POST UTME OSUSTECH 2022 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
The concept of comparative advantage is related to the
Question 2
A country's GDP is given by the equation GDP = C + I + G + \( X - M \), where GDP is the gross domestic product, C is the consumption, I is the investment, G is the government sp\ending, X is the value of exports, and M is the value of imports. If the consumption is 600, the investment is 250, the government sp\ending is 350, the value of exports is 150, and the value of imports is 120, what is the GDP?
Question 3
A country's GDP is given by the equation GDP = C + I + G + \( X - M \), where C is consumption, I is investment, G is government sp\ending, X is exports, and M is imports. If the country's GDP is ₦10 trillion, and the country's consumption, investment, government sp\ending, exports, and imports are ₦3 trillion, ₦2 trillion, ₦1 trillion, ₦2 trillion, and ₦1 trillion respectively, what is the value of X - M?
Question 4
A firm's \cost function is given by the equation C(x) = 50 + 10x + 2x^2, where x is the number of units produced. If the firm produces 15 units, what is the total \cost?
Question 5
The concept of opportunity \cost is related to the
Question 6
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 7
A firm's revenue function is given by R = 100Q - 2Q^2, where R is the revenue and Q is the quantity sold. If the firm wants to maximize its revenue, what quantity should it produce?
Question 8
A firm is operating in a perfectly competitive market. If the firm's marginal revenue is ₦100 and the price of the good is ₦120, what is the firm's profit-maximizing output?
Question 9
A firm's \cost function is given by C = 100 + 2Q, where C is the \cost and Q is the quantity produced. If the firm produces 50 units, what is the total \cost?
Question 10
A firm is considering two different production processes to produce a certain good. Process A has a fixed \cost of ₦100,000 and a variable \cost of ₦50 per unit. Process B has a fixed \cost of ₦120,000 and a variable \cost of ₦40 per unit. If the market price of the good is ₦60 per unit, which process should the firm choose?
Question 11
The production possibility curve (PPC) is a graphical representation of the
Question 12
A consumer's utility function is given by U = 2x + 3y, where x and y are the quantities of two goods. If the consumer's income is ₦1000 and the prices of the two goods are ₦5 and ₦10 respectively, what is the consumer's optimal bundle of goods?
Question 13
A country's money supply is given by M = 1000 + 0.5Y, where M is the money supply and Y is the national income. If the national income increases by 10%, what is the percentage change in the money supply?
Question 14
The opportunity \cost of producing one more unit of a good is measured by the
Question 15
A country's balance of payments is given by the equation BOP = X - M, where BOP is the balance of payments, X is the value of exports, and M is the value of imports. If the value of exports is 150 and the value of imports is 120, what is the balance of payments?
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