POST UTME UI 2024 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
Consider a firm operating in a perfectly competitive market with a downward-sloping demand curve. If the firm's marginal revenue (MR) is greater than its marginal \cost (MC), what will happen to the firm's output?
Question 2
In a perfectly competitive market, the demand curve for a firm's product is perfectly elastic. If the market price of the product is $10, and the firm's marginal revenue (MR) is $8, what is the firm's marginal \cost (MC)?
Question 3
The opportunity \cost of producing one more unit of a good is measured by the
Question 4
A firm's production function is given by Q = 2L + 3K, where Q is the quantity produced, L is the labor and K is the capital. If the labor is 10 units and the capital is 5 units, what is the quantity produced?
Question 5
A firm's production function is given by Q = 2L^0.5H^0.5, where Q is output, L is labor, and H is capital. If the firm wants to increase output by 20% while keeping labor cons\tant at 100 units, what percentage increase in capital is required?
Question 6
A firm's production function is given by \( Q = 2L^0.5K^0.5 \). If the firm's output is 100 units and the price of labor is ₦10 per unit, what is the minimum \cost of production?
Question 7
The demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. The supply of the product is given by the equation Qs = 2P - 100, where Qs is the quantity supplied. Find the equilibrium price and quantity.
Question 8
A monopolist faces a demand curve given by Q = 100 - 2P. The monopolist's marginal \cost (MC) is $10. What is the monopolist's optimal price?
Question 9
A country's national income is given by the equation Y = C + I + G, where Y is national income, C is consumption, I is investment, and G is government sp\ending. If the country's national income is $100 billion, consumption is $60 billion, investment is $20 billion, and government sp\ending is $10 billion, what is the multiplier effect?
Question 10
The government of a country imposes a tax on imported goods to raise revenue. If the tax is 10% of the value of the imported goods, and the value of the imported goods is ₦100,000, what is the amount of tax paid?
Question 11
The opportunity \cost of producing one more unit of a good is measured by the
Question 12
A firm's supply function is given by Qs = 2P + 3Y, where Qs is the quantity supplied, P is the price, and Y is the income. If the price is ₦20 and the income is ₦100, calculate the quantity supplied.
Question 13
A country's balance of payments is in equilibrium when the
Question 14
A firm's demand function is given by Qd = 100 - 2P + 3Y, where Qd is the quantity demanded, P is the price, and Y is the income. If the price is ₦20 and the income is ₦100, calculate the quantity demanded.
Question 15
A firm's \cost function is given by C(q) = 2q^2 + 10q + 5. If the firm produces 5 units of output, what is the total \cost of production?
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