POST UTME IMS U 2024 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A government is considering a tax on a particular good. The demand for the good is given by Q_d = 100 - 2P, where Q_d is the quantity demanded and P is the price. The supply of the good is given by Q_s = 2P, where Q_s is the quantity supplied. If the government imposes a tax of 5 on the good, what is the new equilibrium price and quantity?
Question 2
A firm's production function is given by Q = 2L^0.5H^0.5, where Q is output, L is labor, and H is capital. If the firm's current labor and capital inputs are L = 16 and H = 9, respectively, what is the marginal product of capital (MPK) when the firm is producing at the given input levels?
Question 3
A consumer's utility function is given by U = 2x + 3y, where x and y are the quantities of two goods consumed. If the consumer's budget constraint is 2x + 3y = 12 and the prices of the two goods are p_x = 2 and p_y = 3, respectively, what is the consumer's optimal bundle of goods?
Question 4
Calculate the value of the definite integral \( int_{0}^{1} x^2 , dx \) u\sing the power rule of integration.
Question 5
The Nigerian government is considering a new tax policy to increase revenue. The policy includes a value-added tax (VAT) of 10% on all goods and services. However, the policy also includes an exemption for certain goods and services, such as food and medicine. Which of the following types of taxes best describes the situation?
Question 6
A firm's production function is given by Q = 2L^2 + 3K, where L is labor and K is capital. If the firm hires 4 units of labor and 3 units of capital, what is the total output?
Question 7
A country's balance of payments is given by the equation BOP = X - M + \( F - I \), where X is exports, M is imports, F is foreign investment, and I is domestic investment. If the country's current BOP is ₦500 billion, and the values of X, M, F, and I are ₦800 billion, ₦600 billion, ₦300 billion, and ₦200 billion, respectively, what is the value of the country's foreign investment?
Question 8
Consider a perfectly competitive market with n firms, each producing a homogeneous product. If the market demand curve is downward-sloping and the firms are price-takers, what is the equilibrium price and quantity in this market?
Question 9
A country's GDP is given by the equation GDP = C + I + G + \( X - M \), where C is consumption, I is investment, G is government sp\ending, X is exports, and M is imports. If the country's current GDP is ₦1,500 billion, and the values of C, I, G, X, and M are ₦800 billion, ₦200 billion, ₦300 billion, ₦500 billion, and ₦400 billion, respectively, what is the value of the country's net exports?
Question 10
A firm's demand function is given by \( Q = 100 - 2P \). If the price elasticity of demand is 0.5, find the value of the price at which the firm will sell 50 units.
Question 11
A firm's \cost function is given by C = 2L + 3K, where L is labor and K is capital. If the firm's current labor and capital inputs are L = 10 and K = 5, respectively, what is the firm's current total \cost?
Question 12
A monopolist faces a demand curve given by P = 100 - 2Q. The monopolist's marginal \cost (MC) is given by MC = 10 + 2Q. Find the profit-maximizing quantity of output.
Question 13
A firm's production function is given by Q = 2L^0.5H^0.5, where Q is output, L is labor, and H is capital. If the firm's current labor and capital inputs are L = 16 and H = 9, respectively, what is the marginal product of labor (MPL) when the firm is producing at the given input levels?
Question 14
A firm is producing a good u\sing the production function Q = 2L^0.5K^0.5. If the price of the good is $10 and the price of labor is $5, and the price of capital is $10, what is the profit-maximizing level of labor?
Question 15
The Nigerian government is considering a new tax policy to increase revenue. The policy includes a value-added tax (VAT) of 10% on all goods and services. However, the policy also includes an exemption for certain goods and services, such as food and medicine. Which of the following types of taxes best describes the situation?
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