POST UTME FUTO 2018 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A monopolist faces a demand curve given by Q = 100 - 2P. The firm's marginal \cost (MC) is ₦20 per unit. If the firm is currently producing 50 units, what is the optimal price to charge?
Question 2
A government imposes a tax of ₦50 per unit on a good. If the supply curve of the good is represented by the equation \( p = 2q + 50 \), what is the new supply curve after the tax is imposed?
Question 3
A firm's demand curve is represented by the equation \( p = 100 - 2q \), where (p) is the price and (q) is the quantity demanded. If the firm's marginal revenue (MR) is ₦200, what is the firm's price elasticity of demand?
Question 4
A firm's total revenue (TR) is given by TR = 100Q - 2Q^2. If the firm's marginal \cost (MC) is given by MC = 10 + 2Q, what is the firm's optimal output?
Question 5
A consumer's indifference curve is represented by the equation \( u = 2x + 3y \), where (u) is the level of satisfaction and (x) and (y) are the quantities of two goods. If the consumer's income is ₦1,000 and the prices of the two goods are ₦200 and ₦300 respectively, what is the consumer's optimal bundle of goods?
Question 6
In a perfectly competitive market, what is the relationship between the marginal revenue (MR) and the marginal \cost (MC) of a firm?
Question 7
A firm's \cost function is given by the equation C(x) = 100 + 2x + 0.5x^2. What is the marginal \cost (MC) of the firm?
Question 8
A country's GDP is given by GDP = C + I + G + \( X - M \). If the country's consumption (C) is ₦500 billion, investment (I) is ₦200 billion, government sp\ending (G) is ₦300 billion, exports (X) are ₦400 billion, and imports (M) are ₦200 billion, what is the country's GDP?
Question 9
A firm's production function is given by \( Q = 2L^2 + 3K \), where ( L ) is labor and ( K ) is capital. If the price of labor is ₦50 per unit and the price of capital is ₦100 per unit, and the firm's budget constraint is ₦10,000, what is the optimal combination of labor and capital that the firm should employ?
Question 10
A consumer is faced with the following utility function: U(x,y) = 2x + 3y. If the prices of x and y are ₦5 and ₦3 respectively, and the consumer has a budget of ₦100, what is the optimal combination of x and y?
Question 11
A firm is considering investing in a new project with a net present value (NPV) of ₦500,000. If the firm's \cost of capital is 10%, what is the internal rate of return (IRR) of the project?
Question 12
A country's GDP is ₦1,500 billion and its GNP is ₦1,600 billion. What is the country's net factor income from abroad?
Question 13
A firm's total revenue (TR) is given by the equation TR = 100x - 2x^2, where x is the number of units sold. What is the marginal revenue (MR) of the firm?
Question 14
Consider a country that imports 80% of its coffee and exports 70% of its coffee beans. If the country's GDP is ₦10 trillion and the price of coffee is ₦500 per ki\logram, what is the opportunity \cost of importing coffee beans?
Question 15
A central bank uses the money multiplier formula to calculate the money supply (M). If the money multiplier is 10, the reserve requirement is 0.2, and the excess reserves are ₦100 million, what is the money supply?
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