POST UTME WELLSPRING UNIVERSITY 2024 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A consumer has a utility function given by U(x, y) = 2x + 3y. If the prices of x and y are ₦5 and ₦3 respectively, and the consumer has a budget of ₦20, find the optimal quantities of x and y.
Question 2
A consumer's utility function is given by the equation U = 2x + 3y, where U is the utility, x is the quantity of good 1, and y is the quantity of good 2. If the consumer has a budget of ₦100 and the prices of good 1 and good 2 are ₦5 and ₦10 respectively, what is the optimal bundle of goods?
Question 3
A country's balance of payments (BOP) accounts are in equilibrium when the current account (CA) is equal to the capital account (KA). If the country's CA is in deficit, what is the likely effect on the exchange rate?
Question 4
A consumer has the following utility function: U = 2x + 3y. The prices of x and y are ₦20 and ₦30 respectively. The consumer's budget is ₦100. What is the optimal level of x and y that the consumer should consume?
Question 5
A firm is producing a product with a production function given by Q = 2L^2 + 3K. If the firm's output is 100 units and the wage rate is ₦10 per unit of labor, find the firm's optimal level of capital.
Question 6
A firm's \cost function is given by C(q) = 2q^2 + 10q + 5. If the firm's revenue function is given by R(q) = 20q, what is the firm's profit-maximizing output level?
Question 7
A firm's total revenue is given by the equation TR = 100x - 2x^2, where x is the number of units sold. If the firm sells 20 units, what is the marginal revenue?
Question 8
A firm is producing a product with a total revenue of ₦120,000 and a total \cost of ₦80,000. If the firm's profit-maximizing output is 100 units, find the price elasticity of demand.
Question 9
A firm's \cost function is given by the equation C = 2L + 3K, where C is the \cost, L is the labor, and K is the capital. If the labor is 50 units and the capital is 200 units, what is the \cost?
Question 10
A firm is faced with the following production function: Q = 2L^0.5 * K^0.5. If the price of labor (w) is ₦100 and the price of capital (r) is ₦50, and the firm's budget constraint is wL + rK = ₦5000, what is the optimal level of labor (L) and capital (K) that the firm should employ?
Question 11
A firm's production function is given by the equation Q = 2L^0.5K^0.5, where Q is the output, L is the labor, and K is the capital. If the labor is 50 units and the capital is 100 units, what is the output?
Question 12
A country's GDP is given by the equation Y = C + I + G, where Y is the GDP, C is the consumption, I is the investment, and G is the government sp\ending. If the consumption is 60% of the GDP, the investment is 20% of the GDP, and the government sp\ending is 10% of the GDP, what is the value of the GDP?
Question 13
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 ₦10 respectively, what is the consumer's optimal bundle?
Question 14
The demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the price elasticity of demand is 0.5, what is the percentage change in quantity demanded when the price increases by 10%?
Question 15
A firm's \cost function is given by C(x) = 100 + 2x, where x is the number of units produced. If the firm produces 20 units, what is the total \cost?
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