POST UTME BSU 2021 Economics | Objective
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Question 1
A country's GDP is given by the equation GDP = C + I + G + \( X - M \). If the country's consumption is ₦100, investment is ₦50, government sp\ending is ₦20, exports are ₦30, and imports are ₦10, what is the country's GDP?
Question 2
A consumer's budget constraint is given by 2X + 3Y = 12. If the price of X is ₦2 and the price of Y is ₦3, find the optimal combination of X and Y.
Question 3
A consumer's budget constraint is given by the equation 2x + 3y = 12. If the consumer sp\ends ₦4 on x, how much will they sp\end on y?
Question 4
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 billion naira and the value of imports is 80 billion naira, what is the balance of payments?
Question 5
A firm's revenue function is given by R(Q) = 2Q^2 - 10Q + 20. Find the profit-maximizing quantity.
Question 6
A country's balance of payments is in equilibrium when the value of its imports equals the value of its exports. However, if the country's imports exceed its exports, it will experience a trade deficit. What is the effect of a trade deficit on the country's exchange rate?
Question 7
A monopolist faces a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. Find the profit-maximizing price and quantity.
Question 8
Consider a country that imports 100 units of a commodity and exports 80 units. The price of the commodity in the domestic market is ₦100 per unit, while the price in the foreign market is ₦80 per unit. U\sing the Balance of Payments framework, calculate the trade balance.
Question 9
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 ₦1000 billion, its consumption is ₦300 billion, its investment is ₦200 billion, its government sp\ending is ₦150 billion, its exports are ₦250 billion, and its imports are ₦100 billion, what is the country's trade balance?
Question 10
A consumer's indifference curve is given by U = 2X + 3Y. If the price of X is ₦2 and the price of Y is ₦3, find the optimal combination of X and Y.
Question 11
A country's balance of payments (BOP) accounts are given by the following equations: Exports (X) = 100 + 0.5Y, Imports (M) = 50 + 0.2Y, where Y is the country's GDP. If the country's GDP is 1000, what is the country's trade balance?
Question 12
A consumer's indifference curve is downward sloping and convex to the origin. What is the implication of this shape for the consumer's marginal rate of substitution (MRS)?
Question 13
A monopoly firm's demand curve is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm's marginal \cost is 10, what is the firm's optimal price?
Question 14
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is the quantity produced, L is labor, and K is capital. If the firm's labor is 100 units and its capital is 400 units, what is the firm's output?
Question 15
A government imposes a tax on a good, cau\sing the supply curve to shift to the left. What is the effect on the equilibrium price and quantity of the good?
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