POST UTME IGBINEDION UNIVERSITY 2024 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's demand function is given by Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the firm's supply function is Qs = 2P - 10, what is the equilibrium price?
Question 2
The government of Nigeria has introduced a new tax policy aimed at increa\sing revenue from the agricultural sector. The policy requires farmers to pay a 10% tax on their annual income. If a farmer earns ₦500,000 per year, what is the amount of tax the farmer must pay?
Question 3
A firm is producing a product with a marginal revenue of ₦100 and a marginal \cost of ₦80. If the price elasticity of demand is 0.5, what is the optimal quantity to produce?
Question 4
A firm's total revenue (TR) is given by the equation TR = 100q - 2q^2, where q is the quantity sold. If the firm's marginal revenue (MR) is 80, find the quantity at which MR = TR.
Question 5
A consumer has a budget of ₦100,000 and faces the following prices: Q1 = ₦50, Q2 = ₦75, Q3 = ₦100. The consumer's indifference curves are given by U = 2x^0.5y^0.5. What is the optimal consumption bundle?
Question 6
A country's inflation rate is given by the equation IR = \( P - P0 \)/P0, where P is the current price level and P0 is the base price level. If the current price level is ₦1,500 and the base price level is ₦1,000, what is the inflation rate?
Question 7
A firm is producing a product with a total revenue of ₦1,500 and a total \cost of ₦1,000. If the price elasticity of demand is 0.5, what is the price elasticity of supply?
Question 8
A firm's total revenue (TR) is given by the equation TR = 100q - 2q^2, where q is the quantity sold. If the firm's marginal revenue (MR) is 80, find the quantity at which MR = TR.
Question 9
The following diagram shows the production function of a firm. What is the value of the output when the input is 5 units?
Question 10
The following diagram shows the production function of a firm. What is the value of the output when the input is 10 units?
Question 11
A country's GDP is given by the equation: GDP = C + I + G + \( X - M \). If the country's consumption is 100, investment is 50, government sp\ending is 75, exports are 150, and imports are 100, what is the country's GDP?
Question 12
A consumer has a budget of 100 naira and faces the following prices: q1 = 5 naira, q2 = 10 naira, q3 = 15 naira. If the consumer's indifference curves are given by the equation u = 2q1 + q2 + q3, find the optimal bundle of goods.
Question 13
The government of Nigeria has introduced a new policy aimed at promoting industrialization in the country. The policy requires that 20% of the country's budget be allocated to industrial development. If the country's budget is ₦10 trillion, what is the amount allocated to industrial development?
Question 14
The government of Nigeria has introduced a new policy aimed at reducing poverty in the country. The policy requires that 30% of the country's budget be allocated to poverty reduction programs. If the country's budget is ₦10 trillion, what is the amount allocated to poverty reduction programs?
Question 15
A firm is producing a good with the following production function: Q = 2L^2. If the firm wants to produce 16 units of the good, how many units of labor should it hire?
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