POST UTME NOUN 2025 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's demand function is given by Q = 100 - 2P, where Q is quantity demanded and P is price. If the firm's marginal revenue function is MR = 200 - 4Q, calculate the price elasticity of demand at a quantity of 50 units.
Question 2
Determine the equilibrium price and quantity of wheat in the Nigerian market, given the following supply and demand equations:\n\nSupply: Qs = 100 + 2P\nDemand: Qd = 150 - 3P\n\nAssume the initial price is ₦100.
Question 3
A firm's production function is given by Q = 2L^0.5K^0.5. If the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, what is the \cost-minimizing combination of labor and capital?
Question 4
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's labor and capital are 100 and 200 respectively, what is the firm's output?
Question 5
A firm faces a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. What is the profit-maximizing price?
Question 6
A central bank increases the money supply by 10%. What is the expected effect on the price level?
Question 7
A government imposes a tax of $1 on a good, which increases the price from $5 to $6. If the demand for the good is given by Q = 100 - 2P, what is the new equilibrium quantity?
Question 8
A firm's production function is given by Q = 100L^0.5K^0.5, where Q is output, L is labor, and K is capital. If the firm's labor and capital are fixed at 100 units each, calculate the marginal product of labor.
Question 9
A consumer's utility function is given by U(x, y) = 2x^0.5y^0.5. If the price of x is ₦50 per unit and the price of y is ₦100 per unit, what is the consumer's indifference curve?
Question 10
A firm's production function is given by Q = 2L^0.5H^0.5, where Q is output, L is labor, and H is capital. If the firm's labor and capital inputs are increased by 20% and 15%, respectively, what is the percentage change in output?
Question 11
A firm's total revenue is given by TR = 100Q - 2Q^2, where Q is output. If the firm's output is increased by 20%, what is the percentage change in total revenue?
Question 12
A consumer's utility function is given by U = 2x + 3y, where x and y are the quantities of two goods consumed. If the prices of the two goods are $2 and $3, respectively, and the consumer's income is $20, what is the optimal bundle of goods?
Question 13
A country's balance of payments account is given by the following equation: BOP = X - M - \( I - S \). If the country's exports are ₦1000, imports are ₦500, and the current account deficit is ₦200, what is the value of the capital account?
Question 14
The Nigerian government has implemented a policy to increase the production of rice, a staple food in the country. The policy includes providing subsidies to farmers and investing in irrigation infrastructure. However, the policy has led to a decrease in the production of other crops. What is the opportunity \cost of this policy?
Question 15
A firm's \cost function is given by C(x) = 2x^2 + 10x + 5. If the firm produces 20 units, what is the total \cost?
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