POST UTME CHRISTOPHER UNIVERSITY 2017 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A country's GDP is given by GNP - \( imports - exports \). If the country's GNP is ₦100 billion, imports are ₦20 billion, and exports are ₦15 billion, what is the country's GDP?
Question 2
A firm's demand function is given by Q = 100 - 2P and its \cost function is C(Q) = 2Q^2 + 10Q. If the firm's current price is P = 20, what is the elasticity of demand?
Question 3
A firm's \cost function is given by C(q) = 2q^2 + 10q + 5. If the firm produces 10 units of output, what is its total \cost?
Question 4
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's labor and capital are 100 and 200 respectively, what is the firm's output?
Question 5
The supply curve of a firm is upward-sloping because
Question 6
A monopolistically competitive firm faces a demand curve given by Q = 100 - 2P. If the firm's marginal revenue is MR = 200 - 4Q, what is the firm's optimal price?
Question 7
A country's inflation rate is given by the following equation: inflation rate = \( C + I + G + X - M \) / Y. If the country's consumption is ₦500 billion, investment is ₦200 billion, government sp\ending is ₦300 billion, exports are ₦400 billion, imports are ₦500 billion, and GDP is ₦2 trillion, what is the country's inflation rate?
Question 8
A central bank increases the money supply by buying government bonds from commercial banks. What is the effect on the money supply?
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 $100 billion, consumption is $50 billion, investment is $20 billion, government sp\ending is $30 billion, exports are $40 billion, and imports are $20 billion, what is the value of the marginal propensity to consume (MPC)?
Question 10
A firm's \cost function is given by C = 100 + 2Q + 0.5Q^2, where C is total \cost and Q is output. If the firm produces 20 units of output, what is the total \cost?
Question 11
The opportunity \cost of producing one more unit of a good is equal to the
Question 12
The government of a country imposes a tax on imported goods to raise revenue. The tax is levied at the rate of 10% on the value of the goods. If the value of the goods is ₦100,000, what is the amount of tax paid?
Question 13
A government imposes a tax of ₦10 per unit on a firm's output. If the firm's supply function is given by Q = 100 - 2P and the tax is passed on to consumers, what is the new equilibrium price and quantity?
Question 14
A firm's production function is given by Q = 3L^0.5K^0.5. If the firm's current input prices are w = ₦150 and r = ₦300, and it currently employs 8 units of labor and 16 units of capital, calculate the firm's current total \cost.
Question 15
A perfectly competitive firm will produce at the point where its marginal \cost (MC) curve intersects the
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