POST UTME MADONNA UNIVERSITY 2022 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
The Nigerian government has implemented a policy to increase agricultural production by 20% within the next two years. If the current agricultural production is ₦100 billion, what will be the total value of agricultural production after two years?
Question 2
The central bank of Nigeria has increased the reserve requirement for commercial banks. What is the effect of this policy on the money supply?
Question 3
A government imposes a tax of ₦10 on a product. If the demand for the product is given by the equation q = 100 - 2p and the supply is given by the equation q = 50 + p, what is the equilibrium price?
Question 4
A consumer has a budget of ₦1000 and a preference for two goods, A and B. The prices of the goods are ₦200 and ₦300 respectively. What is the consumer's budget constraint?
Question 5
A firm produces two goods, A and B. The production function for good A is Q_A = 10L + 5K, where L is labor and K is capital. The production function for good B is Q_B = 8L + 3K. If the firm has 100 units of labor and 50 units of capital, how many units of good A and good B will the firm produce?
Question 6
A firm produces two goods: A and B. The production of good A requires 2 units of labor and 3 units of capital, while the production of good B requires 3 units of labor and 2 units of capital. If the firm has 12 units of labor and 15 units of capital, how many units of good A can it produce?
Question 7
The government of Nigeria has implemented a policy to increase economic growth by investing in infrastructure. However, this policy has led to a decrease in the production of other goods. What is the opportunity \cost of this policy?
Question 8
A consumer has a budget of ₦10,000 to sp\end on two goods: a smartphone and a laptop. The price of the smartphone is ₦5,000 and the price of the laptop is ₦8,000. If the consumer buys the smartphone, how much money will they have left to sp\end on the laptop?
Question 9
The Central Bank of Nigeria (CBN) uses the following monetary policy instrument to control inflation: Open Market Operations (OMO), Reserve Requirements, and the Discount Rate. Which of the following is NOT a primary objective of monetary policy?
Question 10
A monopolist is producing a good with a demand function Q = 100 - P and a \cost function C = 2Q^2 + 100Q. If the firm's marginal revenue is equal to its marginal \cost, what is the price at which the firm will produce?
Question 11
The demand for a product is given by the equation \( Q_d = 100 - 2P \), where \( Q_d \) is the quantity demanded and ( P ) is the price. If the supply function is \( Q_s = 50 + 3P \), find the equilibrium price and quantity.
Question 12
A firm's revenue function is given by the equation R(q) = 100q - 2q^2. If the firm produces 50 units of the product, what is the marginal revenue?
Question 13
The Nigerian government has implemented a policy to increase industrial production by 15% within the next three years. If the current industrial production is ₦150 billion, what will be the total value of industrial production after three years?
Question 14
A firm's production function is given by Q = 2L^0.5H^0.5. If the price of labor (L) is ₦100 per unit and the price of capital (H) is ₦200 per unit, calculate the total \cost of producing 4 units of output.
Question 15
The following diagram shows the supply and demand curves for a commodity. If the price elasticity of supply is 2 and the price elasticity of demand is 0.5, what is the change in quantity supplied and quantity demanded when the price increases by 10%?
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