POST UTME DELSU 2019 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
The demand for a commodity is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the price of the commodity is ₦20, what is the quantity demanded?
A. 10 units
B. 20 units
C. 30 units
D. 40 units
Question 2
The elasticity of demand for a commodity is measured by the percentage change in the quantity demanded in response to a 1% change in the price of the commodity. If the demand for a commodity is elastic, what happens to the total revenue of the producer when the price of the commodity increases by 10%?
A. Total revenue increases by 10%
B. Total revenue decreases by 10%
C. Total revenue remains the same
D. Total revenue increases by 20%
Question 3
Determine the price elasticity of demand for a product whose price elasticity of supply is 0.5 and the cross-price elasticity of demand is -0.2.
A. 0.5
B. -0.2
C. 1.0
D. -0.5
Question 4
A firm has a total revenue function given by TR = 2Q^2 - 10Q + 20 and a total \cost function given by TC = Q^2 + 5Q + 10. Determine the profit-maximizing quantity and price.
A. Q = 5, P = ₦10
B. Q = 10, P = ₦20
C. Q = 15, P = ₦30
D. Q = 20, P = ₦40
Question 5
A firm has a \cost function given by C(x) = 2x^2 + 10x + 5, where x is the number of units produced. If the firm produces 20 units, what is the total \cost?
A. ₦150
B. ₦200
C. ₦250
D. ₦300
Question 6
A firm's \cost function is given by C(x) = 100 + 2x^2, where x is the number of units produced. If the firm's revenue function is given by R(x) = 100x - 2x^2, find the profit function.
A. 100x
B. 100x - 2x^2
C. 100x + 2x^2
D. 100x - 4x^2
Question 7
A firm's \cost function is given by C = 2Q + 3, where C is the total \cost and Q is the quantity produced. If the firm's revenue function is R = 4Q, find the profit-maximizing quantity.
A. 2
B. 4
C. 6
D. 8
Question 8
A firm is operating in a perfectly competitive market with a demand curve given by Q = 100 - 2P and a supply curve given by Q = 2P - 10. Determine the equilibrium price and quantity.
A. ₦20, Q = 40
B. ₦30, Q = 50
C. ₦40, Q = 60
D. ₦50, Q = 70
Question 9
The concept of diminishing marginal utility is a fundamental principle in consumer behavior. Which of the following statements best describes this concept?
A. As the quantity of a good consumed increases, the marginal utility derived from each additional unit decreases.
B. The marginal utility derived from each additional unit of a good consumed remains cons\tant.
C. The marginal utility derived from each additional unit of a good consumed increases.
D. The marginal utility derived from each additional unit of a good consumed is indep\endent of the quantity consumed.
Question 10
A firm's revenue function is given by R(q) = 3q^2 - 2q + 10. If the firm produces 4 units of output, what is the marginal revenue?
A. ₦10
B. ₦15
C. ₦20
D. ₦25
Question 11
The concept of elasticity of demand is crucial in unders\tanding consumer behavior. Which of the following statements best describes the concept of elasticity of demand?
A. The responsiveness of the quantity demanded of a good to changes in its price
B. The responsiveness of the quantity supplied of a good to changes in its price
C. The responsiveness of the quantity demanded of a good to changes in its income
D. The responsiveness of the quantity supplied of a good to changes in its income
Question 12
A government imposes a tax of ₦10 per unit on a good. If the demand for the good is given by Qd = 100 - 2P and the supply is given by Qs = 2P, what is the equilibrium price and quantity?
A. P = ₦20, Q = 40
B. P = ₦30, Q = 50
C. P = ₦40, Q = 60
D. P = ₦50, Q = 70
Question 13
The supply of a commodity is given by the equation Qs = 2P + 10, where Qs is the quantity supplied and P is the price. If the price of the commodity is ₦15, what is the quantity supplied?
A. 20 units
B. 25 units
C. 30 units
D. 35 units
Question 14
A country's GDP is ₦500 billion, its imports are ₦100 billion, and its government exp\enditure is ₦150 billion. Determine the country's national income.
A. ₦450 billion
B. ₦500 billion
C. ₦550 billion
D. ₦600 billion
Question 15
A country's GDP is $100 billion, and its GNP is $120 billion. What is the value of the country's net factor income from abroad?
A. $20 billion
B. $30 billion
C. $40 billion
D. $50 billion

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