POST UTME CRAWFORD UNIVERSITY 2025 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
The government of a country imposes a tax on a particular good. The supply curve shifts from S1 to S2. What is the effect on the equilibrium price and quantity?
Question 2
The government of a country is considering a policy to reduce its budget deficit. Which of the following is a correct way to reduce the budget deficit?
Question 3
The supply curve for a product is given by the equation Qs = 50 + 2P, where Qs is the quantity supplied and P is the price. If the price elasticity of supply is 2, what is the percentage change in quantity supplied when the price increases by 10%?
Question 4
A firm is producing a good with a total revenue of ₦100,000 and a total \cost of ₦80,000. What is the profit of the firm?
Question 5
A firm's revenue function is given by R(Q) = 50Q - 0.5Q^2. If the firm produces 20 units of output, what is the marginal revenue?
Question 6
The Nigerian government has implemented a policy to increase the production of a good. However, the policy has led to a decrease in the production of other goods. What is the opportunity \cost of increa\sing the production of the good?
Question 7
The demand for a commodity is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the price elasticity of demand is 0.5, what is the percentage change in quantity demanded when the price increases by 10%?
Question 8
A monopolist's demand curve is given by Q = 100 - 2P, and the inverse supply curve is given by P = 10 + 0.5Q. Find the equilibrium price and quantity.
Question 9
A firm's production function is given by Q = 2L + 3K, where L and K are the quantities of labor and capital respectively. If the firm's output is 100 units, and the price of labor is ₦10 and the price of capital is ₦20, find the optimal quantities of labor and capital.
Question 10
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm has 4 units of labor and 9 units of capital, what is the total output?
Question 11
A country's GDP is given by the equation GDP = C + I + G + \( X - M \). If the country's consumption is 100, investment is 50, government sp\ending is 75, exports are 150, and imports are 100, what is the GDP?
Question 12
A firm's \cost function is given by C(Q) = 10 + 2Q + 0.5Q^2. If the firm produces 20 units of output, what is the total \cost?
Question 13
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 goods are ₦5 and ₦3 respectively, and the consumer's income is ₦100, find the optimal quantities of the goods.
Question 14
A firm's production function is given by the equation Q = 2L^0.5K^0.5, where Q is the quantity produced, L is labor, and K is capital. If the firm uses 100 units of labor and 100 units of capital, what is the quantity produced?
Question 15
A consumer has a budget of ₦100 and faces the following prices for two goods: Good A = ₦20 and Good B = ₦30. If the consumer sp\ends all their budget on these two goods, what is the opportunity \cost of buying one more unit of Good A?
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