POST UTME COAL CITY UNIVERSITY 2024 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
The Central Bank of Nigeria (CBN) has set an inflation target of 6% for the next year. If the current inflation rate is 8%, what is the required reduction in the money supply?
Question 2
A firm's revenue function is given by R(q) = 50q - 0.5q^2. If the firm produces 20 units, what is the total revenue?
Question 3
A firm's production function is given by Q = 2L^2 + 5L. If the wage rate is ₦100 per hour, find the profit-maximizing level of labor.
Question 4
A country's government budget constraint is represented by the equation: B = T + I + G. What is the value of the budget deficit (BD) if the government sp\ends ₦500 million on interest payments and ₦300 million on goods and services?
Question 5
A central bank increases the money supply by 10%. What is the expected effect on the price level?
Question 6
A country's GDP is given by the following 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 consumption is $500 billion, investment is $200 billion, government sp\ending is $300 billion, exports are $100 billion, and imports are $120 billion, what is the country's GDP?
Question 7
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current input prices are w = 10 and r = 20, and the firm's current output price is p = 30, calculate the firm's maximum profit.
Question 8
A firm's production function is given by \( Q = 2K^0.5L^0.5 \). If the firm is currently producing 100 units of output with 10 units of capital and 20 units of labor, what is the marginal product of labor?
Question 9
Consider a firm operating in a perfectly competitive market with a production function given by Q = 2L^0.5K^0.5. If the firm's current input prices are w = 10 and r = 20, and the firm's current output price is p = 30, calculate the firm's maximum profit.
Question 10
A firm's demand curve is represented by the equation: Q = 100 - 2P. What is the consumer surplus (CS) if the price is ₦20?
Question 11
A monopolist faces a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. Find the profit-maximizing price and quantity.
Question 12
A country's balance of payments is given by BOP = X - M, where BOP is the balance of payments, X is exports, and M is imports. If the country's current exports and imports are ₦100 and ₦80 respectively, what is the total balance of payments?
Question 13
A perfectly competitive firm's supply curve is upward-sloping because of the law of increa\sing \costs. What is the primary reason for this upward-sloping supply curve?
Question 14
A monopolist faces a demand curve with the following equation: Q = 100 - 2P. What is the monopolist's marginal revenue (MR) function?
Question 15
A consumer's utility function is given by U = 2x^0.5y^0.5, where x and y are the quantities of two goods. If the consumer's current consumption of good x is 4 units and the price of good y is ₦10, what is the marginal utility of good x?
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