POST UTME UNILAG 2017 Economics | Objective
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Question 1
A firm is considering two different production processes. Process A requires an initial investment of ₦100,000 and has a variable \cost of ₦50 per unit produced. Process B requires an initial investment of ₦150,000 and has a variable \cost of ₦30 per unit produced. If the firm produces 10,000 units, which process will result in lower total \cost?
Question 2
A firm is operating in a monopoly market with a demand curve given by Q = 100 - 2P and a marginal revenue curve given by MR = 200 - 2Q. What is the firm's profit-maximizing quantity?
Question 3
Consider a firm operating in a perfectly competitive market with a production function Q = 2L^0.5K^0.5. If the firm's current input prices are w = ₦100 and r = ₦150, and it currently employs 4 units of labor and 9 units of capital, calculate the firm's current total \cost.
Question 4
The government of Nigeria has implemented policies to promote agricultural development in the country. Which of the following is a likely outcome of these policies?
Question 5
A firm produces two goods, A and B, u\sing two inputs, labor and capital. The production function for good A is given by Q_A = 2L^0.5K^0.5, where Q_A is the quantity of good A produced, L is the amount of labor used, and K is the amount of capital used. The production function for good B is given by Q_B = 3L^0.2K^0.8. If the firm has 100 units of labor and 200 units of capital, how much of good A should it produce?
Question 6
The government of Nigeria has implemented a policy to reduce inflation by increa\sing interest rates. Which of the following is a likely effect of this policy?
Question 7
A country's balance of payments is given by the following accounts: Current Account: ₦100,000,000; Capital Account: ₦50,000,000; Financial Account: ₦20,000,000. What is the country's net foreign exchange earnings?
Question 8
A firm is operating under a monopoly market structure. If the firm's demand curve is given by Q = 100 - 2P and the firm's marginal revenue is 50, what is the firm's marginal \cost?
Question 9
A firm's \cost function is given by C(q) = 10q^2 + 20q + 100. If the firm's revenue function is R(q) = 20q^2 - 10q + 100, what is the profit-maximizing level of output?
Question 10
A government is considering a tax on a particular good to raise revenue. The demand function for the good is given by Q = 100 - 2P, and the supply function is given by Q = 2P - 10. If the government wants to raise revenue of ₦10,000,000, what is the optimal tax rate?
Question 11
A firm's revenue function is given by R(x) = 2x^2 + 10x + 5, where x is the number of units produced. If the firm produces 5 units, what is its revenue?
Question 12
A firm is operating in a perfectly competitive market with a demand curve given by Q = 100 - 2P and a supply curve given by Q = 10 + 3P. What is the equilibrium price and quantity?
Question 13
The government of a country decides to implement a policy of price control to combat inflation. However, the policy leads to a shortage of essential goods. Which of the following is a likely consequence of this policy?
Question 14
A firm is producing a good with a production function Q = 2L^0.5K^0.5. If the firm increases its labor input by 20% and keeps its capital input cons\tant, what will happen to its output?
Question 15
A country's GDP is ₦100 billion, its imports are ₦20 billion, and its exports are ₦30 billion. What is its balance of trade?
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