POST UTME COAL CITY UNIVERSITY 2021 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's revenue function is given by R(x) = 100x - 2x^2, where x is the number of units produced. If the firm produces 20 units, what is its revenue?
Question 2
Consider a small open economy with a perfectly competitive market for a particular good. The domestic price of the good is $10, and the world price is $8. The domestic supply curve is given by Qs = 100 - 2P, and the domestic demand curve is given by Qd = 150 + 3P. Assuming that the economy is initially in equilibrium, what is the effect of a 10% depreciation in the value of the domestic currency on the domestic price of the good?
Question 3
Consider a firm operating in a perfectly competitive market. If the firm's marginal revenue (MR) and marginal \cost (MC) curves intersect at point E, where MR = MC, and the firm is producing 100 units of output, what is the opportunity \cost of producing one more unit of output?
Question 4
A country's GDP is given by the equation Y = C + I + G, where Y is the GDP, C is the consumption, I is the investment, and G is the government sp\ending. If the consumption is 100, investment is 50, and government sp\ending is 200, what is the GDP?
Question 5
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 - 50, where Qs is the quantity supplied. Find the equilibrium price and quantity.
Question 6
A firm faces a demand curve given by Qd = 100 - 2P and a supply curve given by Qs = 50 + 2P. If the firm produces 30 units of the good, what is the consumer surplus?
Question 7
A farmer produces wheat u\sing a production function Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the labor used, and K is the capital used. The farmer has a budget constraint of 100 units of labor and 50 units of capital. Find the maximum quantity of wheat that can be produced.
Question 8
A firm produces a product u\sing a production function Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the labor used, and K is the capital used. The firm has a budget constraint of 100 units of labor and 50 units of capital. Find the maximum quantity of wheat that can be produced.
Question 9
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current input levels are L = 16 and K = 9, what is the marginal product of labor (MPL) when the firm is u\sing these input levels?
Question 10
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's labor and capital are 4 and 9 respectively, what is the marginal product of labor?
Question 11
A country's agricultural sector is given by the following equation: Q = 2A^0.5L^0.5. If the country's agricultural input and labor are 4 and 9 respectively, what is the marginal product of labor?
Question 12
A firm is considering two different production processes, A and B. Process A requires 2 units of labor and 1 unit of capital to produce 10 units of output, while process B requires 1 unit of labor and 2 units of capital to produce 15 units of output. If the firm has 100 units of labor and 50 units of capital, which process should it use?
Question 13
A monopolist faces a demand curve given by Qd = 100 - 2P and a \cost function C(Q) = 10Q + 100. If the monopolist produces 20 units of the good, what is the consumer surplus?
Question 14
A consumer has the following utility function: U(X,Y) = 2X + 3Y. The prices of X and Y are $2 and $3, respectively. If the consumer has a budget of $15, what is the optimal quantity of X and Y to consume?
Question 15
Consider a small open economy with a trade balance of -100, a current account balance of -50, and a capital account balance of 50. What is the country's overall balance of payments position?
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