POST UTME UI 2019 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A consumer has a budget of ₦1,000,000 and a preference for two goods, A and B. The prices of the goods are ₦500,000 and ₦300,000, respectively. If the consumer sp\ends all of their budget, how much of good A will they buy?
Question 2
A consumer has the following indifference curve: U = 2x + 3y, where x and y are the quantities of two goods. If the prices of the goods are $2 and $3 respectively, and the consumer has a budget of $10, what is the optimal quantity of good x?
Question 3
A firm is considering two different production techno\logies: a traditional techno\logy with a production function Q = 2L^0.5K^0.5 and a modern techno\logy with a production function Q = 3L^0.7K^0.3. If the firm's current input prices are w = ₦100 and r = ₦200, and it is currently producing 100 units of output, which techno\logy should the firm adopt to maximize its economic profit?
Question 4
A consumer has a budget of ₦500 to sp\end on two goods, X and Y. The price of good X is ₦100 and the price of good Y is ₦200. The consumer's indifference curves are given by the equation U = 2X^0.5Y^0.5, where U is the level of utility. If the consumer is currently consuming 2 units of good X and 1 unit of good Y, what is the maximum amount of good Y the consumer can buy?
Question 5
A government imposes a tax of ₦10 per unit on a good. The demand function for the good is given by Q = 100 - 2P. Find the new equilibrium price and quantity.
Question 6
A firm is considering two different investment projects: Project A with a 10% probability of success and a 20% return on investment, and Project B with a 20% probability of success and a 10% return on investment. Which project should the firm adopt to maximize its expected return on investment?
Question 7
A firm's \cost function is given by the equation C(x) = 2x^2 + 10x, where x is the number of units produced. If the firm produces 5 units, what is the total \cost?
Question 8
A country's GDP is ₦1,000,000,000,000. Its GNP is ₦1,100,000,000,000. What is the net factor income from abroad?
Question 9
A consumer has the following utility function: U = 2x + 3y, where x and y are the quantities of two goods. If the prices of the goods are $2 and $3 respectively, and the consumer has a budget of $10, what is the optimal quantity of good x?
Question 10
Determine the value of x in the equation \( \log_{10} \( x^2 \ \) = 4 ).
Question 11
A firm is operating in a perfectly competitive market. If the market price of its product is $10, and the firm's marginal \cost is $8, what is the firm's profit-maximizing quantity?
Question 12
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 ₦500,000,000,000 and the value of imports is ₦600,000,000,000, what is the balance of payments?
Question 13
A country's balance of payments account is in equilibrium when the current account is equal to the capital account. If the country's current account is in deficit by ₦100 billion and the capital account is in surplus by ₦50 billion, what is the net effect on the country's balance of payments?
Question 14
Consider a firm operating in a perfectly competitive market with a production function Q = 2L^0.5K^0.5. If the firm's current input prices are w = ₦100 and r = ₦200, and it is currently producing 100 units of output, what is the firm's current economic profit?
Question 15
A firm's demand function is given by Q = 100 - 2P, where Q is quantity demanded and P is price. If the firm's marginal revenue function is MR = 200 - 4Q, what is the firm's optimal price?
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