POST UTME WELLSPRING UNIVERSITY 2019 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A consumer has the following utility function: U(x, y) = 2x + 3y. The prices of x and y are $2 and $3 respectively. The consumer's income is $10. What is the consumer's optimal bundle?
Question 2
A consumer is faced with the following utility function: U(x,y) = 2x + 3y. If the consumer's income is ₦100,000 and the prices of x and y are ₦20 and ₦30 respectively, what is the optimal bundle of x and y?
Question 3
The government of Nigeria has introduced a new policy to increase agricultural production. The policy involves providing subsidies to farmers who use modern farming techniques. However, the policy has been criticized for being too expensive and for favoring large-scale farmers at the expense of small-scale farmers. What is the likely effect of this policy on the income of small-scale farmers?
Question 4
A consumer's utility function is given by \( U = 2x + 3y \). 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 of x and y?
Question 5
A firm's production function is given by \( Q = 2L^{0.5}K^{0.5} \). If the firm's output is 16 units when the labor input is 4 units and the capital input is 4 units, what is the marginal product of labor?
Question 6
Consider a firm that produces two goods, X and Y, u\sing two inputs, labor and capital. The production functions are given by X = 2L^\( 1/2 \)K^\( 1/2 \) and Y = 3L^\( 1/2 \)K^\( 1/2 \). If the firm's labor and capital inputs are increased by 20% and 15% respectively, what is the percentage change in output of good X?
Question 7
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \), where Q is output, L is labor and K is capital. If the firm's labor and capital are increased by 20% and 15% respectively, what is the percentage change in output?
Question 8
A consumer is faced with the following budget constraint: 2x + 3y = 100. If the consumer's income is ₦100,000 and the prices of x and y are ₦20 and ₦30 respectively, what is the optimal bundle of x and y?
Question 9
A country's GDP is given by the equation Y = C + I + G, where Y is GDP, C is consumption, I is investment, and G is government sp\ending. If the country's consumption is ₦500 billion, investment is ₦200 billion, and government sp\ending is ₦300 billion, what is the country's GDP?
Question 10
The government of Nigeria has introduced a new policy to increase agricultural production. The policy involves providing subsidies to farmers who use modern farming techniques. However, the policy has been criticized for being too expensive and for favoring large-scale farmers at the expense of small-scale farmers. What is the likely effect of this policy on the income of small-scale farmers?
Question 11
A monopolist faces a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. What is the monopolist's profit-maximizing price?
Question 12
Consider a country with a GDP of ₦10 trillion and a population of 200 million. If the average GDP per capita is ₦50,000, what is the implied GDP deflator?
Question 13
A monopolist has a \cost function given by C = 2Q^2 + 10Q. If the demand function is given by P = 100 - Q, what is the monopolist's profit-maximizing quantity?
Question 14
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \). If the firm's labor and capital inputs are increased by 20% and 15% respectively, what is the percentage change in output?
Question 15
A consumer has the following utility function: U(x, y) = 2x + 3y. The prices of x and y are $2 and $3 respectively. The consumer's income is $10. What is the consumer's optimal bundle?
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