POST UTME SUMMIT UNIVERSITY 2025 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm has a total revenue function given by TR = 2Q^2 - 10Q + 100 and a total \cost function given by TC = Q^2 + 5Q + 50. What is the profit-maximizing quantity of output?
Question 2
A government imposes a tax of ₦10 per unit on a commodity. If the supply curve is given by Qs = 2P and the demand curve is given by Qd = 100 - 2P, what is the new equilibrium price?
Question 3
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \). If the firm's current input levels are L = 4 and K = 9, what is the firm's current output level?
Question 4
A firm's demand curve is given by Q = 100 - 2P. If the firm's marginal revenue (MR) is 80, find the price at which the firm will produce 50 units.
Question 5
A government imposes a tax of ₦10 per unit on a commodity. If the supply curve is given by Qs = 2P and the demand curve is given by Qd = 100 - 2P, what is the new equilibrium quantity?
Question 6
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 country's exports are ₦1000 and its imports are ₦800, what is the country's balance of payments?
Question 7
A firm's production function is given by 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, calculate the total \cost of producing 16 units of output.
Question 8
The Nigerian government has implemented policies to promote agricultural development. Which of the following is a likely consequence of these policies?
Question 9
A consumer's utility function is given by U = 2x^0.5y^0.5. If the price of good x is ₦50 per unit and the price of good y is ₦75 per unit, calculate the consumer's budget constraint.
Question 10
A consumer's indifference curve is given 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, what is the consumer's optimal bundle?
Question 11
A government imposes a tax of 10% on a good. If the price of the good is 100 naira, what is the new price after the tax?
Question 12
A country's demand for a good is given by the equation \( Q_d = 100 - 2P \) and the supply is given by \( Q_s = 2P - 100 \). If the government imposes a tax of ₦10 on the good, what will be the new equilibrium price?
Question 13
A firm's production function is given by 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, calculate the firm's marginal \cost of producing 16 units of output.
Question 14
A firm's production function exhibits cons\tant returns to scale. If the firm's current output is 100 units and it increases its inputs by 20%, what will be the new output?
Question 15
A monopolistically competitive firm faces a downward-sloping demand curve. What is the likely effect of an increase in the firm's fixed \costs?
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