POST UTME SKYLINE UNIVERSITY 2021 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A country's money supply is given by M = 1000 + 0.5Y. If the country's GDP is ₦20 trillion, what is the money supply?
Question 2
A firm produces a product u\sing two inputs, labor and capital. The production function is given by \( Q = 2L^0.5K^0.5 \). If the firm's budget constraint is \( 2L + 3K = 100 \), find the optimal levels of labor and capital.
Question 3
A firm's production function is given by the equation \( Q = 2L^2 + 3K^2 \), where Q is the output, L is the labor, and K is the capital. If the firm uses 10 units of labor and 5 units of capital, what is the firm's output?
Question 4
A firm's production function is given by Q = 10L^0.5K^0.5. If the firm's labor and capital are 10 units and 20 units respectively, what is the firm's output?
Question 5
A firm's revenue function is given by R(x) = 100x - 2x^2. If the firm's output level is 5 units, calculate the firm's total revenue (TR) and marginal revenue (MR).
Question 6
A consumer's indifference curve is represented by the equation ( u(x,y) = 2x + 3y ). If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦3 respectively, find the consumer's optimal bundle of x and y.
Question 7
A consumer's indifference curve is given by the equation U = 2X + 3Y, where U is the utility and X and Y are the quantities of two goods. If the consumer has a budget of ₦100 and the prices of the two goods are ₦10 and ₦20 respectively, find the quantities of the two goods that maximize the utility.
Question 8
A firm's demand function is given by Qd = 100 - 2P + 5Y. If the firm's supply function is Qs = 20 + 3P - 2Y, what is the equilibrium price?
Question 9
A firm's demand function is given by Qd = 100 - 2P + 5Y. If the firm's supply function is Qs = 20 + 3P - 2Y, what is the equilibrium quantity?
Question 10
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 ₦500 billion and the value of imports is ₦600 billion, find the balance of payments.
Question 11
A country's government imposes a tax on imports of 10%. If the pre-tax price of the good is ₦100, what is the new price of the good after the tax is imposed?
Question 12
A country's national income is ₦10 trillion. If the country's depreciation is ₦200 billion and its direct taxes are ₦300 billion, what is the value of its net national income?
Question 13
A firm's total \cost function is given by TC(x) = 100 + 2x^2. If the firm's output level is 10 units, calculate the firm's average \cost (AC) and marginal \cost (MC).
Question 14
A firm's demand function is given by Q = 100 - 2P. If the firm's marginal revenue is MR = 50 - 2Q, what is the firm's optimal quantity?
Question 15
A country's government imposes a tax on imports to raise revenue. The tax is levied at a rate of 10% on all imported goods. If the value of imports is ₦1,000,000, what is the amount of tax collected?
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