POST UTME RSU 2022 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A country's inflation rate can be calculated u\sing the following formula: inflation rate = \( CPI - CPI_last_year \) / CPI_last_year. If the current CPI is 120 and the CPI last year was 100, what is the inflation rate?
Question 2
A firm's \cost function is given by C(q) = 2q^2 + 10q + 5. If the firm produces 20 units, what is the total \cost?
Question 3
A firm is producing a product with a marginal revenue function given by MR = 100 - 2Q, where Q is the quantity produced. If the firm's marginal \cost function is given by MC = 50 + Q, what is the firm's profit-maximizing output?
Question 4
A firm is producing a good with a production function given by Q = 2L^2 + 3K, where Q is the quantity produced, L is the labor input, and K is the capital input. If the price of labor is ₦50 per unit and the price of capital is ₦100 per unit, find the optimal level of labor and capital.
Question 5
A firm's production function is given by Q = 100L^0.5K^0.5. If the price of labor (L) is ₦100 per unit and the price of capital (K) is ₦200 per unit, and the firm's budget constraint is 100L + 200K = ₦100,000, what is the optimal level of production?
Question 6
A monopolistically competitive firm faces a demand curve that is downward-sloping. If the firm's marginal revenue (MR) is equal to its marginal \cost (MC), what will be the effect on the firm's output?
Question 7
A consumer has a utility function U(x, y) = 2x + 3y. The prices of x and y are $2 and $3 respectively. What is the consumer's budget constraint?
Question 8
A consumer's utility function is given by U = 2x + 3y. If the prices of x and y are ₦5 and ₦10 respectively, and the consumer's budget is ₦100, what is the optimal level of consumption?
Question 9
A consumer has a utility function given by U = x^2 + 2y^2, where x and y are the quantities of two goods consumed. If the consumer's budget constraint is given by 2x + 3y = 100, what is the consumer's optimal bundle of goods?
Question 10
A consumer has a utility function given by U = 2x + 3y, where x and y are the quantities of two goods consumed. If the prices of the two goods are ₦20 and ₦30 respectively, find the elasticity of demand.
Question 11
A firm faces a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. What is the firm's profit-maximizing price and quantity?
Question 12
A country's industrial sector is characterized by the following production function: Q = 50L^0.7K^0.3. If the country has 100 laborers and 50 capital units, what is the total output?
Question 13
A firm has a production function Q = 2L^0.5K^0.5. The price of L is $10 and the price of K is $20. What is the firm's \cost-minimizing input combination?
Question 14
A firm is producing a good u\sing a production function Q = 2L^0.5K^0.5. If the price of labor (L) is ₦100 per unit and the price of capital (K) is ₦200 per unit, and the firm's budget constraint is 100L + 200K = ₦100,000, what is the optimal level of production?
Question 15
A consumer has a utility function given by U = 2x + 3y, where x and y are the quantities of two goods consumed. If the consumer's budget constraint is given by 2x + 3y = 100, what is the consumer's optimal bundle of goods?
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