POST UTME IGBINEDION UNIVERSITY 2017 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's output is 16 units when the number of labor units is 4 and the number of capital units is 4, what is the marginal product of labor?
Question 2
A country's GDP is given by GDP = C + I + G + \( X - M \). What is the country's GDP when C = 100, I = 50, G = 200, X = 300, and M = 150?
Question 3
A consumer's budget constraint is given by 2X + 3Y = 12. What is the consumer's optimal bundle of X and Y?
Question 4
Suppose 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 supply of the product is given by the equation Qs = 2P - 50, where Qs is the quantity supplied, find the equilibrium price and quantity.
Question 5
A firm's production function is given by Q = 3L^0.5K^0.5, where Q is output, L is labor, and K is capital. If the firm's labor and capital are 150 units each, what is the firm's output?
Question 6
A firm faces a downward-sloping demand curve for its product. If the firm decreases its price by 10%, what will be the effect on its total revenue?
Question 7
A country's balance of payments (BOP) accounts show a trade deficit of $100 million and a capital account surplus of $50 million. What is the country's overall BOP position?
Question 8
A firm's production function is given by Q = 3L^0.5K^0.5. If the firm's output is 9 units when the number of labor units is 1 and the number of capital units is 1, what is the marginal product of capital?
Question 9
A firm operating under perfect competition faces a market demand curve that can be represented by the equation Q = 100 - 2P. If the firm's marginal revenue (MR) is given by MR = 50 - 2Q, what is the firm's optimal price and quantity?
Question 10
A firm faces a downward-sloping demand curve for its product. If the firm increases its price by 15%, what will be the effect on its total revenue?
Question 11
A firm's \cost function is given by C = 100 + 2L + 3K, where C is \cost, L is labor, and K is capital. If the firm's labor and capital are 50 units each, what is the firm's \cost?
Question 12
A firm produces a product u\sing a production function of Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the labor and K is the capital. If the firm wants to produce 100 units of the product, find the minimum labor and capital required.
Question 13
A consumer has a budget constraint of 100 units of currency and faces a price of 2 units of currency per unit of good X. If the consumer's utility function is given by U(X) = 2X^2, what is the optimal quantity of good X that the consumer will purchase?
Question 14
A country's supply curve is given by the equation Q = 50 + 2P, where Q is quantity and P is price. If the country's demand curve is given by Q = 100 - 2P, what is the equilibrium price and quantity?
Question 15
A firm faces a demand curve given by the equation Qd = 100 - 2P and a supply curve given by the equation Qs = 2P - 50. If the firm wants to maximize its profit, find the price and quantity at which it should produce.
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