POST UTME IGBINEDION UNIVERSITY 2017 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A country's GNP is given by the following equation: GNP = C + I + G + \( X - M \) + \( R - T \). If the country's consumption is $500 billion, investment is $100 billion, government sp\ending is $200 billion, exports are $300 billion, imports are $200 billion, remit\tances are $50 billion, and taxes are $20 billion, what is the country's GNP?
A. 1300
B. 1400
C. 1500
D. 1600
Question 2
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's output is 16 units when the number of labor units is 4 and the number of capital units is 4, what is the marginal product of labor?
A. 2
B. 4
C. 8
D. 16
Question 3
A country's GDP is given by the equation GDP = C + I + G + \( X - M \), where GDP is the gross domestic product, C is the consumption, I is the investment, G is the government sp\ending, X is the value of exports, and M is the value of imports. If the consumption is $500 billion, the investment is $200 billion, the government sp\ending is $300 billion, the value of exports is $100 billion, and the value of imports is $120 billion, what is the gross domestic product?
A. $1.5 trillion
B. $1.6 trillion
C. $1.7 trillion
D. $1.8 trillion
Question 4
A country's balance of payments (BOP) accounts show a trade deficit of $100 million and a capital account surplus of $50 million. What is the country's overall BOP position?
A. Trade deficit of $50 million
B. Trade surplus of $50 million
C. Overall trade deficit of $100 million
D. Overall trade surplus of $50 million
Question 5
A consumer's indifference curve is downward sloping, and 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 is indifferent to risk.
Question 6
A country's supply curve is given by the equation Q = 50 + 2P, where Q is quantity and P is price. If the country's demand curve is given by Q = 100 - 2P, what is the equilibrium price and quantity?
A. P = 30, Q = 70
B. P = 40, Q = 60
C. P = 50, Q = 50
D. P = 60, Q = 40
Question 7
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 supply of the product is given by the equation Qs = 2P - 50, where Qs is the quantity supplied, find the equilibrium price and quantity.
A. ₦200
B. ₦150
C. ₦250
D. ₦300
Question 8
A monopolist faces a demand curve given by the equation Qd = 100 - 2P and a supply curve given by the equation Qs = 2P - 50. If the firm wants to maximize its profit, find the price and quantity at which it should produce.
A. ₦300
B. ₦350
C. ₦400
D. ₦450
Question 9
Consider a pure monopoly market with a downward-sloping demand curve. If the monopolist's marginal revenue (MR) curve intersects the marginal \cost (MC) curve at a point where MR > MC, what is the likely outcome for the monopolist's profit-maximizing quantity and price?
A. The monopolist will produce a quantity where MR = MC and price will be higher than the equilibrium price.
B. The monopolist will produce a quantity where MR > MC and price will be lower than the equilibrium price.
C. The monopolist will produce a quantity where MR < MC and price will be higher than the equilibrium price.
D. The monopolist will produce a quantity where MR = MC and price will be equal to the equilibrium price.
Question 10
A country's supply curve is given by the equation Q = 75 + 2P, where Q is quantity and P is price. If the country's demand curve is given by Q = 100 - 2P, what is the equilibrium price and quantity?
A. P = 40, Q = 65
B. P = 50, Q = 55
C. P = 60, Q = 45
D. P = 70, Q = 35
Question 11
A country's trade balance is given by the equation TB = X - M, where X is the value of exports and M is the value of imports. If the country's exports are valued at ₦150 billion and imports are valued at ₦120 billion, what is the country's trade balance?
A. ₦30 billion surplus
B. ₦30 billion deficit
C. ₦40 billion surplus
D. ₦40 billion deficit
Question 12
A consumer's utility function is given by U = 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. x = 10, y = 5
B. x = 5, y = 10
C. x = 15, y = 3
D. x = 3, y = 15
Question 13
A firm produces a product u\sing a production function of Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the labor and K is the capital. If the firm wants to produce 100 units of the product, find the minimum labor and capital required.
A. ₦500
B. ₦600
C. ₦700
D. ₦800
Question 14
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's output is 4 units when the number of labor units is 2 and the number of capital units is 2, what is the marginal product of labor?
A. 1
B. 2
C. 3
D. 4
Question 15
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \), where Q is output, L is labor, and K is capital. If the firm's current labor and capital inputs are L = 16 and K = 9, respectively, what is the firm's current output?
A. 24
B. 32
C. 48
D. 64

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