POST UTME UNIPORT 2017 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
Consider a country with a perfectly competitive market for wheat. The demand for wheat is given by the equation \( Q_d = 100 - 2P \) and the supply of wheat is given by the equation \( Q_s = 2P - 20 \). If the price of wheat is currently $2 per unit, what is the equilibrium quantity of wheat?
Question 2
A firm's demand curve is given by the equation: Qd = 100 - 2P. If the firm's supply curve is given by the equation: Qs = 2P - 50, what is the equilibrium price and quantity?
Question 3
A firm's production function is given by \( Q = 2L^{0.5}K^{0.5} \), where ( L ) is labor and ( K ) is capital. If the firm has 100 units of labor and 200 units of capital, what is the maximum output?
Question 4
A government imposes a tax on a firm's output. The firm's supply curve is given by the equation: Qs = 2P - 50. If the tax is 10, what is the new supply curve equation?
Question 5
A firm produces two goods, x and y, u\sing two inputs, labor and capital. The production functions are given by x = 2L + 3K and y = L + 2K. If the prices of x and y are ₦5 and ₦3 respectively, and the wage rate and rental rate are ₦10 and ₦20 respectively, find the optimal input mix u\sing the Cobb-Douglas production function.
Question 6
A government is considering a tax on a particular good. The demand curve for the good is given by Q = 100 - 2P, and the supply curve is given by Q = 2P. If the government imposes a tax of 10 on the good, what is the new equilibrium quantity?
Question 7
A consumer's indifference curves for two goods, X and Y, are given by the following equations: U(X, Y) = 2X + 3Y and U(X, Y) = 4X + 2Y. If the consumer's initial \endowment is \( X = 2, Y = 3 \), what is the consumer's optimal bundle?
Question 8
Consider a country with a GDP of ₦100 billion and a GNP of ₦120 billion. If the country's net factor income from abroad is ₦20 billion, find the country's national income u\sing the identity GNP = GDP + net factor income from abroad.
Question 9
Consider a firm operating in a perfectly competitive market with a production function Q = 2L^0.5K^0.5. If the price of the good is $10 and the firm's \cost function is C = 2L + 3K, what is the optimal level of output and input usage?
Question 10
A consumer has a utility function U(x,y) = 2x + 3y, where 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 is the consumer's optimal bundle of goods?
Question 11
A firm is producing a good with a production function Q = 2L^0.5K^0.5, where L is labor and K is capital. If the firm is currently u\sing 100 units of labor and 100 units of capital, what is the marginal product of labor?
Question 12
A firm is considering two investment projects, A and B. Project A requires an initial investment of ₦100,000 and is expected to generate a return of ₦120,000 per year for 5 years. Project B requires an initial investment of ₦150,000 and is expected to generate a return of ₦180,000 per year for 5 years. Which project has a higher net present value?
Question 13
A country's balance of payments is given by the equation \( BOP = X - M \), where ( X ) is exports and ( M ) is imports. If the country's exports are $100 billion and imports are $80 billion, what is the balance of payments?
Question 14
A consumer has a budget of ₦1,000 and faces the following prices for two goods: Good X \costs ₦200 and Good Y \costs ₦300. If the consumer's indifference curves are such that the marginal rate of substitution (MRS) is 2, what is the consumer's optimal bundle?
Question 15
Consider a country with a population of 100 million and a per capita income of ₦50,000. If the country's GDP is ₦5 trillion, find the country's GDP per capita u\sing the identity GDP per capita = GDP / population.
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