POST UTME SUMMIT UNIVERSITY 2017 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
The Central Bank of Nigeria (CBN) uses monetary policy tools to control inflation. Which of the following tools is most effective in reducing inflation in the short run?
Question 2
A firm's revenue function is given by R(x) = 100x - 2x^2, where x is the number of units sold. If the firm sells 20 units, find the marginal revenue.
Question 3
A country's supply function is given by Q = 2P + 10. If the country's current price is ₦15, what is the quantity supplied?
Question 4
The demand for a good is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. The supply of the good is given by the equation Qs = 2P - 50, where Qs is the quantity supplied. What is the equilibrium price and quantity of the good?
Question 5
The Nigerian economy is experiencing a recession. Which of the following economic indicators is most likely to be affected by the recession?
Question 6
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 0.5, find the percentage change in quantity demanded when the price increases by 10%.
Question 7
A firm's \cost function is given by C(x) = 2x^2 + 10x + 5, where x is the number of units produced. If the firm produces 20 units, find the marginal \cost.
Question 8
Suppose the supply function for a commodity is given by Qs = 50 + 2P, where Qs is the quantity supplied and P is the price. If the price elasticity of supply is cons\tant and equal to 2, find the change in price that will lead to a 20% increase in the quantity supplied.
Question 9
A firm's demand curve is given by Qd = 100 - 2P. If the price is P = 20, what is the quantity demanded?
Question 10
A firm is producing a good u\sing a production function of the form Q = 2L^0.5K^0.5. If the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, and the firm is currently producing 100 units of output, what is the likely effect of a 10% increase in the price of capital on the firm's output in the short run?
Question 11
A firm produces two goods, X and Y, u\sing two inputs, labor and capital. The production functions are given by X = 2L + 3K and Y = 3L + 2K, where L is labor and K is capital. If the firm has 10 units of labor and 5 units of capital, find the maximum value of the objective function Z = 2X + 3Y.
Question 12
A country's GDP is given by the equation Y = C + I + G + \( X - M \). If the country's current GDP is ₦1,500 billion, and the values of C, I, and G are ₦300 billion, ₦400 billion, and ₦200 billion respectively, what is the value of the trade balance \( X - M \)?
Question 13
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 produce 100 units of output, and the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, what is the minimum \cost of production?
Question 14
A country's GDP is $100 billion, and its GNP is $120 billion. What is the value of net factor income from abroad?
Question 15
The Marshall-Lerner condition states that if the sum of the elasticities of demand for imports and exports is greater than 1, then a devaluation of the currency will lead to an improvement in the balance of payments. What is the name of the economist who first proposed this condition?
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