POST UTME BOWEN UNIVERSITY 2021 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A consumer has a utility function given by U(x,y) = x^2 + 2y^2. If the consumer's budget constraint is 2x + 3y = 30, and the prices of x and y are 5 and 10 respectively, what is the consumer's optimal bundle?
Question 2
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 ₦100 billion, the investment is ₦20 billion, and the government sp\ending is ₦30 billion, what is the GDP?
Question 3
A monopolist faces a demand curve given by Q = 100 - 2P and a \cost function of C(Q) = 10Q + 100. If the monopolist produces 40 units, what is the consumer surplus?
Question 4
A country's GDP is given by the equation GDP = C + I + G + \( X - M \), where C is consumption, I is investment, G is government sp\ending, X is exports, and M is imports. If the country's GDP is $100 billion, consumption is $50 billion, investment is $20 billion, government sp\ending is $15 billion, exports are $30 billion, and imports are $25 billion, find the value of X.
Question 5
A firm's total revenue is given by the equation TR = 100x - 2x^2, where x is the number of units sold. What is the price elasticity of demand when the quantity demanded is 20 units?
Question 6
A government imposes a tax on a firm's output. If the firm's supply curve shifts to the left, which of the following is a possible effect on the firm's output?
Question 7
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current input prices are w = 20 and r = 30, and the current output price is p = 50, calculate the firm's maximum profit.
Question 8
A firm is producing a good with a production function of Q = 2L^2, where L is the labor input. If the wage rate is ₦50 per unit of labor, what is the marginal product of labor?
Question 9
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 uses 100 units of labor and 100 units of capital, what is the output?
Question 10
A government imposes a tax on a firm's output. If the firm's supply curve shifts to the left, which of the following is a possible effect on the firm's revenue?
Question 11
A firm is facing a demand curve given by Q = 100 - 2P and a \cost function of C(Q) = 10Q + 100. If the firm produces 40 units, what is the profit?
Question 12
A firm's production function is given by Q = 3L^0.5K^0.5. If the firm's current input prices are w = 15 and r = 25, and the current output price is p = 40, calculate the firm's maximum profit.
Question 13
A firm has a production function given by Q = 2L^0.5K^0.5. If the firm's current input prices are w_L = 10 and w_K = 20, and the firm's current output price is p = 50, what is the firm's maximum profit?
Question 14
A consumer's utility function is given by U(x,y) = 2x + 3y. If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦10 respectively, find the consumer's optimal bundle of x and y.
Question 15
A consumer has an indifference curve given by U = 2X + 3Y, where X and Y are the quantities of two goods. If the consumer is at a point (2, 3) on the indifference curve, what is the marginal rate of substitution?
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