POST UTME IGBINEDION UNIVERSITY 2019 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
The elasticity of demand for a commodity is measured by the percentage change in the quantity demanded in response to a 1% change in the price of the commodity. If the demand for a commodity is elastic, what does this imply about the price elasticity of demand?
Question 2
A firm is faced with a production \cost function of C(x) = 2x^2 + 10x + 100. If the firm produces 10 units of output, what is the total \cost of production?
Question 3
A firm's demand function is given by Qd = 100 - 2P. If the price is ₦20, what is the quantity demanded?
Question 4
A firm's production function is given by Q = 2L^2 + 3K, where Q is the quantity produced, L is the number of labor units, and K is the number of capital units. If the firm uses 4 labor units and 6 capital units, what is the quantity produced?
Question 5
A consumer's utility function is given by U = 2x + 3y, where U is the utility, x is the quantity of good X, and y is the quantity of good Y. If the consumer has a budget of ₦100 and the prices of good X and good Y are ₦20 and ₦30 respectively, what is the consumer's optimal bundle?
Question 6
A firm has a production function given by Q = 2L^0.5K^0.5. If the firm's \cost function is C = 100 + 20L + 30K, find the firm's profit-maximizing level of labor and capital.
Question 7
Consider a country with a GDP of ₦10 trillion and a GNP of ₦12 trillion. If the country's population is 200 million, calculate the per capita income in naira.
Question 8
A government imposes a tax on a particular good. If the demand for the good is inelastic, what will happen to the price of the good?
Question 9
The government of a country imposes a tax on imports to raise revenue. The tax rate is 10% of the value of the imported goods. If the value of the imported goods is ₦1,000,000, what is the amount of tax paid?
Question 10
A firm is faced with a production function of Q = 2L^0.5K^0.5. If the firm uses 4 units of labor and 9 units of capital, what is the output?
Question 11
A consumer in Nigeria has a utility function given by U = 2x + 3y, where x and y are the quantities of two goods. The consumer's budget constraint is 2x + 3y = 100. What is the consumer's optimal bundle?
Question 12
A monopolistically competitive firm faces a demand curve given by Q = 100 - 2P. If the firm's marginal revenue is MR = 50 - 2Q, find the firm's equilibrium price and quantity.
Question 13
The government of Nigeria has introduced a new tax policy to increase revenue. The policy includes a 10% tax on all goods and services. If the government's current revenue is ₦100 billion, what will be the new revenue after the tax policy is implemented?
Question 14
A consumer's utility function is given by U = 2X + 3Y, where X and Y are the quantities of two goods. If the consumer's income is ₦100 and the prices of the two goods are ₦20 and ₦30 respectively, calculate the consumer's optimal bundle.
Question 15
A country's GDP is ₦5,000,000,000. If the country's population is 20,000,000, what is the per capita income?
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