POST UTME SKYLINE UNIVERSITY 2025 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A consumer has a budget constraint of ₦1000 and a demand curve for a good given by Q = 100 - 2P. If the price of the good is ₦200, how much will the consumer sp\end on the good?
Question 2
A firm's \cost function is given by C(x) = 2x^2 + 3x - 1, where x is the quantity produced. If the firm's revenue function is given by R(x) = 2x^2 - 5x + 3, find the firm's profit function.
Question 3
A firm's production function is given by Q = 2L^0.5H^0.5. If the firm's current labor and capital inputs are L = 4 and H = 9, respectively, what is the firm's total product?
Question 4
A firm's production function is given by the equation \( Q = 2L^2 + 3K^2 \), where Q is the quantity produced, L is the number of labor hours, and K is the amount of capital. If the firm wants to produce 100 units of output, how many labor hours and capital are required?
Question 5
A consumer's utility function is given by U(x, y) = 2x + 3y, where x and y are the quantities of two goods. If the consumer's budget constraint is given by 2x + 3y = 100, find the consumer's optimal bundle of goods.
Question 6
A country's economy is characterized by a perfectly competitive market structure. If the country's demand for a particular good is given by the following equation: Qd = 100 - 2P, and the country's supply of the good is given by the following equation: Qs = 2P - 50, what is the equilibrium price and quantity of the good?
Question 7
A consumer has a utility function given by U = 2X + 3Y. If the consumer has a budget constraint of ₦1000 and the prices of the two goods are ₦200 and ₦300 respectively, what is the optimal bundle of goods?
Question 8
A firm's production function is given by the equation \( Q = 2L^2 + 3K^2 \), where Q is the quantity produced, L is the number of labor hours, and K is the amount of capital. If the firm wants to produce 100 units of output, how many labor hours and capital are required?
Question 9
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 10
A firm's \cost function is given by C = 100 + 20Q. If the firm's current output is Q = 5, what is the firm's current \cost?
Question 11
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 quantity?
Question 12
A firm's demand curve is given by Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the firm's supply curve is given by Qs = 2P - 50, where Qs is the quantity supplied, find the equilibrium price and quantity.
Question 13
A firm's \cost function is given by the equation C = 100 + 2Q + 0.01Q^2, where Q is the quantity produced. If the firm produces 100 units, find the total \cost.
Question 14
A firm is producing a good with a production function given by Q = 2L^2. If the firm increases the number of workers from 5 to 6, what is the percentage change in output?
Question 15
A consumer's budget constraint is given by the equation 2x + 3y = 12, where x is the number of units of good X and y is the number of units of good Y. If the consumer has a preference for good X over good Y, what is the opportunity \cost of consuming one more unit of good X?
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