POST UTME FUTO 2017 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm has a total \cost function given by TC = 100 + 2P + 0.5P^2. Determine the price at which the firm's total \cost is minimized.
Question 2
A perfectly competitive market has the following characteristics: (i) A large number of firms producing a homogeneous product, (ii) Free entry and exit, (iii) Perfect knowledge of market conditions, and (iv) No \single firm can influence the market price. Which of the following is NOT a characteristic of a perfectly competitive market?
Question 3
A farmer produces wheat and maize. The production functions are \( Q_w = 2L_w^{0.5}K_w^{0.5} \) and \( Q_m = 2L_m^{0.5}K_m^{0.5} \), where \( L_w \) and \( K_w \) are labor and capital for wheat, and \( L_m \) and \( K_m \) are labor and capital for maize. If the prices of wheat and maize are \( P_w = 10 \) and \( P_m = 20 \), respectively, find the optimal values of \( L_w, K_w, L_m, \) and \( K_m \).
Question 4
A country's GDP is given by the equation GDP = C + I + G + \( X - M \). If the country's consumption is ₦100 billion, investment is ₦20 billion, government exp\enditure is ₦30 billion, exports are ₦40 billion, and imports are ₦20 billion, determine the country's GDP.
Question 5
A country's GDP is ( 100 ) billion naira, and its GNP is ( 120 ) billion naira. Calculate the net factor income from abroad.
Question 6
A government imposes a tax of ₦10 on a commodity. If the demand function is given by Qd = 100 - 2P and the supply function is given by Qs = 2P - 10, determine the new equilibrium price and quantity.
Question 7
Determine the equilibrium price and quantity of a commodity when the demand function is given by Qd = 100 - 2P and the supply function is given by Qs = 2P - 10.
Question 8
A firm has a total revenue function given by TR = 100P - 0.5P^2. Determine the price at which the firm's total revenue is maximized.
Question 9
Agricultural development in Nigeria has been hindered by the following factors: (i) Lack of irrigation facilities, (ii) Limited access to credit, (iii) Inadequate storage facilities, and (iv) High transportation \costs. Which of the following factors is NOT a hindrance to agricultural development?
Question 10
A government imposes a tax of ( 10 )% on a firm's profits. If the firm's pre-tax profits are ( 100 ) million naira, what is the tax revenue?
Question 11
The demand for a product is influenced by the following factors: (i) Price, (ii) Income, (iii) Adverti\sing, and (iv) Population growth. Which of the following factors is NOT a determinant of demand?
Question 12
Determine the equilibrium price and quantity in a perfectly competitive market, given the demand function \( Q_d = 100 - 2P \) and the supply function \( Q_s = 2P - 20 \).
Question 13
A country's economic growth is measured by the following indicators: (i) GDP, (ii) GNP, (iii) GDP per capita, and (iv) GDP growth rate. Which of the following indicators is NOT a measure of economic growth?
Question 14
A firm has a production function \( Q = 2L^{0.5}K^{0.5} \), where ( L ) is labor and ( K ) is capital. If the price of labor is \( W = 10 \) and the price of capital is \( R = 20 \), find the optimal values of ( L ) and ( K ).
Question 15
The money supply in an economy is determined by the following factors: (i) The money multiplier, (ii) The reserve requirement, (iii) The cash reserve ratio, and (iv) The central bank's open market operations. Which of the following is NOT a factor that determines the money supply?
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