POST UTME CHRISTOPHER UNIVERSITY 2020 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A consumer's utility function is given by U(x,y) = 2x + 3y. If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦10 respectively, what is the consumer's optimal bundle?
A. (10,20)
B. (20,10)
C. (15,15)
D. (25,5)
Question 2
A firm's \cost function is given by C = 100 + 2Q + 0.1Q^2. If the firm produces 50 units of output, what is the total \cost?
A. ₦1250
B. ₦1500
C. ₦1750
D. ₦2000
Question 3
A consumer's indifference curve is represented by the equation ( u(x,y) = 2x + 3y ). If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦3 respectively, what is the consumer's optimal bundle of x and y?
A. (200, 100)
B. (150, 150)
C. (100, 200)
D. (50, 250)
Question 4
A consumer has a utility function given by U(x, y) = 2x + 3y. If the consumer's budget constraint is 10x + 5y = 50, what is the consumer's optimal consumption bundle?
A. x = 2, y = 4
B. x = 4, y = 2
C. x = 5, y = 3
D. x = 3, y = 5
Question 5
A firm is operating in a perfectly competitive market with a \cost function given by C(q) = 2q^2 + 10q. If the market price is P = 20, find the profit-maximizing quantity of output.
A. 10 units
B. 20 units
C. 30 units
D. 40 units
Question 6
A firm is operating in a perfectly competitive market with a \cost function given by C(q) = 2q^2 + 10q. If the market price is P = 20, find the profit-maximizing quantity of output.
A. 10 units
B. 20 units
C. 30 units
D. 40 units
Question 7
A government is considering a policy to reduce inflation. The government's objective function is given by U(C, P) = 2C + 3P. The constraint is given by C + P = 10. Find the government's optimal policy.
A. C = 5, P = 5
B. C = 10, P = 0
C. C = 0, P = 10
D. C = 5, P = 5
Question 8
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's output increases by 20% when labor increases by 10% and capital increases by 15%, what is the value of the elasticity of output with respect to labor?
A. 0.5
B. 1
C. 1.5
D. 2
Question 9
A country's GDP is ₦10 trillion, and its GNP is ₦11 trillion. What is the net factor income from abroad?
A. ₦100 billion
B. ₦200 billion
C. ₦300 billion
D. ₦400 billion
Question 10
A government imposes a tax on a firm's output. The firm's supply function is given by Q = 100 + 2P. If the tax rate is 10% of the output price, what is the new supply function?
A. Q = 100 + 2.2P
B. Q = 100 + 2.1P
C. Q = 100 + 2P
D. Q = 100 + 2.3P
Question 11
A firm's \cost function is given by C(Q) = 2Q^2 + 10Q + 100. If the firm produces 20 units of output, what is the total \cost?
A. ₦500
B. ₦600
C. ₦700
D. ₦800
Question 12
A firm's demand function is given by Q = 100 - 2P. The firm's marginal revenue function is given by MR = 200 - 2Q. Find the firm's profit-maximizing price and quantity.
A. P = 50, Q = 25
B. P = 75, Q = 12.5
C. P = 100, Q = 0
D. P = 0, Q = 100
Question 13
A country's elasticity of demand for a particular good is given by the following equation: E = \( ΔQ / ΔP \) × \( P / Q \). If the demand for the good is Q = 100 - 2P and the price elasticity of demand is E = 0.5, find the new price and quantity of output after a 10% increase in price.
A. P = 45, Q = 85
B. P = 50, Q = 90
C. P = 55, Q = 95
D. P = 60, Q = 100
Question 14
A consumer's utility function is given by U(x, y) = 2x + 3y. The budget constraint is 2x + 3y = 12. Find the consumer's optimal bundle of x and y.
A. x = 2, y = 4
B. x = 4, y = 2
C. x = 6, y = 0
D. x = 0, y = 6
Question 15
A consumer has a budget of ₦1000 and faces a price of ₦200 for a commodity. If the consumer's utility function is given by U(x) = 2x, what is the consumer's optimal consumption bundle?
A. x = 2
B. x = 3
C. x = 4
D. x = 5

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