POST UTME LEAD CITY UNIVERSITY 2019 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's demand function is given by Q = 100 - 2P. If the price elasticity of demand is -2, what is the price at which the firm should sell its product?
Question 2
A government imposes a tax on a firm's output. What is the effect of this tax on the firm's supply curve?
Question 3
A country has a production function of Q = 100K^0.5L^0.5, where Q is the output, K is the capital and L is the labor. If the capital increases by 20% and labor remains cons\tant, what is the percentage change in output?
Question 4
Consider a firm operating in a perfectly competitive market with a production function given by Q = 2L^0.5K^0.5. If the price of the good is $10 and the wage rate is $5 per unit of labor, what is the optimal level of labor (L) that the firm should hire?
Question 5
A firm's demand function is given by Q = 100 - 2P. If the firm's current price is ₦20, find the quantity demanded.
Question 6
A consumer has a utility function U = x^2 + 2y^2, where x and y are the quantities of two goods consumed. If the prices of the goods are $2 and $4 respectively, and the consumer has a budget of $20, what is the optimal bundle of goods to consume?
Question 7
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \). If the firm's current input levels are L = 4 and K = 9, what is the marginal product of capital (MPK) at these input levels?
Question 8
The balance of payments (BOP) is a statistical statement that summarizes a country's international transactions over a specific period. If a country's current account deficit is ₦100 billion, and its capital account surplus is ₦50 billion, what is the overall balance of payments?
Question 9
A consumer's indifference curve is a graphical representation of the various combinations of two goods that yield the same level of satisfaction. If a consumer is indifferent between 2 units of good X and 4 units of good Y, and the price of good X is ₦50 per unit, what is the price of good Y?
Question 10
A consumer's budget constraint is given by P_1Q_1 + P_2Q_2 = I. What is the consumer's indifference curve?
Question 11
A firm's revenue function is given by R = 100P. If the firm's current price is P = 20, what is the total revenue at this price?
Question 12
The agricultural sector is a significant contributor to a country's GDP. If a country's agricultural sector contributes 20% to its GDP, and its GDP is ₦10 trillion, what is the value of the agricultural sector?
Question 13
A firm's production function is given by the equation Q = 2L^2 + 3K, where Q is the quantity produced, L is the number of labor units, and K is the number of capital units. If the firm wants to produce 100 units of output, how many labor units are required if the number of capital units is 5?
Question 14
A firm has a total revenue function of TR = 100x - 2x^2, where x is the number of units sold. What is the marginal revenue when x = 20?
Question 15
A consumer's utility function is given by U = 2x + 3y. If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦10 respectively, find the optimal bundle of x and y.
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