POST UTME ESUT 2024 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
The supply function for a firm is given by Q = 4P + 20. If the price of the good is ₦80, what is the quantity supplied of the good?
A. 60 units
B. 80 units
C. 100 units
D. 120 units
Question 2
A country's balance of payments is given by the equation BOP = X - M. If the country's exports are ₦1000 and imports are ₦500, what is the country's balance of payments?
A. ₦500
B. ₦1000
C. ₦2000
D. ₦2500
Question 3
A country's GDP is $100 billion, and its GNP is $120 billion. What is the net factor income from abroad?
A. $10 billion
B. $20 billion
C. $30 billion
D. $40 billion
Question 4
Suppose the demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the price elasticity of demand is -2, what is the percentage change in quantity demanded if the price increases by 10%?
A. 20%
B. 30%
C. 40%
D. 50%
Question 5
The supply function for a firm is given by Q = 2P + 10. If the price of the good is ₦50, what is the quantity supplied of the good?
A. 30 units
B. 40 units
C. 50 units
D. 60 units
Question 6
A firm's \cost function is given by C(q) = 10q + 100. The marginal \cost function is
A. 10q + 100
B. 10
C. 10q
D. 100
Question 7
A firm's production function is given by Q = 100L^0.5K^0.5, where Q is output, L is labor, and K is capital. If the firm's labor and capital inputs are increased by 20% and 15% respectively, what is the percentage change in output?
A. 5%
B. 10%
C. 15%
D. 20%
Question 8
A consumer's indifference curve is given 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?
A. 40 units of x and 100 units of y
B. 100 units of x and 40 units of y
C. 50 units of x and 50 units of y
D. 20 units of x and 200 units of y
Question 9
The production function for a firm is given by Q = 2L^0.5K^0.5. If the firm wants to produce 16 units of output, and the price of labor is ₦100 per unit, and the price of capital is ₦200 per unit, what is the minimum \cost of producing 16 units of output?
A. ₦8000
B. ₦10000
C. ₦12000
D. ₦16000
Question 10
A consumer's indifference curve is downward sloping, but the marginal rate of substitution (MRS) is cons\tant. What is the implication of this for the consumer's preferences?
A. The consumer is risk-averse
B. The consumer is risk-neutral
C. The consumer is risk-loving
D. The consumer's preferences are not well-defined
Question 11
A consumer's utility function is given by U = 2x + 3y, where x and y are the quantities of two goods. If the consumer's income is ₦1000 and the prices of the two goods are ₦5 and ₦10 respectively, what is the consumer's optimal bundle of goods?
A. x = 100, y = 50
B. x = 50, y = 100
C. x = 200, y = 0
D. x = 0, y = 200
Question 12
A country's balance of payments is given by the following table:\n| Item | Value |\n| --- | --- |\n| Exports | ₦5 trillion |\n| Imports | ₦6 trillion |\n| Net Factor Income | ₦1 trillion |\n| Net Transfer | ₦2 trillion |\nWhat is the country's balance of payments deficit?
A. ₦1 trillion
B. ₦2 trillion
C. ₦3 trillion
D. ₦4 trillion
Question 13
A perfectly competitive firm's supply curve is upward-sloping because it is a
A. price-taker
B. price-maker
C. profit-maximizer
D. \cost-minimizer
Question 14
A country's balance of payments deficit is financed by
A. increa\sing foreign investment
B. decrea\sing domestic consumption
C. increa\sing government borrowing
D. decrea\sing exports
Question 15
A firm's revenue function is given by ( R(q) = 10q - 2q^2 ). If the firm produces 5 units, what is the total revenue?
A. ₦40
B. ₦50
C. ₦60
D. ₦70

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