POST UTME REDEEMERS UNIVERSITY 2023 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's production function is given by Q = 2L^2 + 3K, where Q is output, L is labor, and K is capital. If the firm's current input levels are L = 5 and K = 10, what is the marginal product of labor?
Question 2
A firm's total revenue is given by the equation TR = 100q - 2q^2, where q is the quantity sold. If the firm's marginal revenue is 120 when q = 10, what is the value of the firm's total revenue when q = 15?
Question 3
A monopolist faces a market demand curve given by Qd = 100 - 2P and a marginal revenue function MR = 50 - 2Q. What is the profit-maximizing quantity?
Question 4
A country's balance of payments (BOP) is in equilibrium when the current account (CA) is equal to the capital account (KA). If the CA is ₦100 billion and the KA is ₦50 billion, what is the value of the BOP?
Question 5
A country is experiencing a trade deficit due to an increase in imports. What is the likely effect of this trade deficit on the country's exchange rate?
Question 6
The government of Nigeria has introduced a new policy to increase agricultural production. The policy includes providing subsidies to farmers, improving irrigation systems, and increa\sing access to credit. However, the policy also includes a provision to increase the price of fertilizers by 20%. What is the likely effect of this policy on the overall \cost of production for farmers?
Question 7
A government imposes a tax of $10 per unit on a good that is currently priced at $20 per unit. What is the new price of the good after the tax is imposed?
Question 8
A country's balance of payments accounts show a trade deficit of $100 million and a capital account surplus of $50 million. What is the overall balance of payments position?
Question 9
A firm's demand function is given by the equation Q = 100 - 2P. If the firm's supply function is Q = 2P - 10, what is the equilibrium price?
Question 10
A firm's demand function is given by the equation Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the price is ₦20, what is the value of the firm's quantity demanded?
Question 11
A country's balance of payments is given by the equation BOP = X - M, where X is the value of exports and M is the value of imports. If the country's exports are ₦100 billion and its imports are ₦120 billion, what is the value of the country's balance of payments?
Question 12
A monopolistically competitive firm is producing a good with a demand curve that is downward sloping. If the firm increases its price, what will happen to its total revenue?
Question 13
A country's GDP is $100 billion, and its GNP is $120 billion. What is the value of net factor income from abroad?
Question 14
A consumer's indifference curve is given by U(x, y) = 2x + 3y. If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦10, respectively, what is the consumer's optimal bundle of x and y?
Question 15
A firm is producing a good with a cons\tant marginal \cost (MC) of ₦100 and a cons\tant marginal revenue (MR) of ₦150. If the firm is currently producing 100 units, what is the optimal quantity to produce?
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