POST UTME MOUNTAIN TOP UNIVERSITY 2017 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
The demand function for a product is given by Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the supply function is given by Qs = 2P - 100, find the equilibrium price and quantity.
Question 2
A consumer's indifference curve is given by the equation ( U(x,y) = 2x + 3y ). If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦3 respectively, find the consumer's optimal bundle of x and y.
Question 3
A country's balance of payments is given by the following equation: BOP = \( X - M \) + \( F - I \). If the country's exports (X) are $100 billion, imports (M) are $80 billion, foreign investment (F) is $20 billion, and domestic investment (I) is $15 billion, what is the balance of payments?
Question 4
The demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. The supply of the product is given by the equation Qs = 2P - 50, where Qs is the quantity supplied. What is the equilibrium price and quantity?
Question 5
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 -2, what is the percentage change in quantity demanded when the price increases by 10%?
Question 6
The production function for a firm is given by Q = 2L^\( 1/2 \)K^\( 1/2 \), where Q is the output, L is the labor and K is the capital. If the firm's labor and capital are 4 and 9 respectively, find the marginal product of labor.
Question 7
A consumer has an income of ₦1000 and faces a budget constraint given by P1x + P2y = 1000. If P1 = ₦200 and P2 = ₦300, what is the consumer's optimal bundle?
Question 8
A firm's production function is given by \( Q = 2L^2 + 3K^2 \). If the firm's output is 100 units and the price of labor is ₦10 per unit and the price of capital is ₦20 per unit, find the firm's optimal input bundle of labor and capital.
Question 9
A monopolist faces a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. What is the profit-maximizing price and quantity?
Question 10
A country's GDP is given by the equation: GDP = C + I + G + \( X - M \). If the country's consumption (C) is $500 billion, investment (I) is $100 billion, government sp\ending (G) is $200 billion, exports (X) are $150 billion, and imports (M) are $120 billion, what is the country's GDP?
Question 11
The demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. The supply of the product is given by the equation Qs = 2P - 50, where Qs is the quantity supplied. What is the equilibrium price and quantity?
Question 12
A firm is operating in a monopoly market with a demand function given by P = 100 - 2Q. The firm's marginal \cost (MC) is $20. What is the optimal quantity to produce?
Question 13
A firm's production function is given by \( Q = 2L^2 + 3K^2 \). If the firm's output is 100 units and the price of labor is ₦10 per unit and the price of capital is ₦20 per unit, find the firm's optimal input bundle of labor and capital.
Question 14
A consumer's utility function is given by U = 2x + 3y, where U is the utility and x and y are the quantities of two goods. If the consumer's budget constraint is given by 2x + 3y = 100, what is the consumer's optimal bundle of goods?
Question 15
A firm's production function is given by Q = 2L^2 + 3K, where Q is the output, L is the labor and K is the capital. If the firm wants to produce 100 units of output, how much labor and capital should it hire?
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