POST UTME CHRISTOPHER UNIVERSITY 2022 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's revenue function is given by R(x) = 2x^2 + 5x + 1. If the firm's marginal revenue function is MR(x) = 4x + 5, find the value of x that maximizes revenue.
Question 2
A consumer's utility function is given by U = 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 3
A country's GDP is ₦1,500 billion, and its GNP is ₦1,600 billion. What is the country's net factor income from abroad?
Question 4
The government of Nigeria has implemented a policy to increase the production of rice in the country. The policy includes providing subsidies to farmers and investing in irrigation systems. However, the policy has been criticized for its potential impact on the environment. Which of the following is a potential opportunity \cost of this policy?
Question 5
A firm's production function is given by Q = 2L^0.5K^0.5. If the price of labor increases by 20% and the price of capital increases by 15%, what is the new production level?
Question 6
The demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. The supply of the product is given by the equation Qs = 2P - 100, where Qs is the quantity supplied and P is the price. If the market is in equilibrium, what is the price of the product?
Question 7
A country's inflation rate is given by the equation π = \( P - P* \) / P*, where P is the current price level and P* is the base price level. If the country's current price level is P = 100 and the base price level is P* = 80, what is the country's inflation rate?
Question 8
A consumer's indifference curves are convex to the origin. What does this imply about the consumer's preferences?
Question 9
Consider a firm operating in a perfectly competitive market with a given production function Q = 2L^0.5K^0.5. If the price of the firm's output is P = 10, and the wage rate is W = 5, calculate the optimal level of labor (L) that maximizes the firm's profit.
Question 10
A country's GDP is given by the equation Y = C + I + G + \( X - M \). If the country's current values are C = 100, I = 200, G = 300, X = 400, and M = 200, what is the country's GDP?
Question 11
A country's GDP is ₦1000 billion and its GNP is ₦1200 billion. What is the country's net factor income from abroad?
Question 12
Agricultural development in Nigeria is hindered by the lack of access to credit facilities for farmers. Which of the following is a potential solution to this problem?
Question 13
The balance of payments (BOP) of a country is a statistical statement that summarizes all economic transactions between residents and non-residents over a specific period. Which of the following is a component of the current account in the BOP?
Question 14
A firm's \cost function is given by C(x) = 2x^2 + 5x + 1. If the firm's revenue function is R(x) = 3x^2 + 2x + 1, find the value of x that minimizes the firm's average \cost.
Question 15
A country's balance of payments (BOP) is given by the following equation: BOP = X - M, where X is the value of exports and M is the value of imports. If the country's exports are valued at ₦150 billion and its imports are valued at ₦200 billion, what is the balance of payments?
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