POST UTME LAUTECH 2024 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A country's balance of payments is given by the following equation: BOP = X - M - \( F - I \). If the country's exports are ₦500 billion, imports are ₦300 billion, foreign investment is ₦200 billion, and domestic investment is ₦100 billion, what is the country's balance of payments?
Question 2
The government of Nigeria has implemented a policy to increase the production of rice in the country. The policy includes providing subsidies to farmers, improving irrigation facilities, and increa\sing the availability of fertilizers. What is the likely effect of this policy on the supply of rice in Nigeria?
Question 3
A government's budget is given by the following equation: Budget = Taxation - Exp\enditure. If the government's taxation is ₦500 billion and exp\enditure is ₦400 billion, what is the government's budget?
Question 4
A firm's \cost function is given by C(q) = 2q^2 + 10q + 5. If the firm produces 20 units of output, what is the total \cost?
Question 5
A country's demand for a good is given by the demand function Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. The supply function is given by Qs = 2P - 100. What is the equilibrium price and quantity?
Question 6
Calculate the value of the definite integral \( int_{0}^{1} \( 2x^2 + 3x - 1 \ \) dx ) u\sing the power rule of integration.
Question 7
A consumer's budget constraint is given by the equation 2x + 3y = 12, where x is the number of units of good X and y is the number of units of good Y. If the consumer's indifference curve is given by the equation u = 2x + 3y, what is the consumer's optimal bundle?
Question 8
A country's GDP is given by the 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 GDP is $100 billion, consumption is $50 billion, investment is $20 billion, government sp\ending is $15 billion, exports are $30 billion, and imports are $20 billion, find the value of X.
Question 9
A country's budget is given by the equation B = T + I + G, where B is the budget, T is taxation, I is interest, and G is government sp\ending. If the country's budget is $100 billion, taxation is $50 billion, interest is $20 billion, and government sp\ending is $30 billion, find the value of I.
Question 10
A country's tax revenue is given by the equation TR = T * \( Y - C \), where TR is the tax revenue, T is the tax rate, Y is the national income, and C is consumption. If the country's tax revenue is $50 billion, tax rate is 0.2, national income is $100 billion, and consumption is $50 billion, find the value of T.
Question 11
A firm's production function is given by the equation Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the number of labor hours, and K is the amount of capital. If the firm's \cost function is given by the equation C = 10L + 20K, what is the firm's profit-maximizing level of capital?
Question 12
A firm's total revenue (TR) is given by the equation TR = 100x - 2x^2, where x is the number of units sold. If the firm's marginal revenue (MR) is 80, find the value of x.
Question 13
A firm's total revenue (TR) is given by the equation TR = 100x - 2x^2, where x is the number of units sold. If the firm's fixed \cost is ₦1000 and its variable \cost is ₦10 per unit, what is the break-even point?
Question 14
A firm's total revenue is given by the function TR = 100Q - 2Q^2, where Q is the quantity sold. What is the firm's marginal revenue?
Question 15
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%?
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