POST UTME UNILORIN 2017 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A country's balance of payments is given by BOP = X - M, where X is the country's exports and M is its imports. If the country's exports are 100 billion naira and its imports are 80 billion naira, what is the country's balance of payments?
Question 2
A consumer's utility function is given by ( u(x,y) = 2x + 3y ). If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦3 respectively, what is the consumer's optimal bundle?
Question 3
A firm's revenue function is given by R(x) = 50x - 0.5x^2. If the firm produces 20 units of output, what is the total revenue?
Question 4
A monopolist faces a demand curve given by P = 100 - Q. The marginal revenue (MR) function is given by MR = 100 - 2Q. If the firm produces 20 units, what is the price?
Question 5
A government is considering a tax on a particular good. The supply curve of the good is given by Q = 2P + 5, and the demand curve is given by Q = 100 - 2P. If the government imposes a tax of $5 per unit, what is the new equilibrium price?
Question 6
A monopolistically competitive firm faces a demand curve with a cons\tant elasticity of -2. If the firm's marginal revenue (MR) is 100, and its marginal \cost (MC) is 50, what is the firm's optimal output level?
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. If the price elasticity of demand is 0.5, what is the percentage change in quantity demanded when the price increases by 10%?
Question 8
A country's money supply is given by M = 1000 + 0.5Y. If the country's GDP is 100 billion naira, what is the money supply?
Question 9
A government budget is given by the equation \( B = T + I \), where B is the budget, T is the tax revenue, and I is the interest payment. If the tax revenue is ₦500 million and the interest payment is ₦200 million, what is the government's budget?
Question 10
A firm is producing a good with the following production function: Q = 2L^2 + 3K^2, where Q is the quantity produced, L is the labor input, and K is the capital input. If the firm wants to produce 100 units of the good, and the price of labor is $10 per unit and the price of capital is $20 per unit, what is the total \cost of production?
Question 11
A consumer has an indifference curve I_2 and a budget constraint with a price ratio of 3:2. If the consumer's income is ₦1200, what is the optimal bundle of goods (x, y) that maximizes utility?
Question 12
A firm is operating at a point on its production function where the marginal product of labor is 4 units and the marginal product of capital is 6 units. If the firm's current input prices are $8 per unit of labor and $12 per unit of capital, what is the optimal input combination?
Question 13
A consumer's indifference curve is given by the equation u(x,y) = 2x + 3y. What is the marginal utility of x?
Question 14
A country's balance of payments (BOP) is in equilibrium when its current account (CA) is equal to its capital account (KA). If the CA is -100 and the KA is 50, what is the net capital outflow?
Question 15
A country's trade balance is given by TB = X - M, where X is the value of exports and M is the value of imports. If the value of exports is 100 and the value of imports is 80, what is the country's trade balance?
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