POST UTME VERITAS UNIVERSITY 2023 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's demand curve is given by Q = 100 - 2P. If the firm's marginal revenue (MR) is given by MR = 200 - 4P, what is the firm's optimal price?
Question 2
A country's GNP is calculated as follows: GNP = GDP + (net factor income from abroad). If the country's GDP is ₦1,500 billion and its net factor income from abroad is ₦100 billion, what is the country's GNP?
Question 3
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is output, L is labor, and K is capital. If the firm's current labor and capital inputs are L = 4 and K = 9, respectively, what is the firm's current output?
Question 4
A country's money supply is given by the equation M = 100 + 0.5Y, where M is the money supply and Y is the income. If the income is 1000, what is the money supply?
Question 5
A consumer's utility function is given by U = 2x + 3y, where x and y are the quantities of two goods consumed. If the consumer's budget constraint is given by 2x + 3y = 12, find the optimal quantities of x and y that maximize the consumer's utility.
Question 6
A firm's \cost function is given by C(Q) = 100 + 2Q + 0.5Q^2. If the firm's revenue function is R(Q) = 200Q, what is the firm's profit-maximizing quantity?
Question 7
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 8
A country's GDP is calculated as follows: GDP = C + I + G + \( X - M \). If the country's consumption (C) is ₦500 billion, investment (I) is ₦200 billion, government sp\ending (G) is ₦300 billion, exports (X) are ₦400 billion, and imports (M) are ₦200 billion, what is the country's GDP?
Question 9
A country's balance of payments is given by the equation BOP = X - M, where X is the value of exports and M is the value of imports. If the value of exports is 100 and the value of imports is 80, what is the balance of payments?
Question 10
A monopolist is facing a demand curve with an elasticity of -2. If the firm increases its price by 10%, what will happen to its revenue?
Question 11
A consumer's indifference curve is given by the equation u(x, y) = 2x + 3y. If the consumer's income is ₦500 and the prices of x and y are ₦10 and ₦20 respectively, what is the consumer's optimal bundle?
Question 12
A country's GDP is given by the equation 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 100 billion naira, and its consumption, investment, and government sp\ending are 50 billion naira, 20 billion naira, and 30 billion naira respectively, what is the value of the country's exports?
Question 13
A country's GNP is calculated as follows: GNP = GDP + (net factor income from abroad). If the country's GDP is ₦1,500 billion and its net factor income from abroad is ₦100 billion, what is the country's GNP?
Question 14
A firm has a production function given by Q = 2L^0.5K^0.5. If the firm's output is 100 units and the price of labor is ₦50 per unit, what is the minimum \cost of production?
Question 15
A firm's production function is given by the equation Q = 100K^0.5L^0.5, where Q is the quantity produced, K is the capital and L is the labor. If the capital is 100 and the labor is 100, what is the quantity produced?
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