POST UTME DELSU 2023 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's demand for raw materials is given by the equation Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the price elasticity of demand is -2, what is the percentage change in quantity demanded when the price increases by 10%?
Question 2
A country's GDP is given by the 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 GDP is ₦5 trillion, consumption is ₦1.5 trillion, investment is ₦500 billion, government sp\ending is ₦1 trillion, exports are ₦2 trillion, and imports are ₦1.5 trillion, what is the value of X?
Question 3
A government imposes a tax of 10% on a good. If the demand for the good is given by Q = 100 - 2P and the price elasticity of demand is -2, what is the effect on the government's revenue?
Question 4
The National Bureau of Statistics (NBS) has reported that the Gross Domestic Product (GDP) of Nigeria has increased by 3% in the last quarter. If the GDP was ₦10,000,000 in the previous quarter, what is the GDP in the current quarter?
Question 5
A country's balance of payments is given by the equation BOP = X - M + \( F - I \), where X is exports, M is imports, F is foreign investment, and I is domestic investment. If the country's balance of payments is a surplus of ₦500 billion, exports are ₦2 trillion, imports are ₦1.5 trillion, foreign investment is ₦1 trillion, and domestic investment is ₦500 billion, what is the value of F?
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 consumer's income is 100 naira and the prices of the two goods are 5 naira and 10 naira respectively, what is the consumer's optimal bundle?
Question 7
A firm's demand curve for a product is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm's current price is $20, what is the firm's current quantity demanded?
Question 8
A consumer's demand curve for a good is given by Q = 100 - 2P. The consumer's income is ₦1000. Find the consumer's optimal quantity and price.
Question 9
A firm's supply curve is given by Q = 2P + 10, where Q is the quantity supplied and P is the price. If the firm's current price is $20, what is the firm's current quantity supplied?
Question 10
A firm produces two goods, x and y, u\sing two inputs, labor (L) and capital (K). The production function is given by x = 2L^0.5K^0.5 and y = 3L^0.5K^0.5. If the firm has 100 units of labor and 50 units of capital, what is the maximum output of good x?
Question 11
A firm's demand function for a good is given by Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the firm's supply function is given by Qs = 2P - 100, what is the equilibrium price and quantity?
Question 12
A firm's total revenue is given by the equation TR = 100x - 2x^2, where x is the number of units sold. If the firm sells 20 units, what is its total revenue?
Question 13
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. What is the equilibrium price?
Question 14
A central bank increases the money supply in an economy by buying government bonds from commercial banks. What is the effect on the money multiplier?
Question 15
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \), where Q is output, L is labor, and K is capital. If the firm's current labor and capital inputs are L = 16 and K = 9, respectively, what is the firm's current output?
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