POST UTME ESUT 2017 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A country's balance of payments is in equilibrium. If the country's imports increase by ₦10 billion, what will happen to its trade balance?
Question 2
A consumer has the following utility function: U = 2x + 3y, where x and y are the quantities of two goods. If the prices of the two goods are ₦50 and ₦75 respectively, and the consumer has a budget of ₦150, what is the optimal quantity of good x?
Question 3
Agricultural development is crucial for economic growth in Nigeria. Which of the following is a major benefit of agricultural development?
Question 4
A firm is producing a good with a cons\tant elasticity of demand of 0.8. If the price of the good increases by 15%, what is the percentage change in quantity demanded?
Question 5
A country's economic growth is influenced by its human capital, natural resources, and techno\logical advancements. However, the relationship between these factors is complex and can be described u\sing the following equation: \( Y = f\( H, R, T \ \)). If the country's human capital increases by 10% and its natural resources decrease by 5%, while techno\logical advancements remain cons\tant, what is the expected change in economic growth, assuming the partial derivatives are: \( ∂Y/∂H = 0.8 \), \( ∂Y/∂R = -0.2 \), and \( ∂Y/∂T = 0.3 \)?
Question 6
A firm's demand for a product is given by the equation: \( Q_d = 100 - 2P + 5Y \), where \( Q_d \) is the quantity demanded, (P) is the price, and (Y) is the income. If the price is $10 and the income is $500, what is the quantity demanded?
Question 7
A firm's supply curve is upward-sloping, indicating that as the price of a good increases, the quantity supplied also increases. What is the likely reason for this?
Question 8
A country's GDP is 100 billion naira. If the country's GNP is 120 billion naira, what is the net factor income from abroad?
Question 9
A firm's \cost function is given by C(x) = 100 + 2x^2. If the firm's revenue function is R(x) = 100x - 2x^2, find the value of x that minimizes \cost.
Question 10
A firm's revenue function is given by R(x) = 100x - 2x^2. If the firm's marginal revenue function is MR(x) = 100 - 4x, find the value of x that maximizes revenue.
Question 11
A monopolist faces a demand curve given by Q = 100 - 2P. The monopolist's marginal \cost is MC = 10. What is the price that maximizes the monopolist's profit?
Question 12
The demand for a product 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 13
A firm is faced with a perfectly elastic demand curve. If the firm increases its price, what will happen to its total revenue?
Question 14
A consumer's budget constraint is given by 2x + 3y = 12. If the consumer's utility function is U(x,y) = 2x + 3y, find the optimal values of x and y.
Question 15
A country's agricultural sector is characterized by a production function of the form Q = f(L, K), where Q is output, L is labor, and K is capital. If the country's current labor and capital inputs are 500 units each, and the production function is homogeneous of degree 2, what is the country's current output?
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