POST UTME UNIOSUN 2023 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A country's GNP is ₦120 billion, its imports are ₦25 billion, and its exports are ₦35 billion. Calculate the country's balance of trade.
Question 2
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 is increased by 10%, what will be the new quantity demanded?
Question 3
A monopolistically competitive firm is operating in a market with a cons\tant elasticity of demand. If the firm experiences a 5% increase in production \costs, what is the likely effect on the firm's price?
Question 4
A government is u\sing fiscal policy to stimulate the economy. If the government increases government sp\ending by 10%, and the multiplier effect is 2, what is the likely effect on the aggregate demand?
Question 5
A monopolist faces a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. Find the profit-maximizing price and quantity.
Question 6
A country's balance of payments is in equilibrium. If the country experiences a 10% increase in exports, and the exchange rate remains cons\tant, what is the likely effect on the country's balance of payments?
Question 7
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is the output, L is the labor and K is the capital. If the labor increases by 20% and the capital remains cons\tant, what will be the new output?
Question 8
Consider a simple linear regression model given by \( Y = eta_0 + eta_1X + epsilon \). If the coefficient of determination \( R^2 \) is 0.8, and the s\tandard error of the regression (SER) is 5, what is the value of the F-statistic?
Question 9
A monopolist faces a demand curve given by \( P = 100 - 2Q \). The marginal \cost (MC) is cons\tant at ₦50. If the firm produces 20 units, what is the consumer surplus (CS)?
Question 10
Consider a production function given by \( Q = 100K^{\frac{1}{3}}L^{\frac{2}{3}} \), where Q is the output, K is the capital, and L is the labor. If the marginal product of labor (MPL) is 20, and the marginal product of capital (MPK) is 15, what is the value of the output elasticity of labor \( E_L \)?
Question 11
A firm has a production function given by Q = 2L^0.5K^0.5. The price of labor is ₦100 per unit and the price of capital is ₦200 per unit. Find the firm's optimal input combination of labor and capital.
Question 12
A consumer's utility function is given by U(x,y) = 2x + 3y. The budget constraint is given by 2x + 3y = 12. Find the consumer's optimal bundle of x and y.
Question 13
A monopolist faces a demand curve given by \( P = 100 - 2Q \). The marginal \cost (MC) is cons\tant at ₦50. If the firm produces 30 units, what is the consumer surplus (CS)?
Question 14
A country's GDP is ₦100 billion, its imports are ₦20 billion, and its exports are ₦30 billion. Calculate the country's balance of trade.
Question 15
A consumer's utility function is given by U = 2x + 3y, where U is the utility and x and y are the quantities of two goods. If the consumer's income is ₦1000 and the prices of the two goods are ₦5 and ₦10 respectively, what will be the consumer's optimal bundle?
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