POST UTME LASU 2020 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A monopolistically competitive firm faces a demand curve with a cons\tant elasticity of -2. If the firm's marginal revenue (MR) is 100, what is its marginal \cost (MC)?
Question 2
A government imposes a tax of ₦10 on each unit of a good. If the pre-tax price of the good is ₦20, and the demand function for the good is given by Q = 100 - 2P, calculate the new price of the good and the quantity demanded after the tax is imposed.
Question 3
A monopolist faces a demand curve given by Qd = 100 - 2P and a \cost function C(Q) = 10Q + 5Q^2. What is the monopolist's profit-maximizing price?
Question 4
Suppose the exchange rate between the Nigerian naira (NGN) and the South African rand (ZAR) is 1 ZAR = 200 NGN. If a Nigerian consumer has a budget of 400,000 NGN and wants to buy a smartphone that \costs 200 ZAR, what is the maximum number of smartphones the consumer can buy?
Question 5
A firm's demand function is given by Q = 100 - 2P, and its supply function is given by Q = 2P - 10. If the firm's current price is P = 20, calculate the firm's current quantity supplied and quantity demanded. Also, calculate the firm's current elasticity of demand and elasticity of supply.
Question 6
A country's GNP is ₦120 billion, its GDP is ₦100 billion, and its net factor income from abroad is ₦20 billion. What is the country's GNP?
Question 7
Consider a firm operating in a perfectly competitive market with a production function given by Q = 3L^0.5K^0.5. If the firm's current input prices are w = 15 and r = 30, and it is currently producing 6 units of output, what is the firm's current input mix?
Question 8
The production function for a firm is given by Q = 2L^0.5K^0.5, where Q is the output, L is the labor and K is the capital. If the firm increases labor from 4 units to 9 units and capital from 9 units to 16 units, what is the percentage increase in output?
Question 9
A consumer has a utility function given by U = 2x + 3y, where x and y are the quantities of two goods consumed. If the consumer's budget constraint is 10x + 5y = 100, and the prices of the two goods are 2 and 5 respectively, what is the consumer's optimal consumption bundle?
Question 10
A firm is producing a good with a cons\tant elasticity of demand of -2. If the price of the good increases by 10%, what is the percentage change in quantity demanded?
Question 11
A consumer has a budget constraint of 100 units of currency and two goods, A and B. The prices of A and B are 5 and 3 units respectively. If the consumer sp\ends 80 units on good A, what is the opportunity \cost of good B?
Question 12
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 of the product?
Question 13
A firm's demand curve is given by the equation Qd = 100 - 2P. If the firm's supply curve is Qs = 2P - 50, what is the firm's equilibrium price?
Question 14
A country's balance of payments is given by the equation BOP = \( X - M \) + \( F - I \). If the country's exports (X) are 100, imports (M) are 80, foreign investment (F) is 20, and domestic investment (I) is 10, what is the country's balance of payments?
Question 15
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's labor and capital inputs are increased by 20% and 15% respectively, what is the percentage change in output?
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