POST UTME LAUTECH 2020 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
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 and the value of imports is 80, what is the balance of payments?
Question 2
A firm is producing a good with a cons\tant elasticity of demand. If the firm increases its price, what will happen to its total revenue?
Question 3
A country's GDP is calculated as the sum of all final goods and services produced within its borders. What is the formula for calculating a country's GDP?
Question 4
A monopolistically competitive firm is characterized by a downward-sloping demand curve and a high degree of product differentiation. What is the main reason for the downward-sloping demand curve?
Question 5
A consumer's demand for a good is given by Q = 100 - 2P. The consumer's income is ₦1000. What is the consumer's optimal price?
Question 6
A country's GDP is given by the equation GDP = C + I + G + \( X - M \), where C is the consumption, I is the investment, G is the government sp\ending, X is the value of exports and M is the value of imports. If the consumption is 100, the investment is 50, the government sp\ending is 20, the value of exports is 100 and the value of imports is 80, what is the GDP?
Question 7
A government's budget is said to be balanced if its total revenue equals its total exp\enditure. What is the formula for calculating a government's budget balance?
Question 8
A consumer's indifference curve is given by U = 2X + 3Y, where U is utility, X and Y are quantities consumed. If the consumer's income is ₦1000, the price of good X is ₦5, and the price of good Y is ₦10, what is the consumer's optimal bundle?
Question 9
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 cons\tant and equal to -2, what is the percentage change in quantity demanded when the price increases by 10%?
Question 10
A country's GDP is ₦100 billion, and its GNP is ₦120 billion. What is the country's net factor income from abroad?
Question 11
A country's balance of payments is given by the equation BOP = X - M + \( F - I \), where X is exports, M is imports, F is foreign investment, and I is domestic investment. If the country's balance of payments is $10 billion, exports are $40 billion, imports are $20 billion, foreign investment is $30 billion, and domestic investment is $20 billion, what is the country's current account balance?
Question 12
A consumer's budget constraint is given by 2X + 3Y = 24. The consumer's indifference curve is given by U = X^0.5Y^0.5. What is the consumer's optimal bundle?
Question 13
A firm has a production function Q = 10L^0.5K^0.5, where L is labor and K is capital. If the firm has 100 units of labor and 200 units of capital, what is the marginal product of labor?
Question 14
A firm's production function is given by the equation Q = 100K^0.5L^0.5, where Q is the quantity produced, K is the capital and L is the labor. If the firm has 100 units of capital and 100 units of labor, what is the quantity produced?
Question 15
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, what percentage increase in capital is required?
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