POST UTME REDEEMERS UNIVERSITY 2025 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm has a \cost function given by ( C(x) = 100 + 2x + 0.01x^2 ). If the firm produces 100 units of output, what is the total \cost?
Question 2
A firm has a \cost function given by ( C(x) = 100 + 2x + 0.01x^2 ). If the firm produces 100 units of output, what is the total \cost?
Question 3
A country's GDP is ₦100 billion, its GNP is ₦120 billion, and its net factor income from abroad is ₦10 billion. What is the country's national income?
Question 4
A consumer's utility function is given by U = 2x + 3y. The consumer's budget constraint is given by 2x + 3y = ₦100. If the consumer's income is ₦1000, what is the optimal bundle of x and y?
Question 5
A monopolist faces a demand curve given by Q = 100 - 2P. The monopolist's marginal \cost (MC) is given by MC = 10 + 2Q. If the firm's fixed \cost is ₦1000, what is the profit-maximizing price?
Question 6
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 inputs are increased by 20% and 15% respectively, what is the percentage change in output?
Question 7
A firm's production function is given by Q = 2L^0.5, where Q is output and L is labor. If the firm's labor is 4 units, what is its output?
Question 8
A firm's demand function is given by Q = 100 - 2P. If the firm's supply function is given by Q = 2P - 50, what is the equilibrium price and quantity?
Question 9
A government's budget is given by B = T + I. If the government's tax revenue is ₦50 billion and its exp\enditure on interest is ₦20 billion, what is the government's budget deficit?
Question 10
A firm is operating in a perfectly competitive market and is facing a downward-sloping demand curve. If the firm's marginal revenue (MR) is given by MR = 100 - 2Q and the marginal \cost (MC) is given by MC = 20 + 2Q, what is the optimal level of output?
Question 11
A government budget is given by B = T + I + G, where B is budget, T is tax revenue, I is interest payment, and G is government exp\enditure. If the government increases tax revenue by 10% and interest payment by 5%, and government exp\enditure by 8%, what is the percentage change in the budget?
Question 12
A country's balance of payments (BOP) is given by the following 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 million and its imports are $120 million, what is the BOP?
Question 13
A consumer's utility function is given by U(x, y) = 2x + 3y, where x and y are the quantities of two goods consumed. If the consumer's income is $100 and the prices of the two goods are $5 and $10 respectively, find the consumer's optimal quantities of the two goods.
Question 14
A monopolistically competitive firm faces a demand curve with a cons\tant elasticity of -2. If the firm's marginal revenue (MR) is given by MR = 100 - 2q, where q is the quantity sold, find the firm's optimal quantity and price.
Question 15
A monopolist has a demand function given by \( Q = 100 - 2P \) and a \cost function given by ( C(x) = 100 + 2x + 0.01x^2 ). If the firm produces 100 units of output, what is the price at which the quantity demanded is 50?
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.
Unlock Full Access
Available for Android & Windows