POST UTME FUTO 2025 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A country's GDP is given by the equation Y = C + I + G, where Y is the total output, C is the consumption, I is the investment, and G is the government sp\ending. If the country's GDP is ₦1,500 billion, and the consumption is ₦800 billion, the investment is ₦200 billion, and the government sp\ending is ₦500 billion, what is the value of the marginal propensity to consume?
Question 2
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 billion and the value of imports is $120 billion, what is the balance of payments?
Question 3
A firm's supply curve is given by the equation Qs = 2P + 10, where Qs is the quantity supplied and P is the price. If the price is $15, what is the quantity supplied?
Question 4
The concept of scarcity in economics implies that the production of one good is at the expense of another. Which of the following is a correct example of this?
Question 5
A firm's supply function is given by Q = 2P - 10. If the firm's output is 50 units, find the value of price.
Question 6
A country's GDP is given by the equation GDP = 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 GDP is $100 billion, consumption is $50 billion, investment is $20 billion, government sp\ending is $15 billion, exports are $30 billion, and imports are $20 billion, what is the value of the country's net exports?
Question 7
A country's GNP is given by the equation GNP = GDP + (net factor income from abroad). If the country's GDP is $100 billion and its net factor income from abroad is $10 billion, what is the value of the country's GNP?
Question 8
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is output, L is labor and K is capital. If the firm's labor and capital inputs are increased by 20% and 15% respectively, what is the percentage change in output?
Question 9
A monopolist faces a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. Find the profit-maximizing quantity and price.
Question 10
A country's GDP is $100 billion, and its GNP is $120 billion. What is the net factor income from abroad?
Question 11
A consumer's utility function is given by U = 2x^0.5y^0.5, where x is the quantity of good X and y is the quantity of good Y. If the consumer's income is ₦1000 and the prices of good X and good Y are ₦5 and ₦10 respectively, what is the consumer's optimal bundle of goods?
Question 12
A farmer produces wheat and maize. The production functions for wheat and maize are given by W = 2L^0.5 and M = 3L^0.5, respectively. The farmer's budget constraint is 2W + 3M = 12. Find the farmer's optimal allocation of labor between wheat and maize.
Question 13
The demand for a product is given by Q = 100 - 2P. The supply of the product is given by Q = 2P + 10. Find the equilibrium price and quantity.
Question 14
A firm's demand curve is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the price is $20, what is the quantity demanded?
Question 15
A country's balance of payments is given by the following table:\n\n| Item | Value |\n| --- | --- |\n| Exports | ₦500,000,000 |\n| Imports | ₦600,000,000 |\n| Net Factor Income | ₦50,000,000 |\n| Net Transfer | ₦20,000,000 |\n\nWhat is the country's balance of payments deficit?
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