POST UTME GREENFIELD UNIVERSITY 2022 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
The concept of scarcity in economics implies that the production of one good is limited by the availability of resources, which can be used to produce other goods. This is an example of a trade-off between two goods, where the production of one good is reduced in order to produce more of another good. What is the name of this economic concept?
Question 2
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the labor input, and K is the capital input. If the firm wants to produce 100 units of output, and the wage rate is ₦100 per hour, and the rental rate of capital is ₦200 per hour, what is the optimal combination of labor and capital that the firm should use?
Question 3
A firm has a \cost function given by C = 100 + 2Q + 0.5Q^2. The firm's revenue function is R = 50Q. What is the firm's profit-maximizing output level?
Question 4
A firm's production function is given by Q = 10L^0.5K^0.5, where Q is the output, L is the labor and K is the capital. If the firm wants to increase its output by 20% and the labor increases by 10%, what is the required percentage increase in capital?
Question 5
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current labor and capital inputs are L = 16 and K = 9, respectively, what is the firm's current output?
Question 6
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the labor input, and K is the capital input. If the firm wants to produce 100 units of output, and the wage rate is ₦100 per hour, and the rental rate of capital is ₦200 per hour, what is the optimal combination of labor and capital that the firm should use?
Question 7
A perfectly competitive market has a downward-sloping demand curve for a product. If the market price falls by 10%, what will be the percentage change in the quantity demanded?
Question 8
A country's GNP is $120 billion, its GDP is $100 billion, and its net factor income from abroad is $10 billion. What is its national income?
Question 9
The demand for a product is given by Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. The supply of the product is given by Qs = 2P - 100, where Qs is the quantity supplied. What is the equilibrium price and quantity in the market?
Question 10
The demand for a product is given by Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. The supply of the product is given by Qs = 2P - 100, where Qs is the quantity supplied. What is the elasticity of demand at a price of ₦50?
Question 11
A firm's \cost function is given by C = 100 + 2Q + 0.5Q^2, where C is the \cost and Q is the output. If the firm produces 10 units of output, what is the total \cost?
Question 12
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 13
A country's government imposes a tax of $10 on every unit of a good sold. If the demand curve for the good is given by Q = 100 - 2P, what is the new demand curve after the tax is imposed?
Question 14
A firm's revenue function is given by R = 2L^2 + 3K^2, where R is the revenue, L is the labor, and K is the capital. If the firm increases labor from 2 units to 5 units and capital from 3 units to 6 units, what is the percentage change in revenue?
Question 15
Suppose the demand function for a commodity is given by Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the price elasticity of demand is -2, what is the percentage change in quantity demanded when the price increases by 10%?
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