POST UTME CHRISTOPHER UNIVERSITY 2020 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A monopolist faces a market demand curve given by Q = 100 - 2P and a marginal revenue function MR = 200 - 2Q. Find the profit-maximizing price and quantity.
Question 2
A country's elasticity of demand for a particular good is given by the following equation: E = \( ΔQ / ΔP \) × \( P / Q \). If the demand for the good is Q = 100 - 2P and the price elasticity of demand is E = 0.5, find the new price and quantity of output after a 10% increase in price.
Question 3
In a perfectly competitive market, the supply curve is a straight line. If the price elasticity of demand is 2, and the demand curve is given by Qd = 100 - 2P, what is the price elasticity of supply?
Question 4
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's output increases by 20% when labor increases by 10% and capital increases by 15%, what is the value of the elasticity of output with respect to labor?
Question 5
A firm is considering the introduction of a new product. The demand for the product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. The firm's \cost function is given by C = 50 + 5Q, where C is the total \cost and Q is the quantity produced. What is the profit-maximizing price?
Question 6
A government imposes a tax on a firm's output. The firm's supply function is given by Q = 100 + 2P. If the tax rate is 10% of the output price, what is the new supply function?
Question 7
A firm is operating in a perfectly competitive market with a \cost function given by C(q) = 2q^2 + 10q. If the market price is P = 20, find the profit-maximizing quantity of output.
Question 8
A consumer's utility function is given by U(x,y) = 2x + 3y. If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦10 respectively, what is the consumer's optimal bundle?
Question 9
A firm is operating in a monopoly market with a demand function given by Q = 100 - 2P. If the firm's marginal \cost is MC = 10, find the profit-maximizing price and quantity of output.
Question 10
The balance of payments (BOP) accounts for a country can be classified into three main categories: current account, capital account, and financial account. Which of the following is NOT a component of the current account?
Question 11
The government of Nigeria has introduced a new tax policy aimed at increa\sing revenue from the agricultural sector. The policy involves a 10% tax on all agricultural produce sold in the country. If the total value of agricultural produce sold in the country is ₦100 billion, what is the total tax revenue generated from this policy?
Question 12
A central bank increases the reserve requirement for commercial banks from 10% to 15%. What will be the effect on the money supply?
Question 13
A monopolist faces a demand curve given by Qd = 100 - 2P. If the monopolist's marginal \cost curve is MC = 10, what is the monopolist's optimal price and quantity?
Question 14
A government is considering a policy to reduce inflation. The government's objective function is given by U(C, P) = 2C + 3P. The constraint is given by C + P = 10. Find the government's optimal policy.
Question 15
A firm's \cost function is given by C(Q) = 2Q^2 + 10Q + 100. If the firm produces 20 units of output, what is the total \cost?
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