POST UTME DELSU 2018 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A country's GDP is ₦1.5 trillion, while its GNP is ₦1.8 trillion. What is the value of the net factor income from abroad?
A. ₦300 billion
B. ₦400 billion
C. ₦500 billion
D. ₦600 billion
Question 2
A firm's demand curve is downward sloping because of the law of diminishing marginal utility. What is the opportunity \cost of consuming an additional unit of good X?
A. The opportunity \cost is the amount of good Y that must be given up to consume an additional unit of good X.
B. The opportunity \cost is the amount of good X that must be given up to consume an additional unit of good X.
C. The opportunity \cost is the amount of good Y that must be consumed to consume an additional unit of good X.
D. The opportunity \cost is the amount of good X that must be consumed to consume an additional unit of good X.
Question 3
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 ₦5 and ₦10 respectively, what is the consumer's optimal bundle?
A. (10,20)
B. (15,15)
C. (20,10)
D. (25,5)
Question 4
A consumer's indifference curve is downward sloping because of the law of increa\sing marginal opportunity \cost. What is the opportunity \cost of consuming an additional unit of good X?
A. The opportunity \cost is the amount of good Y that must be given up to consume an additional unit of good X.
B. The opportunity \cost is the amount of good X that must be given up to consume an additional unit of good X.
C. The opportunity \cost is the amount of good Y that must be consumed to consume an additional unit of good X.
D. The opportunity \cost is the amount of good X that must be consumed to consume an additional unit of good X.
Question 5
A monopolist faces a demand curve with the following equation: \( Q = 100 - 2P \). The monopolist's marginal revenue (MR) function is given by \( MR = 200 - 2Q \). What is the price elasticity of demand (PED) at the quantity where the monopolist's marginal revenue (MR) equals zero?
A. \( \frac{1}{2} \)
B. \( \frac{1}{3} \)
C. \( \frac{2}{3} \)
D. \( \frac{3}{2} \)
Question 6
A country's GDP is ₦1.2 trillion, its GNP is ₦1.3 trillion, and its national savings rate is 20%. What is the country's marginal propensity to consume?
A. 0.6
B. 0.7
C. 0.8
D. 0.9
Question 7
A country's GDP is ₦1.2 trillion, its GNP is ₦1.3 trillion, and its national savings rate is 20%. What is the country's marginal propensity to consume?
A. 0.6
B. 0.7
C. 0.8
D. 0.9
Question 8
The government of Nigeria has introduced a new policy aimed at promoting industrialization in the country. The policy includes a 10% reduction in corporate taxes for companies that invest in research and development. What is the expected effect of this policy on the country's GDP?
A. Increase in GDP
B. Decrease in GDP
C. No change in GDP
D. Uncertainty in GDP
Question 9
A farmer has 100 hectares of land and wants to plant a crop that requires 20 hectares per season. If the farmer wants to plant 5 seasons, how many hectares of land will be left unused?
A. 20 hectares
B. 30 hectares
C. 40 hectares
D. 50 hectares
Question 10
A country's agricultural sector is characterized by a production function Q = 2L^0.5K^0.5. The price of labor is ₦100 per unit, and the price of capital is ₦200 per unit. Find the optimal combination of labor and capital.
A. L = 10, K = 20
B. L = 20, K = 10
C. L = 30, K = 5
D. L = 5, K = 30
Question 11
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 = 3, y = 3
C. x = 4, y = 2
D. x = 5, y = 1
Question 12
A consumer has an indifference curve with the following equation: \( U = 2x + 3y \), where ( x ) and ( y ) are the quantities of two goods. If the consumer's budget constraint is given by \( 2x + 3y = 12 \), what is the consumer's optimal bundle of goods?
A. \( x = 3, y = 2 \)
B. \( x = 2, y = 3 \)
C. \( x = 4, y = 1 \)
D. \( x = 1, y = 4 \)
Question 13
A firm's revenue function is given by R(x) = 2x^2 + 5x + 1. If the firm's marginal revenue is 10, what is the value of x?
A. 1
B. 2
C. 3
D. 4
Question 14
A monopolist faces a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. Find the profit-maximizing price and quantity.
A. P = 40, Q = 30
B. P = 50, Q = 20
C. P = 60, Q = 10
D. P = 70, Q = 5
Question 15
A firm's \cost function is given by the equation C(x) = 50 + 10x, where x is the number of units produced. If the firm produces 20 units, what is its total \cost?
A. ₦250
B. ₦300
C. ₦350
D. ₦400

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