POST UTME UNIPORT 2022 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A country is experiencing a trade deficit of ₦500 billion. If the exchange rate is ₦200 per dollar, what is the value of the country's trade deficit in dollars?
Question 2
A firm's production function is given by the following equation: \( Q = 10L^{0.5}K^{0.5} \), where ( L ) is labor and ( K ) is capital. If the firm's marginal product of labor is \( MPL = 5L^{-0.5}K^{0.5} \), what is the firm's optimal level of labor?
Question 3
A country's balance of payments is given by the following equation: \( BOP = X - M \), where ( X ) is the value of exports and ( M ) is the value of imports. If the country's exports are ₦100 billion and its imports are ₦120 billion, what is the country's balance of payments?
Question 4
A monopolistically competitive firm faces a demand curve with the following equation: \( Q = 100 - 2P \). If the firm's marginal revenue function is \( MR = 50 - 2Q \), what is the firm's optimal price?
Question 5
A firm's \cost function is given by TC = 100 + 2L + 3K, where TC is total \cost, L is labor, and K is capital. If the firm increases labor from 50 units to 60 units, and capital from 50 units to 60 units, by how much will total \cost increase?
Question 6
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's labor and capital inputs are 4 and 9 respectively, what is the firm's output?
Question 7
A country's balance of payments account is given by the following equation: BOP = \( X - M \) + \( F - I \). If the country's exports are ₦10 billion, imports are ₦8 billion, foreign investment is ₦2 billion, and domestic investment is ₦3 billion, what is the country's balance of payments?
Question 8
A country is experiencing a recession, and the government decides to implement a fiscal policy to stimulate the economy. What type of fiscal policy would be most effective in this situation?
Question 9
A firm's revenue function is given by R = 100Q - 2Q^2, where R is revenue and Q is quantity. If the firm increases quantity from 10 units to 11 units, by how much will revenue increase?
Question 10
A firm's \cost function is given by C = 100 + 2L + 3K, where C is \cost, L is labor, and K is capital. If the firm's current labor and capital inputs are 20 units and 30 units respectively, calculate the firm's current \cost.
Question 11
A central bank is considering a monetary policy to reduce inflation. If the current inflation rate is 8% and the target inflation rate is 4%, what is the required decrease in the money supply?
Question 12
A government imposes a tax on a particular good to reduce its consumption. If the demand curve for the good is downward sloping and the tax is not passed on to consumers, what will be the effect on the equilibrium price and quantity of the good?
Question 13
A firm is considering a project with a net present value (NPV) of ₦1.2 million. If the \cost of capital is 10%, what is the internal rate of return (IRR) of the project?
Question 14
A firm's \cost function is given by C = 100 + 2L + 3K, where C is \cost, L is labor, and K is capital. If the firm's current labor and capital inputs are 30 units and 25 units respectively, calculate the firm's current \cost.
Question 15
A firm's revenue function is given by R = 100Q - 2Q^2, where R is revenue and Q is output. Find the firm's profit-maximizing output.
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