POST UTME UNILORIN 2022 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
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. U\sing the concept of consumer surplus and producer surplus, determine the total welfare of the market.
Question 2
A firm's production function is given by Q = 100 + 2L - 3K. If the firm's labor and capital inputs are 50 and 20 respectively, calculate the marginal product of labor and the marginal product of capital.
Question 3
A country's balance of payments account shows a trade deficit of ₦500 billion and a current account deficit of ₦200 billion. If the capital account surplus is ₦300 billion, calculate the overall balance of payments deficit.
Question 4
A firm's \cost function is given by C(Q) = 100 + 2Q + 0.01Q^2, where Q is the quantity produced. If the firm produces 100 units, find the total \cost of production.
Question 5
A government imposes a tax on a good, which causes the supply curve to shift to the left. What is the effect on the equilibrium price and quantity of the good?
Question 6
A monopolistically competitive firm faces a demand curve that is downward sloping but has a cons\tant elasticity of -2. If the firm's marginal revenue is 100, what is its marginal \cost?
Question 7
A firm's demand function is given by Q = 100 - 2P. If the price elasticity of demand is -2, calculate the change in quantity demanded when the price increases by 10%.
Question 8
A central bank uses the money multiplier to control the money supply in an economy. If the reserve requirement is 10% and the excess reserves are ₦100 million, find the money multiplier.
Question 9
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 $100 billion, consumption is $60 billion, investment is $20 billion, government sp\ending is $15 billion, exports are $30 billion, and imports are $25 billion, find the country's balance of trade.
Question 10
The Marshall-Lerner condition states that a country's balance of payments will improve if the sum of the percentage changes in its export and import prices is greater than the percentage change in its exchange rate. Which of the following scenarios would lead to an improvement in the balance of payments?
Question 11
The government of a country decides to implement a policy of price control to reduce inflation. However, the policy leads to a shortage of essential goods. Which of the following is a consequence of the policy?
Question 12
Consider a country with a GDP of ₦10 trillion and a GNP of ₦12 trillion. If the country's population is 200 million, calculate the per capita income in naira.
Question 13
A firm operating in a perfectly competitive market produces a homogeneous product. 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 is the likely outcome for the firm's profit?
Question 14
A firm's revenue function is given by R(P) = 200P - 0.05P^2, where P is the price. If the firm sells 100 units, find the total revenue.
Question 15
A consumer has a utility function given by U(x, y) = 2x + 3y. If the consumer's income is 100 and the prices of x and y are 5 and 10 respectively, what is the consumer's optimal bundle?
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