POST UTME UI 2023 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's \cost function is given by C(x) = 2x^2 + 3x. If the firm produces 10 units of output, what is the total \cost of production?
Question 2
A country's balance of payments account shows a trade deficit of $15 billion and a current account deficit of $8 billion. What is the country's capital account balance?
Question 3
A country's balance of payments is given by the following table:\n\n| Category | 2020 | 2021 | 2022 |\n| --- | --- | --- | --- |\n| Exports | 100 | 120 | 140 |\n| Imports | 80 | 100 | 120 |\n| Net Factor Income | 10 | 15 | 20 |\n| Net Transfer | 5 | 10 | 15 |\n| Balance of Payments | ? | ? | ? |\n\nWhat is the balance of payments for 2022?
Question 4
Consider a firm operating in a perfectly competitive market with a given production function Q = 2L^0.5K^0.5. If the price of the good is P = 10, and the wage rate is W = 5, what is the optimal level of labor (L) that the firm should employ, given that the firm's objective is to maximize profits?
Question 5
A consumer has the following utility function: U = 2x + 3y. The prices of the two goods are P_x = 2 and P_y = 3. The consumer's income is I = 20. U\sing the budget constraint, find the optimal levels of x and y that the consumer should consume.
Question 6
In the context of agricultural industrialization in Nigeria, what is the primary factor driving the growth of the agricultural sector?
Question 7
A farmer is considering two different irrigation systems for her farm. System A \costs ₦100,000 and has a 10% chance of failure, while System B \costs ₦150,000 and has a 5% chance of failure. What is the expected value of the \cost of each system?
Question 8
A firm's demand function is given by Qd = 100 - 2P, and its supply function is Qs = 2P - 10. If the market equilibrium price is $5, what is the quantity demanded?
Question 9
A firm's revenue function is given by R = 100PQ, where R is revenue, P is price, and Q is quantity. If the price and quantity are increased by 10% and 5% respectively, what is the percentage change in revenue?
Question 10
A monopolist is producing a good with a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. What is the firm's profit-maximizing quantity?
Question 11
A firm is producing a good with a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. What is the firm's profit-maximizing price?
Question 12
A firm's production function is given by \( Q = 2L^2 + 3K^2 \). If the firm's output is 100 and the price of labor is 10, what is the firm's optimal level of capital?
Question 13
A country's export supply function is given by X = 100 + 2P - 3Y, where X is exports, P is price, and Y is income. If the price and income are increased by 10% and 5% respectively, what is the percentage change in exports?
Question 14
A firm's \cost function is given by C(x) = 2x^2 + 10x + 5. If the firm's revenue function is R(x) = 20x - x^2, what is the break-even point?
Question 15
A firm is producing a good with a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. What is the firm's profit-maximizing price?
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