POST UTME BSU 2022 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A consumer's budget constraint is given by P_xX + P_yY = I, where P_x and P_y are the prices of goods X and Y, respectively, X and Y are the quantities of goods X and Y consumed, and I is the consumer's income. If the consumer's income is I = 100, the price of good X is P_x = 10, and the price of good Y is P_y = 20, what is the consumer's optimal quantity of good Y?
Question 2
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, and the values of C, I, G, X, and M are ₦300 billion, ₦200 billion, ₦150 billion, ₦250 billion, and ₦100 billion respectively, what is the value of exports?
Question 3
A consumer's budget constraint is given by P_xX + P_yY = I, where P_x and P_y are the prices of goods X and Y, respectively, X and Y are the quantities of goods X and Y consumed, and I is the consumer's income. If the consumer's income is I = 100, the price of good X is P_x = 10, and the price of good Y is P_y = 20, what is the consumer's optimal quantity of good X?
Question 4
A firm's production function is given by Q = 2L^0.5K^0.5, where L is labor and K is capital. If the firm's current labor and capital inputs are L = 4 and K = 9, respectively, what is the firm's marginal product of labor (MPL) at this point?
Question 5
A firm has a \cost function C(x) = 2x^2 + 10x + 5, where x is the number of units produced. If the firm produces 10 units, what is the total \cost?
Question 6
A monopolist faces a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 10Q + 100. If the monopolist produces 20 units, what is the profit-maximizing price?
Question 7
Suppose a firm is producing a good with a production function Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the labor input, and K is the capital input. If the firm's current labor input is 16 units and capital input is 9 units, what is the marginal product of labor (MPL) when the firm is producing at this level of inputs?
Question 8
Consider a perfectly competitive market with n firms, each producing a homogeneous product. If the market demand curve is downward sloping and the firms are price takers, what is the relationship between the marginal \cost (MC) and the market price (P)?
Question 9
A firm's production function is given by Q = 2L^0.5K^0.5, where L is labor and K is capital. If the firm's current labor and capital inputs are L = 4 and K = 9, respectively, what is the firm's total product of labor (TPL) at this point?
Question 10
A firm's production function is given by Q = 2L^0.5K^0.5, where L is labor and K is capital. If the firm's current labor and capital inputs are L = 4 and K = 9, respectively, what is the firm's marginal product of capital (MPC) at this point?
Question 11
The demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the price elasticity of demand is 0.5, what is the percentage change in quantity demanded when the price increases by 10%?
Question 12
The government of Nigeria has implemented a policy to increase agricultural production. What could be the possible reasons for this policy?
Question 13
A country's GDP is 100 billion naira, and its GNP is 120 billion naira. What is the country's net factor income from abroad?
Question 14
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm uses 16 units of labor and 9 units of capital, what is the marginal product of labor?
Question 15
A firm's supply function is given by Qs = 2P - 10, where Qs is the quantity supplied and P is the price. If the price is currently ₦20, what is the quantity supplied?
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