POST UTME AAUA 2023 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm's total revenue (TR) is given by the equation TR = 100x - 2x^2, where x is the number of units sold. If the firm's marginal revenue (MR) is 80, find the value of x.
A. 10
B. 20
C. 30
D. 40
Question 2
A country's tax revenue (TR) is given by the equation TR = 0.1X, where X is the value of taxable income. If the country's taxable income is ₦100 billion, find the value of TR.
A. ₦10 billion
B. ₦20 billion
C. ₦30 billion
D. ₦40 billion
Question 3
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 -2, what is the percentage change in quantity demanded when the price increases by 10%?
A. 20%
B. 30%
C. 40%
D. 50%
Question 4
A government is considering a tax on a particular good to raise revenue. If the tax is 10% of the price, and the demand for the good is given by Qd = 100 - 2P, what is the new equilibrium price?
A. 10
B. 15
C. 20
D. 25
Question 5
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 $2 and $3 respectively, find the consumer's optimal bundle
A. (10,20)
B. (15,30)
C. (20,40)
D. (25,50)
Question 6
A monopolist faces a demand curve given by P = 100 - 2q and a \cost function given by C(q) = 20q + 100. Find the profit-maximizing quantity of output.
A. 20
B. 30
C. 40
D. 50
Question 7
A firm's supply function is given by \( Q = 50 + 2P \). If the price is $10, find the quantity supplied
A. 50
B. 60
C. 70
D. 80
Question 8
A firm's elasticity of demand is given by E(q) = 2q^2 + 10q + 5. If the firm's price is P = 100, find the quantity of output.
A. 10
B. 20
C. 30
D. 40
Question 9
A firm's revenue function is given by ( R(x) = 100x - 2x^2 ). If the firm's marginal revenue is $20, find the value of ( x )
A. 5
B. 10
C. 15
D. 20
Question 10
A country's government imposes a tax on its citizens, which is a lump-sum tax of ₦100 per person. If the country has a population of 50 million people, what is the total tax revenue collected by the government?
A. ₦5,000 billion
B. ₦5,000 billion
C. ₦5,000 billion
D. ₦5,000 billion
Question 11
The Marshall-Lerner condition states that if the sum of the elasticities of demand for imports and exports is greater than 1, then a devaluation of the currency will lead to a
A. increase in the trade balance
B. decrease in the trade balance
C. increase in the current account deficit
D. decrease in the current account deficit
Question 12
A country's balance of payments is given by BOP = X - M. If the country's exports are X = 100 and imports are M = 80, find the balance of payments.
A. 20
B. 30
C. 40
D. 50
Question 13
A firm's demand curve is given by \( Q = 100 - 2P \), where Q is the quantity demanded and P is the price. If the firm's marginal revenue is ₦50, what is the firm's optimal price?
A. ₦25
B. ₦30
C. ₦35
D. ₦40
Question 14
A firm's \cost function is given by the equation C(x) = 100 + 2x^2, where x is the number of units produced. If the firm produces 10 units, find the value of C(x).
A. ₦200
B. ₦300
C. ₦400
D. ₦500
Question 15
A country's GDP is calculated as the sum of its consumption, investment, government sp\ending, and net exports. If the country's GDP is ₦1,500 billion, and its government sp\ending is ₦300 billion, what is the sum of its consumption and investment?
A. ₦1,200 billion
B. ₦1,500 billion
C. ₦1,200 billion
D. ₦1,200 billion

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