POST UTME RHEMA UNIVERSITY 2022 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
Consider a firm operating in a perfectly competitive market. If the firm's average total \cost (ATC) curve intersects the average revenue (AR) curve at a point where the firm is producing at its optimal output level, what is the implication for the firm's profit-maximizing output level?
Question 2
A firm is a price-taker in a perfectly competitive market. If the firm's marginal revenue (MR) is greater than its marginal \cost (MC), what will be the effect on the firm's output?
Question 3
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 price at which the quantity demanded is 60?
Question 4
A firm's production function is given by Q = 2L^2 + 3K, where L is labor and K is capital. The firm's \cost function is given by C = 10L + 20K. Find the firm's profit-maximizing level of labor and capital.
Question 5
A monopolist faces a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. If the monopolist produces 20 units, what is the producer surplus?
Question 6
A firm is producing a good with a production function Q = 2L + 3K. If the firm's \cost function is C(L,K) = 10L + 20K, and the firm's revenue function is R(L,K) = 20L + 30K, what is the profit-maximizing level of L and K?
Question 7
A consumer has the following utility function: U(x, y) = 2x + 3y. The prices of x and y are ₦5 and ₦3 respectively. The consumer's budget is ₦20. Find the consumer's optimal consumption bundle.
Question 8
A monopolistically competitive firm faces a demand curve given by Q = 100 - 2P. If the firm's marginal revenue is MR = 50 - 2Q, find the firm's equilibrium price and quantity.
Question 9
A monopolist faces a demand curve given by P = 100 - 2Q. The firm's marginal \cost (MC) is given by MC = 10 + 2Q. What is the monopolist's profit-maximizing output level?
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 country's balance of payments is given by the following equations: BOP = X - M, X = 100 + 2Y, and M = 50 + Y. If the country's income is ₦1000, what is the balance of payments?
Question 12
A monopolist faces a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. If the monopolist produces 20 units, what is the consumer surplus?
Question 13
A country's balance of payments is given by the following equation: BOP = X - M - \( F - I \). If the country's exports (X) are ₦500 billion, imports (M) are ₦300 billion, foreign direct investment (F) is ₦200 billion, and domestic investment (I) is ₦100 billion, calculate the country's balance of payments.
Question 14
A country's GDP is given by the equation Y = C + I + G + \( X - M \), where Y is the GDP, C is the consumption, I is the investment, G is the government sp\ending, X is the exports, and M is the imports. If the country's GDP is ₦100 billion, consumption is ₦30 billion, investment is ₦20 billion, government sp\ending is ₦15 billion, exports are ₦25 billion, and imports are ₦10 billion, what is the value of the trade balance?
Question 15
Consider a country with a GDP of ₦10 trillion and a GNP of ₦11 trillion. If the country's population is 200 million, calculate the per capita GDP and GNP.
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