POST UTME LASU 2023 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
Agricultural sector in Nigeria contributes about 25% of the country's GDP. If the GDP of Nigeria is ₦50 trillion, what is the value of agricultural sector?
Question 2
A firm operating in a perfectly competitive market produces two goods, A and B. The production of good A is subject to increa\sing returns to scale, while the production of good B is subject to decrea\sing returns to scale. If the firm's production function for good A is given by Q_A = 2L^2 + 3K, and the production function for good B is given by Q_B = 4L - 2K, where L is labor and K is capital, what is the firm's optimal input combination?
Question 3
A firm is considering investing in a new project. The project has a \cost of ₦100,000 and is expected to generate a revenue of ₦150,000. If the firm's \cost of capital is 10%, what is the project's net present value?
Question 4
A monopolist faces a demand curve given by Q_d = 100 - 2P and a \cost function given by C(q) = 2q^2 + 5q + 10. If the firm's marginal revenue is given by MR = 200 - 2q, what is the firm's optimal output level?
Question 5
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 given by 2x + 3y = 12, and the prices of the two goods are given by p_x = 2 and p_y = 3, what is the consumer's optimal consumption bundle?
Question 6
A farmer is producing wheat with a total revenue of ₦2,000 and a total \cost of ₦1,800. If the price elasticity of demand is 0.8, what is the price elasticity of supply?
Question 7
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 wants to increase output by 20% while keeping labor cons\tant at 16 units, what percentage increase in capital is required?
Question 8
The Central Bank of Nigeria (CBN) has implemented a monetary policy aimed at reducing inflation. If the money supply increases by 10% and the velocity of money remains cons\tant, what will be the effect on the price level?
Question 9
A firm operating in a perfectly competitive market produces two goods, A and B. The production of good A is characterized by increa\sing returns to scale, while the production of good B exhibits decrea\sing returns to scale. If the firm's \cost function is given by C(q) = 2q^2 + 5q + 10, where q is the total output, what is the firm's optimal output level for good A?
Question 10
The demand function for a product is given by Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. The supply function is given by Qs = 2P - 100. If the market is in equilibrium, what is the price of the product?
Question 11
A firm's production function is given by \( Q = 2L^{1/2}K^{1/2} \). If the firm's labor input is \( L = 4 \) and capital input is \( K = 9 \), what is the firm's output?
Question 12
A firm is producing a good with a total revenue of ₦120,000 and a total \cost of ₦80,000. If the firm's average revenue is ₦20,000, what is its average \cost?
Question 13
The government of Nigeria has implemented a policy to increase agricultural production. If the production function is Q = 2L + 3K, where Q is the quantity produced, L is the labor input, and K is the capital input, what is the marginal product of labor?
Question 14
A monopolist is facing a demand curve given by Q = 100 - 2P. If the firm's marginal revenue is ₦50, what is its price?
Question 15
A firm is producing a good with a total revenue of ₦1,500 and a total \cost of ₦1,200. If the price elasticity of demand is 0.5, what is the price elasticity of supply?
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