POST UTME RSU 2021 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A monopolist faces a demand curve given by Q = 100 - 2P. The monopolist's marginal revenue function is given by MR = 50 - 2Q. What is the monopolist's optimal price?
Question 2
A country's balance of payments is given by the following table:\n\n| Item | Value |\n| --- | --- |\n| Exports | ₦1000 |\n| Imports | ₦1500 |\n| Net Factor Income | ₦200 |\n| Net Transfer | ₦300 |\n\nWhat is the country's balance of payments?
Question 3
A firm operating under perfect competition faces a market demand curve that is linear and downward-sloping. If the firm's marginal revenue (MR) curve intersects the market demand curve at a point where the price is ₦100, and the quantity demanded at this price is 100 units, what is the firm's total revenue (TR) at this point?
Question 4
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 wants to increase its output by 20% while keeping labor cons\tant at 16 units, how much capital (in units) must it invest?
Question 5
A consumer in Nigeria has a utility function U(x,y) = 2x + 3y, where x is the quantity of good X and y is the quantity of good Y. If the price of good X is ₦50 and the price of good Y is ₦30, what is the optimal bundle of goods?
Question 6
A monopolist has a demand function given by p = 100 - 2q. If the firm's marginal \cost is 10, what is the optimal quantity to produce?
Question 7
A country's import demand function is given by M = 100 - 2P, where M is the quantity of imports and P is the price of imports. If the price of imports is $10, find the quantity of imports.
Question 8
A firm is producing a good with a production function F(L,K) = L^0.4 K^0.6. If the firm has 100 units of labor and 50 units of capital, find the value of the marginal product of labor.
Question 9
A firm's average total \cost curve is U-shaped. What does this imply about the firm's production techno\logy?
Question 10
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 budget constraint is 10x + 5y = 50, and the prices of the two goods are ₦5 and ₦10 respectively, what is the consumer's optimal bundle of goods?
Question 11
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 wants to increase its output by 20% while keeping labor cons\tant at 16 units, how much capital (in units) must it invest?
Question 12
Suppose 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 supply of the product is given by the equation Qs = 2P - 10, where Qs is the quantity supplied, find the equilibrium price and quantity.
Question 13
A consumer's utility function is given by U(x, y) = 2x + 3y. If the consumer has a budget constraint of 100 and the prices of x and y are 5 and 3 respectively, what is the optimal bundle of x and y?
Question 14
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 value of exports is ₦100 billion and the value of imports is ₦120 billion, find the balance of payments.
Question 15
A monopolist faces a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. If the monopolist's marginal revenue is MR = 200 - 4Q, find the profit-maximizing quantity.
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