POST UTME BSU 2020 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
The opportunity \cost of producing one more unit of a good is measured by the
Question 2
A country's balance of payments is in equilibrium when its
Question 3
A firm's production function is given by Q = 2L^0.5H^0.5. If the firm's current labor and capital inputs are L = 4 and H = 9, what is the firm's total product?
Question 4
A firm's production function is given by Q = 2L^0.5H^0.5, where Q is output, L is labor, and H is capital. If the firm's current labor and capital inputs are 4 and 9 units respectively, what is the marginal product of labor (MPL) when H = 9?
Question 5
The elasticity of demand for a good is measured by the percentage change in the quantity demanded in response to a 1% change in the price of the good. If the price elasticity of demand is greater than 1, the demand curve is
Question 6
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current labor and capital inputs are 4 and 9 respectively, what is the total product of labor?
Question 7
A firm's demand curve for a product is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm's supply curve is given by Q = 2P - 50, find the equilibrium price and quantity.
Question 8
A country's balance of payments is in equilibrium when its
Question 9
A firm's demand curve for a product is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm's supply curve is given by Q = 2P - 50, find the elasticity of demand at a price of $20.
Question 10
The production function for a firm 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 increases its labor from 100 to 121 and capital from 100 to 121, what is the percentage change in output?
Question 11
A consumer's utility function is given by U = 2x + 3y, where x and y are the quantities of two goods. If the consumer's budget is ₦100 and the prices of the two goods are ₦5 and ₦10 respectively, what is the consumer's optimal bundle?
Question 12
A monopolist faces a demand curve given by P = 100 - 2Q. The firm's marginal \cost is MC = 20. What is the monopolist's profit-maximizing output?
Question 13
A firm's production function is given by Q = 100L^0.5K^0.5. If the price of labor (L) is ₦100 per unit and the price of capital (K) is ₦200 per unit, calculate the opportunity \cost of one additional unit of output.
Question 14
A country's GNP at market price is ₦120 billion. The government imposes a 15% tax on all foreign earnings. What is the GNP at factor \cost?
Question 15
A firm is considering two production methods: Method A, which requires an initial investment of ₦10 million and generates a profit of ₦5 million per year, and Method B, which requires an initial investment of ₦20 million and generates a profit of ₦10 million per year. Assuming that the firm wants to maximize its profits, which method should it choose?
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