POST UTME CHRISTOPHER UNIVERSITY 2018 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
The demand for a particular commodity is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. The supply of the commodity is given by the equation Qs = 2P - 10, where Qs is the quantity supplied. What is the equilibrium price and quantity of the commodity?
Question 2
The national income of a country is given by the equation Y = C + I + G, where Y is the national income, C is the consumption exp\enditure, I is the investment exp\enditure, and G is the government exp\enditure. If the consumption exp\enditure is ₦500, the investment exp\enditure is ₦200, and the government exp\enditure is ₦300, find the national income.
Question 3
A country's GDP at market price is ₦1,500 billion, while its GDP at factor \cost is ₦1,400 billion. What is the value of the indirect tax?
Question 4
A monopolistically competitive firm faces a demand curve with the following equation: Q = 100 - 2P. If the firm's marginal revenue (MR) is given by MR = 200 - 2Q, what is the firm's optimal price?
Question 5
Consider a country with a mixed economy, where the government plays a significant role in the production and distribution of goods and services. U\sing the concept of opportunity \cost, explain why the government might impose a tax on a particular industry.
Question 6
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current inputs are L = 4 and K = 9, what is the firm's current output?
Question 7
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, find the percentage change in quantity demanded when the price increases by 10%.
Question 8
A farmer produces wheat and maize. The production functions are given by W = 2L^0.5 and M = 3L^0.5, where W and M are the quantities of wheat and maize produced, respectively, and L is the labor input. If the farmer's budget constraint is given by 2L^0.5 + 3L^0.5 = ₦100, find the optimal labor input and the quantities of wheat and maize produced.
Question 9
The government of Nigeria has introduced a new tax policy aimed at increa\sing revenue. The tax rate is 10% of the income, and the tax is levied on all individuals earning above ₦500,000 per annum. If the average income of Nigerians is ₦400,000, what is the impact of this policy on the government revenue?
Question 10
A central bank is considering a monetary policy to reduce inflation. If the money supply is M = 1000 + 0.5Y, where Y is the GDP, and the inflation rate is 5%, what is the percentage change in the money supply?
Question 11
The government of Nigeria has introduced a new policy aimed at increa\sing agricultural production. The policy includes providing subsidies to farmers, improving irrigation systems, and increa\sing access to credit. If the policy is successful, what is the likely impact on the agricultural sector?
Question 12
Suppose the demand for a commodity is given by the equation Qd = 100 - 2P and the supply is given by Qs = 2P - 10. Find the equilibrium price and quantity.
Question 13
A monopolist has a \cost function given by C(q) = 10q + 5q^2 and a revenue function given by R(q) = 20q - q^2. What is the monopolist's profit-maximizing quantity?
Question 14
A firm is considering investing in a new project. The project has a payback period of 5 years, and the \cost of capital is 10%. If the firm wants to achieve a return on investment (ROI) of 15%, what is the minimum amount of investment required?
Question 15
A firm's revenue function is given by R(x) = 3x^2 - 2x + 1, where x is the number of units sold. If the firm sells 10 units, find the total revenue.
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