POST UTME EKSU 2019 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm's \cost function is given by C(x) = 2x^2 + 10x + 5. If the firm produces 25 units, what is the total \cost?
A. ( C(25) = 2(25)^2 + 10(25) + 5 = 1625 )
B. ( C(25) = 2(25)^2 + 10(25) + 5 = 1620 )
C. ( C(25) = 2(25)^2 + 10(25) + 5 = 1625 )
D. ( C(25) = 2(25)^2 + 10(25) + 5 = 1620 )
Question 2
The Nigerian government plans to invest in industrialization by providing tax incentives to manufacturers. However, some critics argue that this will lead to a decrease in government revenue. What is the likely effect of tax incentives on the government's revenue?
A. The government's revenue will increase, as manufacturers will pay more taxes.
B. The government's revenue will decrease, as manufacturers will pay fewer taxes.
C. The government's revenue will remain unchanged, as the tax incentives will be offset by increased economic activity.
D. The government's revenue will increase, as manufacturers will invest more in the economy.
Question 3
A government imposes a tax on a firm's output. The firm's supply curve shifts from S1 to S2. What is the effect on the equilibrium price and quantity?
A. Price increases, quantity decreases
B. Price decreases, quantity increases
C. Price increases, quantity increases
D. Price decreases, quantity decreases
Question 4
A firm is producing a good u\sing two inputs, labor (L) and capital (K). The production function is given by Q = 2L^0.5K^0.5. The price of labor is ₦100 per unit and the price of capital is ₦200 per unit. The firm's budget constraint is 100L + 200K = 10000. Find the optimal values of L and K.
A. L = 100, K = 50
B. L = 50, K = 100
C. L = 100, K = 200
D. L = 200, K = 100
Question 5
A firm has a production function F(Q) = 2Q^2 + 5Q. If the price of the good is ₦10, what is the profit-maximizing quantity?
A. 10
B. 20
C. 30
D. 40
Question 6
A firm faces a demand curve given by Q = 100 - 2P and a supply curve given by Q = 2P. What is the equilibrium price?
A. ₦10
B. ₦20
C. ₦30
D. ₦40
Question 7
A firm's revenue function is given by R(x) = 3x^2 - 2x + 1. If the firm produces 10 units, what is the total revenue?
A. ( R(10) = 3(10)^2 - 2(10) + 1 = 291 )
B. ( R(10) = 3(10)^2 - 2(10) + 1 = 290 )
C. ( R(10) = 3(10)^2 - 2(10) + 1 = 291 )
D. ( R(10) = 3(10)^2 - 2(10) + 1 = 290 )
Question 8
A firm's total revenue is given by the equation TR = 100q - 2q^2, where q is the quantity sold. If the firm's marginal revenue is 50, find the quantity at which the firm's total revenue is maximized.
A. 20
B. 25
C. 30
D. 35
Question 9
A firm's supply function is given by the equation Q = 50 + 2P, where P is the price. If the firm's fixed \cost is ₦100 and its variable \cost is ₦5 per unit, find the firm's profit-maximizing price.
A. ₦20
B. ₦25
C. ₦30
D. ₦35
Question 10
A monopolist faces a demand curve given by P = 100 - 2Q, where P is the price and Q is the quantity demanded. If the firm's marginal revenue function is given by MR = 50 - 2Q, what is the profit-maximizing quantity?
A. 20
B. 30
C. 40
D. 50
Question 11
A consumer in Nigeria is considering purcha\sing a product. The consumer's demand function is given by Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. What is the consumer's willingness to pay?
A. \( P = 50 \)
B. \( P = 25 \)
C. \( P = 75 \)
D. \( P = 100 \)
Question 12
The 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's budget constraint is 100L + 200K = 10000, find the optimal values of L and K.
A. L = 100, K = 50
B. L = 50, K = 100
C. L = 100, K = 200
D. L = 200, K = 100
Question 13
A monopolist faces a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. What is the profit-maximizing price?
A. ₦20
B. ₦30
C. ₦40
D. ₦50
Question 14
A firm's \cost function is given by C(x) = 2x^2 + 10x + 50, where x is the number of units produced. If the firm produces 20 units, what is the total \cost?
A. $500
B. $600
C. $700
D. $800
Question 15
A firm's production function is given by \( Q = 2L^2 + 3K^2 \). If the firm's \cost function is given by \( C = 2L + 3K \), what is the firm's profit-maximizing level of L and K?
A. L = 1, K = 1
B. L = 2, K = 2
C. L = 3, K = 3
D. L = 4, K = 4

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