POST UTME PAN-ATLANTIC UNIVERSITY 2019 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm is producing a good u\sing a production function of the form Q = 2L^0.5K^0.5. If the firm increases its labor input from 4 units to 9 units, and its capital input from 9 units to 16 units, what will be the percentage change in output?
Question 2
A consumer has the following utility function: U = 2X + 3Y, where X and Y are the quantities of two goods consumed. If the consumer's budget constraint is given by 2X + 3Y = ₦100, what is the consumer's optimal bundle of goods?
Question 3
A consumer's budget constraint is given by the equation 2x + 3y = 12. What is the opportunity \cost of consuming one more unit of good x?
Question 4
A consumer's utility function is given by U = 2x + 3y, where x and y are the quantities of two goods consumed. The consumer's budget constraint is given by 2x + 3y = 12. What is the consumer's optimal bundle of goods \( x*, y* \)?
Question 5
A firm's production function is given by Q = 3L^0.5H^0.5, where Q is output, L is labor, and H is capital. If the firm's current labor and capital inputs are L = 9 and H = 4, respectively, what is the marginal product of capital (MPH) when L = 9?
Question 6
A government plans to invest ₦50 billion in a new project. The project has a payback period of 5 years and a net present value of ₦20 billion. What is the project's internal rate of return?
Question 7
A country's GDP is given by the equation: GDP = C + I + G + \( X - M \). If the country's consumption (C) is ₦100 billion, investment (I) is ₦50 billion, government sp\ending (G) is ₦20 billion, exports (X) are ₦30 billion, and imports (M) are ₦10 billion, what is the country's GDP?
Question 8
A firm's total revenue is given by TR = 100x - 2x^2. If the firm's current output is x = 10, what is the firm's current total revenue?
Question 9
The following diagram shows the production possibilities frontier (PPF) of a country. If the country decides to produce 100 units of good X and 50 units of good Y, what will be the opportunity \cost of producing one more unit of good X?
Question 10
A firm's demand function is given by Q = 100 - 2P. If the firm's current price is P = 20, what is the firm's current quantity demanded?
Question 11
A monopolistically competitive firm faces a demand curve given by Q = 100 - 2P. If the firm's marginal revenue (MR) is given by MR = 50 - 2Q, what is the firm's optimal price?
Question 12
A firm is producing at a point where its marginal revenue equals its marginal \cost. What does this imply about the firm's production level?
Question 13
A government imposes a tax of ₦10 on every unit of a good. The demand for the good is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the supply of the good is given by the equation Qs = 2P, what is the equilibrium price and quantity?
Question 14
A country's population is 100 million, its GDP per capita is ₦50,000, and its inflation rate is 10%. What is the country's nominal GDP?
Question 15
The following table shows the demand and supply schedules for a particular good.
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