POST UTME IMS U 2019 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A government increases the tax rate on a particular good from 10% to 20%. If the demand for the good is given by Q = 100 - 2P and the supply is given by Q = 2P - 10, what is the new equilibrium price?
Question 2
A consumer's demand function for a good is given by Q = 100 - 2P. If the price of the good is ₦50, what is the consumer's demand?
Question 3
A firm is considering two different production processes. Process A has a fixed \cost of ₦100,000 and a variable \cost of ₦50 per unit. Process B has a fixed \cost of ₦150,000 and a variable \cost of ₦30 per unit. If the firm produces 10,000 units, which process will result in lower \costs?
Question 4
Consider a country with a money supply of ₦500 billion and a velocity of circulation of 2. If the country's GDP is ₦10 trillion, calculate the country's inflation rate.
Question 5
Consider a monopolistically competitive firm facing a market demand curve given by Q = 100 - 2P. The firm's marginal \cost (MC) is cons\tant at ₦10. If the firm's price elasticity of demand is 2, what is the optimal quantity of output to produce?
Question 6
A country's GDP is given by the equation GDP = C + I + G + \( X - M \). If the country's consumption is $500 billion, investment is $200 billion, government sp\ending is $300 billion, exports are $400 billion, and imports are $300 billion, what is the country's GDP?
Question 7
The government of a country imposes a tariff of 20% on imported goods. If the price of the imported good is $100, what is the new price after the tariff is imposed?
Question 8
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 ₦80 billion, what is the balance of payments?
Question 9
A consumer's utility function is given by U = 2x + 3y. If the consumer's income is ₦100 and the prices of x and y are ₦5 and ₦10 respectively, calculate the consumer's optimal consumption bundle.
Question 10
A firm's \cost function is given by C = 2Q^2 + 3Q, where Q is the quantity produced. If the firm produces 10 units, what is the total \cost?
Question 11
A firm's \cost function is given by C(q) = 2q^2 + 10q + 5. What is the marginal \cost function?
Question 12
A firm is considering two different production processes. Process A has a fixed \cost of ₦100 and a variable \cost of ₦10 per unit, while Process B has a fixed \cost of ₦200 and a variable \cost of ₦5 per unit. If the firm produces 20 units, what is the total \cost of each process?
Question 13
Consider a perfectly competitive market with a market demand curve given by Q = 100 - 2P. The market supply curve is given by Q = 2P - 10. If the government imposes a tax of ₦5 on the firm's output, what is the new equilibrium price and quantity?
Question 14
A firm's supply function is given by Q = 2P + 10. If the price of the good is ₦20, what is the firm's supply?
Question 15
A central bank increases the reserve requirement for commercial banks from 10% to 20%. If the money multiplier is 4, what is the new money supply?
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.
Unlock Full Access
Available for Android & Windows