POST UTME KSU 2017 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A monopolist faces a downward-sloping demand curve. What is the likely effect of an increase in the monopolist's fixed \costs?
Question 2
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 ₦120 billion, what is the balance of payments?
Question 3
A country's GDP is given by the equation Y = C + I + G + \( X - M \), where Y is GDP, C is consumption, I is investment, G is government sp\ending, X is exports, and M is imports. If the country's GDP is $100 billion, consumption is $60 billion, investment is $20 billion, government sp\ending is $15 billion, exports are $30 billion, and imports are $20 billion, what is the value of the country's net exports?
Question 4
A firm's total revenue is given by the equation \( TR = 100x - 2x^2 \). If the firm's marginal revenue is ₦50, find the value of x.
Question 5
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \), where Q is output, L is labor, and K is capital. If the firm wants to increase output by 20% while keeping labor cons\tant, what percentage increase in capital is required?
Question 6
A consumer's indifference curve is downward sloping and convex to the origin. What does this imply about the consumer's preferences?
Question 7
A firm's revenue function is given by R(x) = 3x^2 - 2x + 5, where x is the number of units sold. If the firm sells 20 units, what is the total revenue?
Question 8
A central bank buys government securities from commercial banks. What is the likely effect on the money supply?
Question 9
A consumer's indifference curve is represented by the equation ( u(x,y) = 3x + 2y ). If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦3 respectively, find the consumer's optimal bundle of x and y.
Question 10
A government's budget is given by the equation B = R - T, where B is the budget, R is the revenue, and T is the tax. If the revenue is ₦100 and the tax is ₦80, what is the budget?
Question 11
A country's balance of payments is given by the equation \( BOP = 100 - 2X + 3M \). If the country's imports are ₦500 and its exports are ₦200, find the country's balance of payments.
Question 12
A country's balance of payments is given by the equation BOP = X - M, where BOP is the balance of payments, X is the value of exports, and M is the value of imports. If the value of exports is ₦100 and the value of imports is ₦80, what is the balance of payments?
Question 13
Consider a market with a demand function Qd = 100 - 2P and a supply function Qs = 2P. If the market is initially in equilibrium at a price of 20, and the government imposes a tax of 5 on the suppliers, what will be the new equilibrium price and quantity?
Question 14
The demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the price elasticity of demand is 0.5, what is the percentage change in quantity demanded when the price increases by 10%?
Question 15
A firm's total revenue is given by the equation TR = 100q - 2q^2, where q is the quantity sold. If the firm's marginal revenue is 50, find the quantity at which the firm's total revenue is maximized.
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