POST UTME FUTA 2017 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
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 often non-linear. U\sing a Cobb-Douglas production function, derive the equation for the production of a country's GDP (Y) in terms of its labor force (L), capital stock (K), and techno\logical progress (T).
Question 2
A country's balance of payments is given by the following equation: BOP = X - M, where X is exports and M is imports. If the country's exports are ₦500 billion and its imports are ₦600 billion, what is the country's balance of payments?
Question 3
A country's national income is given by the following equation: NI = 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, its investment is ₦200 billion, its government sp\ending is ₦300 billion, its exports are ₦500 billion, and its imports are ₦600 billion, what is its national income?
Question 4
A country's economic planning involves the formulation of policies to achieve its economic objectives. Which of the following is a tool used in economic planning?
Question 5
A firm's demand curve is given by Q = 100 - 2P. The firm's marginal revenue curve is MR = 20 - 2Q. What is the firm's optimal quantity?
Question 6
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current output is 16 units and the current level of capital is 4 units, what is the total product of labor (TPL) when the firm is u\sing 4 units of labor?
Question 7
The following table shows the price elasticity of demand for a particular good.
Question 8
A country's GDP is given by the equation Y = C + I + G + \( X - M \). If the country's consumption is 500, investment is 200, government sp\ending is 300, exports are 400, and imports are 200, what is the country's GDP?
Question 9
A monopolist faces a demand curve given by Q = 100 - 2P. The firm's marginal \cost is $10. What is the monopolist's optimal price?
Question 10
A firm's production function is given by Q = 2K^\( 1/2 \)L^\( 1/2 \), where Q is output, K is capital, and L is labor. If the firm's capital and labor inputs are increased by 10% each, what is the percentage change in output?
Question 11
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 country's GDP per capita?
Question 12
A country's GDP is $100 billion, and its GNP is $120 billion. What is the country's net factor income from abroad?
Question 13
A firm's production function is given by Q = 2L^0.5 K^0.5. If the firm's current input levels are L = 4 and K = 9, and the price of good L is 3 units of good K, find the firm's optimal input levels.
Question 14
A country's elasticity of demand for a particular good is given by the equation E_d = -2P/Q, where E_d is the elasticity of demand, P is the price, and Q is the quantity demanded. If the price of the good is $10 and the quantity demanded is 100 units, calculate the country's elasticity of demand.
Question 15
A government imposes a tax on a firm's output. The firm's supply curve shifts to the left. What is the effect on the firm's equilibrium price and quantity?
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