POST UTME RSU 2024 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm wants to increase its output by 10%, what is the required percentage increase in labor (L) if the capital (K) remains cons\tant?
Question 2
A firm's demand function is given by Q = 100 - 2P. If the firm's current price is P = ₦50, what is the firm's current quantity demanded?
Question 3
A firm is producing a good with a production function Q = 2L^0.5K^0.5, where L is labor and K is capital. If the price of the good is ₦100, the wage rate is ₦20 per unit of labor, and the rental rate of capital is ₦30 per unit of capital, what is the profit-maximizing level of capital?
Question 4
A country's GDP is 100 billion units of currency. If the country's GNP is 120 billion units of currency, what is the country's net factor income from abroad?
Question 5
A firm is producing a good with a production function Q = 2L^0.5K^0.5, where L is labor and K is capital. If the price of the good is ₦100, the wage rate is ₦20 per unit of labor, and the rental rate of capital is ₦30 per unit of capital, what is the profit-maximizing level of labor?
Question 6
A consumer's demand function for a good is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the consumer's income is $100 and the price of the good is $20, find the quantity demanded.
Question 7
A consumer has a budget of ₦1000 and is choo\sing between two goods, A and B. The price of good A is ₦200 and the price of good B is ₦300. If the consumer's income elasticity of demand for good A is 0.5, what is the value of the cross-price elasticity of demand for good B?
Question 8
A consumer's budget constraint is given by the equation 2x + 3y = 12. What is the opportunity \cost of consuming one more unit of good x?
Question 9
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm wants to increase its output by 10%, what is the required percentage increase in capital (K) if labor (L) remains cons\tant?
Question 10
A consumer's indifference curve is downward sloping and convex to the origin. What does this imply about the consumer's preferences?
Question 11
The government of Nigeria has introduced a new agricultural policy aimed at increa\sing food production and reducing poverty. The policy involves providing subsidies to farmers and increa\sing public exp\enditure on agricultural research and development. If the initial public exp\enditure on agricultural research and development was ₦20 billion, and the initial subsidy provided to farmers was ₦10 billion, what is the new public exp\enditure on agricultural research and development after the policy?
Question 12
A firm is considering the introduction of a new product. The demand for the product is expected to be highly elastic in the short run, but inelastic in the long run. What would be the likely effect of a price increase on the firm's revenue in the short run?
Question 13
A firm is producing a good with a total \cost of TC = 500 + 10Q + Q^2, where Q is the quantity produced. If the firm's marginal \cost is 20, what is the value of the total \cost?
Question 14
A consumer has a budget constraint of 100 units of currency and faces a price of 5 units of currency per unit of good X and 10 units of currency per unit of good Y. If the consumer's indifference curve is \tangent to the budget line at point (10, 5), what is the consumer's optimal consumption bundle?
Question 15
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 -2, what is the value of the cross-price elasticity of demand?
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