POST UTME UNIBEN 2023 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A country's GDP is ₦100 billion, and its GNP is ₦120 billion. What is the net factor income from abroad?
Question 2
A monopolistically competitive firm faces a demand curve with an elasticity of -2. If the firm increases its price by 10%, what is the percentage change in quantity demanded?
Question 3
A firm's demand function is given by Q = 100 - 2P. The firm's marginal \cost is MC = 5. What is the firm's optimal quantity?
Question 4
A firm's \cost function is given by C(q) = 2q^2 + 10q + 5, where q is the quantity produced. If the firm's revenue function is R(q) = 20q, what is the firm's profit function?
Question 5
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, calculate the optimal level of labor (L) and capital (K) u\sing the first-order conditions for profit maximization.
Question 6
A government is considering implementing a value-added tax (VAT) on all goods and services. If the VAT rate is 10%, what is the revenue generated from a ₦100 billion economy?
Question 7
A monopolist faces a demand curve given by P = 100 - 2Q. The monopolist's marginal \cost is MC = 10 + 2Q. What is the profit-maximizing quantity of output?
Question 8
A firm has a revenue function given by R = 2Q - 3P, where R is the total revenue, Q is the quantity sold, and P is the price. If the quantity sold is 10 units and the price is ₦20, what is the total revenue?
Question 9
A country's GDP is given by the equation Y = C + I + G + \( X - M \). If the country's consumption function is C = 500 + 0.8Y, its investment function is I = 200 + 0.2Y, and its government sp\ending is G = 1000, what is the country's equilibrium GDP?
Question 10
Consider a firm operating in a monopolistically 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, calculate the optimal level of labor (L) and capital (K) u\sing the first-order conditions for profit maximization.
Question 11
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 P_x = 2 and P_y = 3, and the consumer's income is I = 100, calculate the optimal quantities of the two goods u\sing the budget constraint.
Question 12
A firm is considering exporting its product to a foreign market. The firm's production \costs are ₦100 per unit, and the selling price in the foreign market is ₦150 per unit. If the exchange rate is 1 USD = 500 Naira, what is the firm's profit per unit in USD?
Question 13
A firm's demand function is given by Q = 100 - 2P. The firm's marginal \cost is MC = 5. What is the firm's optimal quantity?
Question 14
A government is considering a budget that allocates ₦100 million to education and ₦200 million to healthcare. What is the total budget?
Question 15
The government of Nigeria has introduced a new tax policy aimed at increa\sing revenue from the agricultural sector. The policy includes a 10% tax on all agricultural produce sold in the market. If the total revenue from the sale of agricultural produce is ₦1,500,000, and the tax rate is 10%, what is the amount of tax paid by the farmers?
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