POST UTME LASU 2022 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
The money supply in an economy is increased by the central bank, which leads to a
Question 2
A monopolist faces a demand curve given by Qd = 100 - 2P and a \cost function C(Q) = 10Q + 100. If the firm's goal is to maximize profit, what is the optimal price \( P* \) and quantity \( Q* \) that the firm should produce?
Question 3
The following table shows the consumption behavior of a consumer. What is the consumer's marginal utility of the 4th unit of good X?
Question 4
The following diagram shows the supply and demand curves for a market. What is the equilibrium price?
Question 5
Suppose 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 -2, what is the percentage change in quantity demanded when the price increases by 10?
Question 6
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 relationship between the marginal revenue (MR) and the price (P) of the product?
Question 7
A government imposes a tax on a firm's output. The firm's supply curve shifts from \( S_0 \) to \( S_1 \). What is the effect of the tax on the equilibrium price and quantity?
Question 8
A firm has a production function given by \( Q = 2L^{0.5}K^{0.5} \). If the firm has 4 units of labor and 9 units of capital, what is the total output of the firm?
Question 9
A country's balance of payments is given by the following equation: \( BOP = X - M \), where ( X ) is the value of exports and ( M ) is the value of imports. If the country's exports are \( X = 100 \) and imports are \( M = 80 \), what is the balance of payments?
Question 10
A country's GDP is calculated as the sum of the value of all final goods and services produced within its borders. If the country's GDP is ₦10,000,000,000 and the value of imports is ₦2,000,000,000, what is the value of the country's net exports?
Question 11
A firm is facing a demand curve given by Qd = 100 - 2P and a supply curve given by Qs = 2P. If the firm's goal is to maximize profit, what is the optimal price \( P* \) and quantity \( Q* \) that the firm should produce?
Question 12
A country's GDP is given by the following 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 consumption is \( C = 100 \), investment is \( I = 20 \), government sp\ending is \( G = 30 \), exports are \( X = 80 \), and imports are \( M = 60 \), what is the country's GDP?
Question 13
A firm's total revenue is given by the equation TR = 100x - 2x^2, where x is the number of units sold. If the firm sells 20 units, what is its total revenue?
Question 14
A firm's demand curve 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 -2, what is the price elasticity of demand when the quantity demanded is 80?
Question 15
A firm's revenue function is given by R(x) = 2x^2 + 5x - 3. The marginal revenue function is
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