POST UTME OAU 2024 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A monopolist faces a market demand curve with the following equation: Qd = 100 - 2P. The monopolist's marginal \cost curve is MC = 10. What is the profit-maximizing price and quantity?
Question 2
A firm's demand curve is given by Q = 100 - 2P. The firm's marginal \cost (MC) is given by MC = 10 + 2Q. What is the firm's profit-maximizing quantity?
Question 3
A firm has a total revenue function given by TR = 2Q^2 - 100Q + 500, where Q is quantity. If the firm's total \cost function is given by TC = Q^2 + 50Q + 100, what is the profit-maximizing quantity?
Question 4
A country's national income is given by the equation Y = C + I + G + \( X - M \), where Y is national income, C is consumption, I is investment, G is government sp\ending, X is exports, and M is imports. If the country's consumption, investment, government sp\ending, exports, and imports are 100, 20, 30, 50, and 40 respectively, what is its national income?
Question 5
A perfectly competitive market has a supply curve given by Q = 2P - 100. If the demand curve is given by Q = 200 - 3P, what is the equilibrium price and quantity?
Question 6
Consider a consumer with a utility function U(x, y) = 2x + 3y, where x and y are the quantities of two goods consumed. If the consumer's budget constraint is 10x + 5y = 100, what is the optimal bundle of goods (x, y) that maximizes the consumer's utility?
Question 7
A country's GDP is given by the equation Y = C + I + G + \( X - M \), where Y is GDP, C is consumption, I is investment, G is government sp\ending, X is exports, and M is imports. If the country's consumption, investment, government sp\ending, exports, and imports are 100, 20, 30, 50, and 40 respectively, what is the country's GDP?
Question 8
A consumer's utility function is given by U = 2x + 3y. If the consumer's income is ₦100 and the prices of x and y are ₦5 and ₦10 respectively, what is the consumer's optimal bundle?
Question 9
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 units each, what is the output?
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 increases labor from 100 to 121 units, and capital from 100 to 121 units, what is the percentage change in output?
Question 11
A firm's demand function for a product is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm's marginal revenue is MR = 20, what is the profit-maximizing quantity?
Question 12
A central bank uses the monetary policy tool of open market operations to increase the money supply. If the central bank buys ₦100 billion worth of government securities from commercial banks, what is the expected effect on the money supply?
Question 13
Consider a firm that is considering investing in a new project. The project has a \cost of $100,000 and is expected to generate a cash flow of $150,000 in the first year, $120,000 in the second year, and $90,000 in the third year. What is the net present value (NPV) of the project if the discount rate is 10%?
Question 14
A firm's demand function for a product is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm's marginal \cost is MC = 10, what is the profit-maximizing price?
Question 15
A consumer has the following budget constraint: 2x + 3y = 100. If the consumer's utility function is U(x,y) = 2x + 3y, what is the optimal bundle of x and y that the consumer should purchase?
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