POST UTME ESUT 2023 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's \cost function is given by the equation C(Q) = 2Q^2 + 10Q + 5, where C(Q) is the total \cost and Q is the quantity produced. Find the marginal \cost function.
Question 2
A country's GDP is ₦10 trillion, and its GNP is ₦12 trillion. What is the net factor income from abroad?
Question 3
A country's balance of payments account is given by the equation BOP = X - M, where BOP is the balance of payments, X is the value of exports, and M is the value of imports. If the value of exports is ₦100 and the value of imports is ₦80, find the balance of payments.
Question 4
A consumer's utility function is given by U(x, y) = 2x^\( 1/2 \)y^\( 1/2 \). If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦10 respectively, what is the consumer's optimal bundle of x and y?
Question 5
Determine the equilibrium price and quantity of a commodity in a market where the demand function is given by Qd = 100 - 2P and the supply function is given by Qs = 2P - 10.
Question 6
A firm's production function is given by Q = 2L^0.5H^0.5, where Q is output, L is labor, and H is capital. If the firm wants to increase output by 20% while keeping labor cons\tant, by how much should it increase capital?
Question 7
A country's money supply is given by M = 1000 + 0.5Y. If the country's income is ₦5000, what is its money supply?
Question 8
Consider a country with a GDP of ₦10 trillion and a population of 200 million. If the average annual income is ₦50,000, what is the GDP per capita?
Question 9
A firm's demand curve is given by Qd = 100 - 2P and its supply curve is given by Qs = 2P - 20. If the firm is a monopolist, find the profit-maximizing quantity and price.
Question 10
A country's balance of payments is given by the following equation: BOP = \( X - M \) + \( F - I \), where BOP is the balance of payments, X is exports, M is imports, F is foreign investment, and I is domestic investment. If exports increase by 10%, imports decrease by 5%, foreign investment increases by 20%, and domestic investment decreases by 15%, what is the new balance of payments?
Question 11
A country's GDP is given by the equation Y = C + I + G + \( X - M \), where Y is the GDP, C is the consumption, I is the investment, G is the government sp\ending, X is the exports, and M is the imports. If the country's GDP is ₦1 trillion, consumption is ₦300 billion, investment is ₦200 billion, government sp\ending is ₦100 billion, exports are ₦500 billion, and imports are ₦200 billion, find the country's GDP.
Question 12
A firm's production function is given by Q = 2L + 3K, where L and K are the quantities of labor and capital, respectively. The firm's \cost function is given by C = 10L + 20K. What is the firm's optimal input bundle?
Question 13
A country's GDP is calculated as the sum of all final goods and services produced within its borders. Which of the following is NOT included in the calculation of GDP?
Question 14
A monopolist faces a demand curve given by Q = 100 - 2P. The firm's marginal revenue (MR) is given by MR = 200 - 4Q. What is the firm's optimal price?
Question 15
A firm is facing a downward-sloping demand curve given by Q = 100 - 2P. If the firm's marginal revenue is MR = 20, what is the optimal price and quantity?
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