POST UTME UNIOSUN 2018 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A government budget is given by the equation \( B = 1000 + 0.2Y \), where B is the budget and Y is the national income. If the national income is ₦10,000, what is the value of the budget?
Question 2
A consumer's budget constraint is a straight line. What does this imply about the consumer's preferences?
Question 3
A firm's production function is given by Q = 100L^0.5K^0.5. If the price of labor (L) increases by 20% and the price of capital (K) remains cons\tant, what is the new value of the average product of labor (APL)?
Question 4
A country's balance of payments is in surplus. What does this imply about the country's exchange rate?
Question 5
A firm's production function is given by the equation Q = 2L + 3K, where Q is the quantity produced, L is labor, and K is capital. If the firm's labor is 10 and capital is 5, what is the quantity produced?
Question 6
A consumer's utility function is given by the equation U = 2x + 3y, where x and y are the quantities of two goods consumed. If the consumer's income is 100 and the prices of the two goods are 5 and 10 respectively, what is the consumer's optimal bundle of goods?
Question 7
A government's 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 ₦100 billion and the interest payment is ₦50 billion, find the budget.
Question 8
A consumer's indifference curve is steeper than another consumer's indifference curve. What does this imply about the two consumers' preferences?
Question 9
Consider a production function given by \( Q = 1000K^0.4L^0.6 \), where Q is output, K is capital and L is labor. If the price of capital is ₦1000 per unit and the price of labor is ₦500 per unit, calculate the value of the marginal product of capital (MPC) at a point where K = 10 units and L = 15 units.
Question 10
The demand for a product is given by Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. The supply of the product is given by Qs = 2P - 100, where Qs is the quantity supplied. If the price is initially 50, what is the equilibrium quantity?
Question 11
A firm's production function is given by Q = 100L^0.5K^0.5. If the price of labor (L) increases by 20% and the price of capital (K) remains cons\tant, what is the new value of the total product of labor (TPL)?
Question 12
A country's GDP can be calculated u\sing the following formula: 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 consumption is 100, investment is 50, government sp\ending is 75, exports are 150, and imports are 100, what is the country's GDP?
Question 13
A firm's revenue function is given by \( R = 100P - 2P^2 \). If the firm's output is 20 units, what is the price at which it will sell?
Question 14
Consider a production function given by \( Q = 1000K^0.4L^0.6 \), where Q is output, K is capital and L is labor. If the price of capital is ₦1000 per unit and the price of labor is ₦500 per unit, calculate the value of the marginal product of labor (MPL) at a point where K = 10 units and L = 15 units.
Question 15
A firm's demand for a resource is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the supply of the resource is given by the equation Qs = 2P - 100, where Qs is the quantity supplied, find the elasticity of demand.
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