POST UTME CHRISTOPHER UNIVERSITY 2023 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
Consider a firm operating in a perfectly competitive market. If the firm's marginal revenue (MR) is greater than its marginal \cost (MC), what will be the effect on the firm's output?
Question 2
A consumer's budget constraint is given by 2x + 3y = 100, where x and y are the quantities of two goods. If the consumer's income is ₦100 and the prices of the two goods are ₦5 and ₦10 respectively, what is the optimal combination of the two goods?
Question 3
A firm's total revenue (TR) is given by the equation TR = 100x - 2x^2, where x is the number of units sold. If the firm's marginal revenue (MR) is 80, find the value of x.
Question 4
The inflation rate (I) in an economy is given by the equation I = 2 + 0.01Y, where Y is the income. If the income is ₦500 billion, find the inflation rate.
Question 5
A firm's demand function is given by \( Q = 100 - 2P \). If the firm's current price is \( P = 20 \), what is the firm's quantity demanded?
Question 6
A consumer's utility function is given by U = 2x + 3y, where x and y are the quantities of two goods. If the prices of the two goods are $2 and $3 respectively, and the consumer's income is $15, what is the consumer's optimal bundle of goods?
Question 7
Consider a small open economy with a trade balance of $10 million and a current account surplus of $20 million. If the exchange rate is 1 USD = 100 Naira, what is the value of the trade balance in Naira?
Question 8
A firm's demand function for a good is given by Q = 100 - 2P, where Q is quantity demanded and P is price. If the firm's marginal \cost is $5, what is the firm's optimal price?
Question 9
A firm's revenue function is given by R = 2L^2 + 3K, where R is revenue, L is labor, and K is capital. If labor increases by 20% and capital remains cons\tant, what is the percentage change in revenue?
Question 10
A firm's supply function is given by Q = 2P + 10, where Q is quantity supplied and P is price. If the firm's marginal \cost is $5, what is the firm's optimal price?
Question 11
A country's national income accounts show that its GDP is ₦15 trillion, its GNP is ₦12 trillion, and its net factor income from abroad is ₦1 trillion. What is the country's net domestic product?
Question 12
A consumer's indifference curve is given by U = 2x + 3y, where x and y are the quantities of two goods. If the consumer's income is $15 and the prices of the two goods are $2 and $3 respectively, what is the consumer's optimal bundle of goods?
Question 13
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is output, L is labor, and K is capital. If labor increases by 20% and capital remains cons\tant, what is the percentage change in output?
Question 14
A firm's \cost function is given by C = 2L + 3K, where C is \cost, L is labor, and K is capital. If labor increases by 20% and capital remains cons\tant, what is the percentage change in \cost?
Question 15
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is output, L is labor, and K is capital. If labor increases by 20% and capital remains cons\tant, what is the percentage change in output?
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