopolist faces a demand curve given by Q = 100 - 2P. The monopolist's marginal \cost is MC = 10 + 2Q. Find the profit-maximizing price and quantity.
Question 5
A firm's total revenue is given by TR = 100Q - 2Q^2. The firm's total \cost is given by TC = 50Q + 10Q^2. Find the firm's profit-maximizing output.
Question 6
A firm's production function is given by \( Q = 10L^0.5K^0.5 \), where (Q) is the output, (L) is the labor and (K) is the capital. If the firm's budget constraint is given by \( 10L + 20K = 100 \), what is the firm's optimal level of labor and capital?
Question 7
A firm's demand curve is given by Q = 100 - 2P. The firm's supply curve is given by Q = 2P. Find the equilibrium price and quantity.
Question 8
A consumer's utility function is given by U = 2x + 3y. The consumer's budget constraint is given by 2x + 3y = 30. Find the consumer's optimal bundle of x and y.
Question 9
A government imposes a tax of ₦10 per unit on a firm's output. If the firm's supply function is Q = 100 - 2P, where P is the price per unit, what is the new supply function after the tax is imposed?
Question 10
A country's GDP is given by GDP = 100 + 2Y + 3C. The country's GNP is given by GNP = 120 + 2Y - 3C. Find the country's GDP minus its GNP.
Question 11
A firm's marginal revenue (MR) and marginal \cost (MC) curves are given by the equations MR = 100 - 2q and MC = 50 + q. If the firm is currently producing 10 units of output, what is the likely effect on the firm's profit-maximizing output level if the government imposes a tax of ₦10 per unit?
Question 12
A firm's demand function is given by \( Q = 100 - 2P \), where ( P ) is the price. If the price is ₦20, what is the quantity demanded?
Question 13
The government of a country imposes a tax on imports to reduce the trade deficit. This tax is an example of a(n)
Question 14
A firm's \cost function is given by C = 2Q + 3Q^2, where Q is the quantity produced. If the firm produces 10 units, what is the total \cost?
Question 15
A firm produces two goods, X and Y, u\sing two inputs, labor (L) and capital (K). The production functions are given by X = 2L + 3K and Y = 3L + 2K. If the firm has 10 units of labor and 8 units of capital, what is the total output?
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