POST UTME RHEMA UNIVERSITY 2021 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A country's GDP is 100 billion naira. If the country's GNP is 120 billion naira, what is the value of net factor income from abroad?
Question 2
A government imposes a tax of $10 per unit on a firm that produces a good with a price elasticity of demand of -2. If the firm's initial output is 100 units, what is the new output level after the tax is imposed?
Question 3
Consider a firm operating in a perfectly competitive market with a production function given by Q = 2L^\( 1/2 \)K^\( 1/2 \). If the price of the good is $10 and the firm's \cost function is C = 5L + 3K, what is the optimal level of labor (L) and capital (K) that the firm should employ?
Question 4
A country's balance of payments is given by the equation BOP = 100 + 2X - 3M. If the country's exports are ₦200 billion and its imports are ₦300 billion, what is its balance of payments?
Question 5
A firm's supply function is given by Q = 2P + 100. If the price is decreased by 20%, what is the new quantity supplied?
Question 6
A monopolist faces a demand curve given by the equation Qd = 100 - 2P. If the firm's marginal \cost is 10, what is the value of P?
Question 7
A firm's \cost function is given by the formula ( C(q) = 2q^2 + 5q + 10 ), where ( q ) is the quantity produced. If the firm produces 10 units, what is the total \cost?
Question 8
A firm's \cost function is given by the equation C(x) = 100 + 2x^2. If the firm produces 10 units, what is its total \cost?
Question 9
The following diagram shows the supply and demand curves for a particular good. If the price of the good is currently at ( )₦50, what is the equilibrium quantity?
Question 10
A country's GDP is $100 billion, and its GNP is $120 billion. What is the country's net factor income from abroad?
Question 11
A firm's total \cost is given by the equation TC = 100 + 2q^2. If the firm's marginal revenue is 50, what is the value of q?
Question 12
A firm's total revenue is given by the formula \( TR = pq \), where ( p ) is the price and ( q ) is the quantity sold. If the price is $10 and the quantity sold is 100 units, what is the total revenue?
Question 13
A firm's production function is given by \( Q = 10L^2 \), where ( Q ) is the quantity produced and ( L ) is the quantity of labor used. If the firm wants to produce 100 units of output, how many units of labor will it need to use?
Question 14
A consumer's indifference curve is given by the equation U = 2x + 3y. The consumer's budget constraint is given by the equation 2x + 4y = 100. What is the consumer's optimal bundle?
Question 15
A country's GDP is given by the formula \( 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 $100 billion, consumption is $50 billion, investment is $20 billion, government sp\ending is $30 billion, exports are $40 billion, and imports are $20 billion, what is the value of \( X - M \)?
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