POST UTME REDEEMERS UNIVERSITY 2020 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A monopolist faces a demand curve given by Qd = 100 - 2P and a \cost function C = 100 + 2Q. Find the monopolist's profit-maximizing price and quantity.
Question 2
A firm's production function is given by Q = 2L^2, where L is labor. If the wage rate is ₦50 per hour, what is the marginal product of labor?
Question 3
A consumer's budget constraint is given by 2X + 3Y = 12, where X and Y are the quantities of two goods. If the consumer's utility function is given by U(X, Y) = XY, what is the optimal bundle of goods?
Question 4
A firm's \cost function is given by C(q) = 2q^2 + 5q + 10. If the price of the good is $5, what is the profit-maximizing quantity?
Question 5
Suppose a country imports 100 units of a product at a price of ₦50 per unit. If the exchange rate is 1 USD = 200 NGN, find the value of the imports in USD.
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 0.5, 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(Q) = 2Q^2 - 10Q, where Q is output. If the firm's \cost function is given by C(Q) = 5Q^2 + 20Q, what is the profit-maximizing output?
Question 8
A monopolist faces a demand curve given by Q = 100 - 2P. If the firm produces 50 units, what is the price?
Question 9
A monopolist faces a demand curve given by P = 100 - 2Q, where P is price and Q is quantity. If the firm's marginal \cost is cons\tant at ₦20, what is the firm's optimal quantity?
Question 10
A firm has a production function Q = 2L + 3K, where Q is the output, L is the labor, and K is the capital. If the firm hires 5 units of labor and 3 units of capital, find the output.
Question 11
Suppose the Central Bank of Nigeria (CBN) increases the reserve requirement for commercial banks from 10% to 15%. If the money multiplier is 10, what is the new money supply?
Question 12
A government wants to reduce the price of a commodity by 10% u\sing a subsidy. If the initial price is ₦100 and the subsidy is ₦10, what is the new price?
Question 13
A consumer's demand curve for a good is given by Q = 100 - 2P, where P is price. If the consumer's income is ₦1000 and the price of a complementary good is ₦200, what is the optimal quantity of the good?
Question 14
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \), where Q is output, L is labor and K is capital. If the firm wants to increase output by 10% while keeping labor cons\tant, what percentage increase in capital is required?
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 ₦100 and the value of imports is ₦80, what is the balance of payments?
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