POST UTME UNIBEN 2017 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A country's balance of payments is in equilibrium when the current account is equal to the capital account. If the current account is -₦500 billion and the capital account is ₦200 billion, what is the net change in the country's foreign exchange reserves?
Question 2
Consider a firm operating in a perfectly competitive market. If the firm's average total \cost (ATC) curve intersects the average revenue (AR) curve at a point where the ATC curve is downward sloping, what can be concluded about the firm's optimal output level?
Question 3
A government imposes a tax on a firm's output. The firm's supply function is given by Q = 2P + 5, where Q is the quantity supplied and P is the price. If the tax is 2 units per unit of output, find the new supply function.
Question 4
A firm's revenue function is given by R(x) = 2x^2 + 5x + 1, where x is the number of units produced. If the firm's marginal revenue function is MR(x) = 4x + 5, find the value of x that maximizes revenue.
Question 5
A country's GDP is given by GDP = C + I + G + \( X - M \), where C is consumption, I is investment, G is government sp\ending, X is exports, and M is imports. If the country's GDP is ₦5 trillion, consumption is ₦1.5 trillion, investment is ₦500 billion, government sp\ending is ₦1 trillion, exports are ₦1.2 trillion, and imports are ₦800 billion, what is the country's balance of trade?
Question 6
Determine the returns to scale for a firm with a production function Q = 2L^2K, where Q is the output, L is the labor, and K is the capital.
Question 7
A firm's \cost function is given by C = 2x^2 + 3x + 10, where x is the quantity produced. If the firm's revenue function is given by R = 4x^2 - 2x + 10, what is the firm's profit function?
Question 8
A firm's production function is given by Q = 2L^2 + 5K, where Q is the quantity produced, L is labor, and K is capital. If the firm's \cost function is given by C(L, K) = 2L + 3K, find the firm's profit-maximizing input bundle.
Question 9
A consumer has a utility function U = 2x + 3y, where x and y are the quantities of two goods. The prices of the goods are $2 and $3, respectively. The consumer's income is $10. What is the consumer's optimal bundle?
Question 10
Determine the price elasticity of demand for a product with a price elasticity of -2 and a percentage change in quantity demanded of 5%.
Question 11
A consumer's budget constraint is given by 2x + 3y = 12, where x and y are the quantities of two goods. If the consumer's indifference curve is given by u(x, y) = 2x + y, find the consumer's optimal bundle.
Question 12
A monopolist faces a demand curve given by Q = 100 - 2P. The monopolist's marginal \cost is MC = 10. What is the profit-maximizing price?
Question 13
A firm's demand for labor is given by L = 100 - 2P, where P is the wage rate. If the wage rate is ₦20, what is the firm's demand for labor?
Question 14
Consider a firm operating in a perfectly competitive market with a production function given by Q = 2L^\( 1/2 \)K^\( 1/2 \). If the firm's current input prices are w = 10 and r = 20, and it is currently producing 16 units of output, what is the firm's current total \cost of production?
Question 15
A firm has a production function Q = 3L^0.5K^0.5, where Q is the output, L is the labor, and K is the capital. Determine the returns to scale for the firm.
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