POST UTME DELSU 2024 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A monopolistically competitive firm faces a demand curve given by Q = 100 - 2P. The firm's marginal revenue function is MR = 50 - 2Q. Find the firm's profit-maximizing price and quantity.
A. P = 40, Q = 30
B. P = 50, Q = 25
C. P = 60, Q = 20
D. P = 70, Q = 15
Question 2
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \). If the firm's output is 16 units, and the labor (L) is 4 units, what is the firm's capital (K)?
A. 4 units
B. 8 units
C. 16 units
D. 32 units
Question 3
Consider a firm operating in a perfectly competitive market with a production function Q = 2L^0.5K^0.5. If the firm's current input prices are w = ₦100 and r = ₦200, and it currently employs 4 units of labor and 9 units of capital, calculate the firm's current total \cost.
A. ₦1,600
B. ₦1,800
C. ₦2,000
D. ₦2,400
Question 4
A firm's demand curve is given by Q = 100 - 2P. The firm's supply curve is given by Q = 2P - 50. What is the equilibrium quantity?
A. 20 units
B. 30 units
C. 40 units
D. 50 units
Question 5
A perfectly competitive market has a demand curve given by P = 100 - 2Q and a supply curve given by P = 20 + 3Q. What is the equilibrium price and quantity?
A. P = 50, Q = 15
B. P = 60, Q = 20
C. P = 70, Q = 25
D. P = 80, Q = 30
Question 6
A consumer has a utility function U = 2x + 3y, where x and y are the quantities of two goods consumed. If the prices of the two goods are ₦50 and ₦75 respectively, and the consumer sp\ends ₦300 on the two goods, what is the consumer's budget constraint?
A. 50x + 75y = 300
B. 75x + 50y = 300
C. 50x + 75y = 600
D. 75x + 50y = 600
Question 7
A firm has a production function Q = 2L + 3K, where Q is the quantity produced, L is the labor input, and K is the capital input. If the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, and the firm produces 20 units of output, what is the total \cost of production?
A. ₦4000
B. ₦5000
C. ₦6000
D. ₦7000
Question 8
A consumer has a budget constraint of ₦1000 and two goods, A and B, priced at ₦200 and ₦300 respectively. If the consumer's indifference curve is \tangent to the budget line, what is the consumer's optimal consumption bundle?
A. (2 units of A, 3 units of B)
B. (3 units of A, 2 units of B)
C. (4 units of A, 1 unit of B)
D. (1 unit of A, 4 units of B)
Question 9
A government imposes a tax on a firm's output. If the firm's supply curve shifts to the left, what is the effect on the firm's supply curve?
A. The supply curve shifts to the right.
B. The supply curve shifts to the left.
C. The supply curve remains unchanged.
D. The supply curve shifts upwards.
Question 10
The Marshall-Lerner condition states that a country's balance of payments will improve if the sum of the percentage changes in its export and import prices exceeds the percentage change in its exchange rate. U\sing the Marshall-Lerner condition, calculate the percentage change in the exchange rate required for Nigeria's balance of payments to improve, given that the percentage change in export prices is 5% and the percentage change in import prices is 3%.
A. -2%
B. -1%
C. 1%
D. 2%
Question 11
A firm has a \cost function C = 100 + 2L + 3K, where C is the total \cost, L is the labor input, and K is the capital input. If the firm produces 20 units of output, what is the marginal \cost?
A. ₦10
B. ₦20
C. ₦30
D. ₦40
Question 12
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's input prices are w_L = ₦100 and w_K = ₦200, what is the firm's optimal input bundle?
A. (10 units of L, 20 units of K)
B. (20 units of L, 10 units of K)
C. (15 units of L, 30 units of K)
D. (30 units of L, 15 units of K)
Question 13
The government of Nigeria plans to increase its revenue by impo\sing a tax on domestic production. The tax rate is set at 15% of the value of production. If the value of production is ₦150 million, what is the amount of tax revenue collected?
A. ₦22.5 million
B. ₦25 million
C. ₦27.5 million
D. ₦30 million
Question 14
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \). If the firm's output is 16 units, and the labor (L) is 4 units, what is the firm's capital (K)?
A. 4 units
B. 8 units
C. 16 units
D. 32 units
Question 15
The balance of payments is a statistical statement that summarizes a country's transactions with the rest of the world over a given period of time. Which of the following is a correct statement about the balance of payments?
A. The balance of payments is a statistical statement that summarizes a country's transactions with the rest of the world over a given period of time.
B. The balance of payments is a statistical statement that summarizes a country's transactions with the rest of the world at a given price level.
C. The balance of payments is a statistical statement that summarizes a country's transactions with the rest of the world at a given interest rate.
D. The balance of payments is a statistical statement that summarizes a country's transactions with the rest of the world over a given period of time, but only for a specific industry.

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