POST UTME UNIPORT 2024 Economics | Objective
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Question 1
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the labor input, and K is the capital input. If the firm's labor input increases by 20% and the capital input remains cons\tant, what is the percentage change in the quantity produced?
Question 2
A country's balance of payments account shows a trade deficit of ₦500 billion and a current account deficit of ₦700 billion. If the country's GDP is ₦10 trillion, calculate the percentage of GDP accounted for by the current account deficit.
Question 3
A government imposes a tax on a commodity to reduce its consumption. However, the tax revenue is used to fund a program that increases the production of the same commodity. What is the effect of this policy on the equilibrium price and quantity of the commodity in the market?
Question 4
A consumer's utility function is given by U(x, y) = 2x + 3y. The consumer's budget constraint is 2x + 3y = 12. Find the consumer's optimal bundle of x and y.
Question 5
A firm's demand function is given by Q = 100 - 2P, where Q is quantity demanded and P is price. If the firm's marginal revenue is ₦50, what is the firm's price?
Question 6
The concept of 'dualism' in the context of agriculture and industrialization in Nigeria refers to the coexistence of two distinct economic systems, one based on traditional farming practices and the other on modern industrial methods. Which of the following best describes the implications of this dualism on Nigeria's economic development?
Question 7
A country's government is considering a budget that allocates 60% of its revenue to education and 20% to healthcare. If the total revenue is ₦1,000,000, what is the amount allocated to education?
Question 8
A firm's demand function is given by Qd = 100 - 2P, and its supply function is given by Qs = 2P - 10. What is the equilibrium price and quantity in the market?
Question 9
A firm's production function is given by Q = 3L^0.7K^0.3. If the firm's current input levels are L = 27 and K = 8, what is the marginal product of labor (MPL) at this point?
Question 10
A firm's production function is given by \( Q = 2K^{\frac{1}{2}}L^{\frac{1}{2}} \). If the price of capital is ₦500 per unit, and the price of labor is ₦200 per unit, what is the optimal level of capital to maximize profits?
Question 11
A country's economic growth rate is given by the equation Y = 2Y0\( 1 + g \)^t, where Y is the current GDP, Y0 is the initial GDP, g is the growth rate, and t is time. If the country's initial GDP is ₦10 trillion, the growth rate is 5%, and time is 10 years, calculate the current GDP.
Question 12
A country's GDP can be calculated u\sing the 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 GDP is ₦10 trillion, consumption is ₦3 trillion, investment is ₦1 trillion, government sp\ending is ₦2 trillion, exports are ₦4 trillion, and imports are ₦2 trillion, what is the value of the country's net exports?
Question 13
A firm's \cost function is given by C(q) = 2q^2 + 10q + 5. If the firm's revenue function is R(q) = 20q, what is the profit-maximizing quantity of output?
Question 14
A monopolist faces a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. Find the profit-maximizing quantity and price, assuming the monopolist sells the output at the market price.
Question 15
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 level of output?
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