POST UTME CHRISTOPHER UNIVERSITY 2019 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A country's agricultural sector is characterized by a high degree of seasonality. What is the likely effect of this seasonality on the country's overall economic growth?
Question 2
A country's GDP can be calculated u\sing the following formula: GDP = C + I + G + \( X - M \). If the country's consumption is ₦100 billion, investment is ₦50 billion, government sp\ending is ₦75 billion, exports are ₦200 billion, and imports are ₦150 billion, what is the country's GDP?
Question 3
A central bank increases the money supply by 10% in a closed economy. U\sing the concept of the money multiplier, determine the percentage change in the money supply.
Question 4
A firm's demand function is given by Qd = 100 - 2P. If the price is ₦20, what is the quantity demanded?
Question 5
A firm's production function is given by \( Q = 10L^0.5K^0.5 \), where ( Q ) is the output, ( L ) is the labor and ( K ) is the capital. If the firm wants to produce 100 units of output, and the price of labor is ₦50 per unit and the price of capital is ₦100 per unit, what is the minimum \cost of production?
Question 6
A country is experiencing a trade deficit. Which of the following is a likely cause of this situation?
Question 7
The production function for a firm is given by Q = 2L^0.5K^0.5, where Q is output, L is labor and K is capital. If the firm increases labor from 4 units to 9 units and capital from 9 units to 16 units, what is the percentage change in output?
Question 8
A government is considering a tax on a particular good. The demand for the good is given by the equation \( Q_d = 100 - 2P \), where \( Q_d \) is the quantity demanded and ( P ) is the price. The supply of the good is given by the equation \( Q_s = 2P - 20 \), where \( Q_s \) is the quantity supplied. If the government imposes a tax of ₦10 on the good, what will be the new equilibrium price and quantity?
Question 9
Consider a country with a perfectly competitive market for a particular good. The demand for the good is given by the equation \( Q_d = 100 - 2P \), where \( Q_d \) is the quantity demanded and ( P ) is the price. The supply of the good is given by the equation \( Q_s = 2P - 20 \), where \( Q_s \) is the quantity supplied. If the government imposes a tax of ₦10 on the good, what will be the new equilibrium price and quantity?
Question 10
A country's balance of payments can be calculated u\sing the following formula: BOP = X - M + \( F - I \). If the country's exports are ₦200 billion, imports are ₦150 billion, foreign investment is ₦50 billion, and domestic investment is ₦75 billion, what is the country's balance of payments?
Question 11
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, consumption is 300, investment is 200, government sp\ending is 150, exports are 250, and imports are 100, what is the value of X?
Question 12
A firm's demand function is given by Q = 100 - 2P, where Q is quantity demanded and P is price. If the firm increases price from $20 to $30, what is the percentage change in quantity demanded?
Question 13
A country's GNP is given by the equation GNP = GDP + (net factor income from abroad). If the country's GDP is 1000, net factor income from abroad is 50, what is the value of GNP?
Question 14
A country's GDP is $100 billion, its imports are $20 billion, and its exports are $30 billion. U\sing the concept of net exports, calculate the country's GNP.
Question 15
A monopolist faces a demand curve with a price elasticity of -2. If the firm's marginal revenue is ₦100, what is the likely price elasticity of the demand curve?
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