POST UTME ACHIEVERS UNIVERSITY 2024 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
The following table shows the data for a country's agricultural production for the year 2020:
A. The country's agricultural production increased by 10% compared to the previous year
B. The country's agricultural production decreased by 10% compared to the previous year
C. The country's agricultural production remained the same as the previous year
D. The country's agricultural production increased by 20% compared to the previous year
Question 2
The following table shows the data for a country's GDP and GNP for the year 2020:
A. GDP = ₦100 billion, GNP = ₦120 billion
B. GDP = ₦120 billion, GNP = ₦100 billion
C. GDP = ₦150 billion, GNP = ₦180 billion
D. GDP = ₦180 billion, GNP = ₦150 billion
Question 3
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 4 and 9 respectively, what is the output?
A. 12
B. 16
C. 20
D. 24
Question 4
A country has a trade surplus of ₦200 billion and a GDP of ₦5 trillion. If the exchange rate is 1 USD = 400 NGN, what is the trade surplus in USD?
A. 500 million USD
B. 1 billion USD
C. 1.5 billion USD
D. 2 billion USD
Question 5
A firm's production function is given by Q = 2L^0.5K^0.5. If the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, and the firm wants to maximize its profit, what is the optimal level of labor?
A. 10 units
B. 20 units
C. 30 units
D. 40 units
Question 6
A firm's production function is given by Q = 3L^0.7 K^0.3. If the firm's current output is 27 units and the number of workers (L) is 8, find the minimum number of machines (K) required to produce this output.
A. 1
B. 4
C. 9
D. 16
Question 7
A firm has a production function given by Q = 2L^0.5K^0.5, where Q is the output, L is the labor, and K is the capital. If the firm has 100 units of labor and 50 units of capital, what is the total product of labor?
A. 100
B. 150
C. 200
D. 250
Question 8
A country has a budget surplus of ₦300 billion and a GDP of ₦5 trillion. If the exchange rate is 1 USD = 400 NGN, what is the budget surplus in USD?
A. 750 million USD
B. 1.5 billion USD
C. 2.25 billion USD
D. 3 billion USD
Question 9
The government of a country has decided to implement a new economic policy aimed at reducing inflation. The policy involves increa\sing the interest rate to 10% and reducing the money supply by 5%. Assuming the demand for money is given by M = 1000 + 0.5Y, where Y is the GDP, and the supply of money is given by M = 2000 + 0.8Y, find the new equilibrium GDP.
A. 5000
B. 6000
C. 7000
D. 8000
Question 10
A firm's production function is given by Q = 2L^0.5 K^0.5. If the firm's current output is 4 units and the number of workers (L) is 9, find the minimum number of machines (K) required to produce this output.
A. 1
B. 4
C. 9
D. 16
Question 11
A country's balance of payments is given by the following table. What is the value of the trade balance?
A. ₦500 billion
B. ₦1 trillion
C. ₦1.5 trillion
D. ₦2 trillion
Question 12
The following diagram shows a production possibility frontier (PPF) for a country that produces only two goods, A and B. If the country decides to produce more of good A, the opportunity \cost of producing good A is:
A. The amount of good B that must be given up to produce one more unit of good A
B. The amount of good A that must be given up to produce one more unit of good B
C. The total amount of goods A and B that can be produced
D. The total amount of resources available to produce goods A and B
Question 13
The demand for a product is given by Q = 100 - 2P, where P is the price of the product. If the supply of the product is given by Q = 2P - 50, find the equilibrium price and quantity.
A. P = 25, Q = 50
B. P = 50, Q = 100
C. P = 75, Q = 150
D. P = 100, Q = 200
Question 14
A firm's demand function is given by Q = 100 - 2P, where Q is quantity demanded and P is price. If the price is ₦50, what is the quantity demanded?
A. 40
B. 50
C. 60
D. 70
Question 15
A firm has a production function given by Q = 2L^0.5K^0.5, where Q is the output, L is the labor, and K is the capital. If the firm has 100 units of labor and 50 units of capital, what is the marginal product of capital?
A. 0.25
B. 0.5
C. 0.75
D. 1

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