POST UTME JOSEPH AYO BABALOLA 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, and the number of workers (L) is 4, what is the value of the capital stock (K)?
Question 2
A firm's production function is given by Q = 100L^0.5K^0.5. If the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, and if the firm's budget constraint is given by 100L + 200K = ₦100,000, what is the firm's optimal level of output?
Question 3
A consumer has a budget of ₦100 and faces a price of ₦20 for a commodity. If the consumer's indifference curve is given by U = 2x + 3y, find the optimal quantity of the commodity.
Question 4
A country's GDP is given by the equation Y = C + I + G + \( X - M \). If the country's consumption function is C = 500 + 0.8Y, the investment function is I = 200 + 0.2Y, the government exp\enditure function is G = 1000, the export function is X = 5000, and the import function is M = 2000, what is the country's GDP?
Question 5
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \), where Q is the quantity of output, L is the quantity of labor, and K is the quantity of capital. If the firm is currently u\sing 16 units of labor and 25 units of capital, what is the marginal product of labor?
Question 6
The government of a country decides to implement a policy to reduce the price of a commodity by 20%. If the initial price is ₦100, what is the new price of the commodity?
Question 7
The demand function for a product is given by Q = 100 - 2P. If the price elasticity of demand is measured at a point where the quantity demanded is 50 units, what is the price elasticity of demand?
Question 8
The demand function for a product is given by Q = 100 - 2P. If the price elasticity of demand is measured at a point where the quantity demanded is 50 units, what is the price elasticity of demand?
Question 9
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's output is 16 units, and the number of workers (L) is 4, what is the value of the capital stock (K)?
Question 10
The Central Bank of Nigeria (CBN) uses the following monetary policy tools to control inflation: Open Market Operations (OMO), Reserve Requirements, and Moral Suasion. Which of the following is NOT a primary objective of the CBN's monetary policy?
Question 11
A country's balance of payments is in equilibrium when the current account is equal to the capital account. Which of the following is a correct statement about the balance of payments?
Question 12
A country's GDP is given by the equation Y = C + I + G + \( X - M \), where Y is the GDP, C is the consumption, I is the investment, G is the government sp\ending, X is the exports, and M is the imports. If the consumption is 100, investment is 50, government sp\ending is 75, exports are 150, and imports are 75, what is the country's GDP?
Question 13
A firm has a production function given by Q = 2L + 3K and a \cost function C(L, K) = 10L + 20K. Find the profit-maximizing values of L and K.
Question 14
A government imposes a tax on a commodity to reduce its consumption. If the demand for the commodity is inelastic, what will be the effect on the government's revenue?
Question 15
A consumer's budget constraint is given by 2x + 3y = 12. What is the opportunity \cost of an additional unit of x?
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