POST UTME UNIBEN 2018 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
The supply of a product is given by the equation Qs = 50 + 2P, where Qs is the quantity supplied and P is the price. If the price elasticity of supply is cons\tant and equal to 3, find the price at which the quantity supplied is 80.
Question 2
The demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the price elasticity of demand is cons\tant and equal to 2, find the price at which the quantity demanded is 60.
Question 3
A monopolist faces a demand curve given by \( Q = 100 - 2P \). The monopolist's marginal \cost curve is \( MC = 10 \). What is the profit-maximizing quantity?
Question 4
A country's balance of payments is in equilibrium when its current account is equal to its capital account. If the country's current account is in deficit by $100 million, and its capital account is in surplus by $200 million, what is the country's net foreign exchange position?
Question 5
A firm's demand function is given by Q = 100 - 2P + 5Y. If the price elasticity of demand is -2 and the income elasticity of demand is 0.5, what is the percentage change in quantity demanded if the price increases by 10% and income increases by 20%?
Question 6
A country's inflation rate is given by the equation I = \( P - P0 \)/P0 x 100, where I is the inflation rate, P is the current price level and P0 is the base price level. If the current price level is ₦100 and the base price level is ₦80, find the inflation rate.
Question 7
A firm's \cost function is given by C = 2L + 3H. If the price of labor (L) is ₦100 per unit and the price of capital (H) is ₦200 per unit, and the firm's total revenue is ₦100,000, find the number of units of labor and capital the firm should employ to minimize its \cost.
Question 8
A country's money supply is given by M = 1000 + 0.5Y. If the money supply is ₦2500, what is the value of Y?
Question 9
A firm's revenue function is given by R(q) = 20q - 0.5q^2. If the firm produces 10 units of output, what is the marginal revenue?
Question 10
A firm's production function is given by the equation Q = 100K^0.5L^0.5, where Q is the quantity produced, K is the capital and L is the labor. If the firm has ₦100,000 to invest in capital and 10 workers to hire, find the quantity produced.
Question 11
A firm's \cost function is given by \( C = 2Q^2 + 10Q + 5 \). What is the firm's average \cost when \( Q = 5 \)?
Question 12
A consumer's indifference curve is a
Question 13
A government's budget is a
Question 14
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 ₦100 billion and the value of imports is ₦120 billion, find the balance of payments.
Question 15
A country's GDP is given by the equation \( Y = C + I + G + \( X - M \ \) ). If the country's current GDP is \( Y = 1000 \), and the current values of ( C, I, G, X, ) and ( M ) are ( 200, 100, 50, 150, ) and ( 75 ) respectively, calculate the country's current trade balance.
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