POST UTME UNN 2019 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A consumer's utility function is given by U(x,y) = 2x + 3y. If the consumer's income is ₦100 and the prices of x and y are ₦5 and ₦10 respectively, what is the consumer's optimal bundle?
Question 2
A country's balance of payments (BOP) is in equilibrium when the current account is equal to the capital account. If the country's current account is a deficit of ₦500 billion and the capital account is a surplus of ₦200 billion, what is the net capital outflow?
Question 3
A firm is operating in a perfectly competitive market with a demand function given by P = 10 - Q. If the firm's current output is Q = 5, what is the price at which the firm is selling its product?
Question 4
A consumer has a utility function given by U = 2x + 3y. The prices of x and y are $2 and $3 respectively. Find the consumer's optimal bundle of x and y.
Question 5
A firm's \cost function is given by ( C(q) = 2q^2 + 10q + 5 ). Find the firm's average \cost function.
Question 6
A consumer's indifference curve is a graphical representation of the various combinations of two goods that provide the consumer with the same level of satisfaction. Which of the following statements is true regarding the shape of an indifference curve?
Question 7
A firm's revenue function is given by R(q) = 20q - 0.1q^2. If the firm produces 10 units of the good, what is the total revenue?
Question 8
A firm's marginal revenue is given by the equation MR = 100 - 4P. If the market price is ₦50, what is the firm's marginal revenue?
Question 9
A consumer's indifference curve is represented by the equation ( u(x,y) = 2x + 3y ). If the consumer's income is ₦1000 and the prices of x and y are ₦2 and ₦3 respectively, find the consumer's optimal bundle of x and y.
Question 10
A monopolistically competitive firm faces a demand curve with a cons\tant elasticity of -2. If the firm's marginal revenue (MR) is given by MR = 100 - 2Q, where Q is the quantity sold, what is the firm's optimal quantity?
Question 11
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current labor and capital inputs are L = 16 and K = 9, respectively, what is the marginal product of labor (MPL) when the firm is producing at the given inputs?
Question 12
A firm is producing a good with a production function given by Q = 2L^2 + 3K. The prices of labor and capital are $5 and $10 respectively. Find the firm's optimal input bundle of labor and capital.
Question 13
A firm is considering investing in a new project with a net present value (NPV) of ₦1.5 million. If the firm's \cost of capital is 10%, what is the internal rate of return (IRR) of the project?
Question 14
A firm's revenue function is given by R = 2Q - 3. If the firm's current output is Q = 10, what is the total revenue?
Question 15
A government budget is given by the equation B = T + I + G, where B is the budget deficit, T is tax revenue, I is interest payments, and G is government sp\ending. If the government's current tax revenue is ₦100 billion, interest payments are ₦20 billion, and government sp\ending is ₦150 billion, what is the budget deficit?
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