POST UTME NILE UNIVERSITY 2020 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A country's GDP at market price is ₦1,500 billion. The implicit deflator is 120. What is the GDP at cons\tant prices?
Question 2
A country's GDP is ₦1,000,000,000,000. If the population is 200 million, what is the per capita income?
Question 3
The government of a country has decided to implement a tax on a particular commodity. The tax is ₦5 per unit of the commodity. If the supply curve of the commodity is given by the equation \( p = 2x + 10 \), what is the new supply curve after the tax is implemented?
Question 4
A government imposes a tax of ₦10 on a product. If the demand function for the product is given by q = 100 - 2p, what is the new demand function?
Question 5
A monopolistically competitive firm faces a demand curve with an elasticity of -2. If the firm increases its price by 10%, what is the percentage change in quantity demanded?
Question 6
A central bank implements an expansionary monetary policy by increa\sing the money supply (M) by 10%. If the initial money supply is $100 billion, what is the new money supply?
Question 7
A firm's production function is given by Q = 2L^0.5K^0.5. 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, what is the optimal combination of labor and capital?
Question 8
A monopolist faces a demand curve with a price elasticity of -3. If the firm increases its price by 15%, what is the percentage change in quantity demanded?
Question 9
Consider a firm that produces a commodity with a demand function given by \( Q_d = 100 - 2P \) and a supply function given by \( Q_s = 2P - 50 \). If the firm's goal is to maximize its profit, find the optimal price and quantity.
Question 10
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is output, L is labor, and K is capital. If the firm's labor and capital are 100 and 400, respectively, what is the output?
Question 11
A firm produces two goods, A and B, u\sing two inputs, labor and capital. The production function for good A is given by Q_A = 2L^0.5K^0.5, where Q_A is the quantity of good A produced, L is the amount of labor used, and K is the amount of capital used. If the firm uses 100 units of labor and 200 units of capital, how many units of good A will it produce?
Question 12
Suppose the demand for a commodity is given by the equation \( Q_d = 100 - 2P \), where \( Q_d \) is the quantity demanded and ( P ) is the price. If the supply of the commodity is given by the equation \( Q_s = 2P - 50 \), find the equilibrium price and quantity.
Question 13
A country's GDP is given by the equation Y = C + I + G + \( X - M \). If the country's consumption is 500, investment is 200, government sp\ending is 300, exports are 400, and imports are 200, what is the country's GDP?
Question 14
The demand function for a product is given by q = 100 - 2p. If the supply function is given by q = 2p - 10, what is the equilibrium price and quantity?
Question 15
A country's government has decided to implement a policy to reduce the poverty rate in the country. The poverty rate is currently 30%. If the government implements a policy that increases the GDP per capita by 10%, what is the new poverty rate?
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