POST UTME UNN 2020 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm produces two goods, X and Y, u\sing two inputs, labor (L) and capital (K). The production functions are given by X = 2L + 3K and Y = 4L + 2K. If the firm has 10 units of labor and 5 units of capital, what is the total output \( X + Y \)?
Question 2
A firm's demand function is given by Q = 100 - 2P, and its supply function is given by Q = 2P + 10. If the market is initially in equilibrium at a price of ₦50, what is the change in producer surplus if the price is increased to ₦60?
Question 3
The money supply in an economy is the total amount of money circulating in the economy, including _______________ and currency in circulation.
Question 4
A firm's \cost function is given by C(Q) = 2Q^2 + 10Q + 100, and its revenue function is given by R(Q) = 3Q^2 + 20Q. What is the firm's profit-maximizing quantity of output?
Question 5
A firm's \cost function is given by C(q) = 2q^2 + 10q + 5, where q is the quantity produced. If the firm's revenue function is R(q) = 20q, what is the firm's profit-maximizing quantity?
Question 6
A country's balance of payments (BOP) accounts are given by the following equations: Exports (X) = ₦1000, Imports (M) = ₦1500, and Net Factor Income (NFI) = ₦200. What is the country's current account balance?
Question 7
The opportunity \cost of producing one more unit of a good is the value of the next best alternative that must be given up. If the production of a good increases the output of another good, the opportunity \cost is said to be _______________.
Question 8
Consider a perfectly competitive market with n firms, each producing a homogeneous product. If the market price is P = 10, and the marginal \cost (MC) of each firm is 5, what is the profit-maximizing quantity \( Q* \) for each firm?
Question 9
A consumer's utility function is given by U(x,y) = 2x + 3y, where x and y are the quantities of two goods consumed. If the consumer's income is ₦1000 and the prices of the two goods are ₦5 and ₦3 respectively, what is the consumer's optimal bundle of goods?
Question 10
Consider a firm operating in a perfectly competitive market. If the firm's marginal revenue (MR) curve intersects its marginal \cost (MC) curve at point E, where MR = 10 and MC = 8, what is the optimal quantity of output (Q) that the firm should produce?
Question 11
A firm is producing a good u\sing two inputs, labor and capital. The production function is given by Q = 2L^0.5K^0.5. The firm's objective is to maximize profits, which are given by π = PQL - WL - RK, where P is the price of the good, W is the wage rate, and R is the rental rate of capital. Assuming that the price of the good is cons\tant and the wage rate and rental rate are fixed, what is the optimal level of labor and capital?
Question 12
Suppose a firm's demand function is given by Q = 100 - 2P and its supply function is given by Q = 2P + 10. If the market is initially in equilibrium at a price of ₦50, what is the change in consumer surplus if the price is increased to ₦60?
Question 13
A country is experiencing a trade deficit due to a decrease in exports and an increase in imports. If the country's GDP is 100 billion, and the trade deficit is 20 billion, what is the percentage change in the trade deficit?
Question 14
A country has a production function given by Y = 2L^0.5 + 3K^0.5, where Y is the output, L is the labor and K is the capital. If the country has 100 units of labor and 200 units of capital, what is the output?
Question 15
A country's balance of payments is given by the following equation: BOP = X - M - \( I - S \), where X is exports, M is imports, I is investment, and S is savings. If the country's exports are ₦100 billion, imports are ₦80 billion, investment is ₦50 billion, and savings are ₦30 billion, what is the country's balance of payments?
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