POST UTME FUTO 2024 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A country's GDP is given by GDP = C + I + G + \( X - M \). If the country's consumption function is given by C = 100 + 0.8Y, the country's investment function is given by I = 50 + 0.2Y, the country's government sp\ending function is given by G = 200, and the country's trade balance function is given by \( X - M \) = 100, what is the country's GDP?
Question 2
The government of Nigeria has introduced a new tax on luxury goods. The tax is ₦500 per unit of the good. If the price of the good is ₦1000 per unit, what is the total tax revenue collected by the government?
Question 3
A country's balance of payments is given by the equation BOP = X - M, where 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, what is the balance of payments?
Question 4
A monopolist faces a demand curve given by Q = 100 - 2P. The firm's marginal revenue (MR) is given by MR = 200 - 2Q. If the firm's marginal \cost (MC) is given by MC = 20 + 2Q, find the price at which the firm's marginal revenue equals its marginal \cost.
Question 5
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 6
The government of Nigeria has introduced a new policy to increase agricultural production. The policy includes subsidies for fertilizers and seeds, as well as training for farmers. However, the policy also includes a tax on agricultural products. Which of the following is a potential consequence of this policy?
Question 7
A consumer's utility function is given by U(x, y) = 2x + 3y. If the consumer's budget constraint is 2x + 3y = 12, and the price of x is ₦2 and the price of y is ₦3, what is the consumer's optimal bundle?
Question 8
The government of Nigeria has introduced a new policy to increase industrial production. The policy includes subsidies for raw materials and training for workers. However, the policy also includes a tax on industrial products. Which of the following is a potential consequence of this policy?
Question 9
The government of Nigeria has introduced a new tax on luxury goods. The tax is ₦500 per unit of the good. If the price of the good is ₦1000 per unit, what is the total tax revenue collected by the government?
Question 10
A monopolistically competitive firm faces a demand curve with the following equation: Q = 100 - 2P. If the firm's marginal revenue (MR) is given by MR = 200 - 2Q, what is the firm's optimal price?
Question 11
A firm's \cost function is given by C(L,K) = 2L + 3K. If the firm's output is 100 units and the wage rate is ₦10 per hour, what is the minimum amount of capital the firm should employ?
Question 12
A firm's demand curve is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm's marginal revenue (MR) is given by MR = 200 - 2Q, find the price at which the firm's marginal revenue equals its marginal \cost (MC).
Question 13
A country's GDP is given by GDP = C + I + G + \( X - M \). If the country's consumption function is given by C = 100 + 0.8Y, the country's investment function is given by I = 50 + 0.2Y, the country's government sp\ending function is given by G = 200, and the country's trade balance function is given by \( X - M \) = 100, what is the country's GDP?
Question 14
The supply of a product is given by the equation Qs = 50 + 2P, where Qs is the quantity supplied and P is the price. If the price elasticity of supply is 0.8, what is the percentage change in quantity supplied when the price increases by 15%?
Question 15
A consumer's indifference curve is represented by the equation u(x,y) = 2x + 3y. If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦3 respectively, what is the consumer's optimal bundle?
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