POST UTME IGBINEDION UNIVERSITY 2019 Economics | Objective

Are you preparing for POST UTME IGBINEDION UNIVERSITY exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2019 Economics (Objective) questions designed to simulate the real exam environment.

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Question 1
Consider a country with a GDP of ₦10 trillion and a GNP of ₦12 trillion. If the country's net factor income from abroad is ₦2 trillion, calculate the country's net capital outflow.
Correct A. ₦8 trillion
B. ₦10 trillion
C. ₦12 trillion
D. ₦14 trillion

Correct Answer: A

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Question 2
A monopolistically competitive firm faces a demand curve given by Q = 100 - 2P. If the firm's marginal revenue is MR = 50 - 2Q, find the firm's equilibrium price and quantity.
Correct A. P = 40, Q = 30
B. P = 50, Q = 25
C. P = 60, Q = 20
D. P = 70, Q = 15

Correct Answer: A

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Question 3
A firm has a production function given by Q = 2L^0.5K^0.5. If the firm's \cost function is C = 100 + 20L + 30K, find the firm's profit-maximizing level of labor and capital.
Correct A. L = 10, K = 20
B. L = 20, K = 10
C. L = 30, K = 5
D. L = 5, K = 30

Correct Answer: A

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Question 4
Consider a country with a balance of payments account given by:\n\nImports: ₦100 billion\nExports: ₦120 billion\nNet factor income from abroad: ₦20 billion\nNet capital outflow: ₦10 billion\n\nFind the country's current account balance.
Correct A. ₦30 billion surplus
B. ₦40 billion surplus
C. ₦50 billion deficit
D. ₦60 billion deficit

Correct Answer: A

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Question 5
A firm has a demand curve given by Q = 100 - 2P and a supply curve given by Q = 2P. Find the equilibrium price and quantity.
Correct A. P = 20, Q = 40
B. P = 30, Q = 50
C. P = 40, Q = 60
D. P = 50, Q = 70

Correct Answer: A

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Question 6
Determine the equilibrium price and quantity of a commodity when the demand function is given by Qd = 100 - 2P and the supply function is given by Qs = 2P - 10, where P is the price in naira.
A. ₦20, Q = 40
Correct B. ₦30, Q = 60
C. ₦40, Q = 80
D. ₦50, Q = 100

Correct Answer: B

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Question 7
A firm's production function is given by Q = 2L^2 + 3K, where Q is the quantity produced, L is the number of labor units, and K is the number of capital units. If the firm uses 4 labor units and 6 capital units, what is the quantity produced?
A. 10
B. 20
Correct C. 30
D. 40

Correct Answer: C

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Question 8
A country's balance of payments is given by the following equation: BOP = \( X - M \) + \( F - I \), where BOP is the balance of payments, X is the value of exports, M is the value of imports, F is the value of foreign investment, and I is the value of domestic investment. If the value of exports is ₦100, the value of imports is ₦80, the value of foreign investment is ₦20, and the value of domestic investment is ₦10, what is the balance of payments?
A. ₦10
B. ₦20
Correct C. ₦30
D. ₦40

Correct Answer: C

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Question 9
A consumer's utility function is given by U = 2x + 3y, where U is the utility, x is the quantity of good X, and y is the quantity of good Y. If the consumer has a budget of ₦100 and the prices of good X and good Y are ₦20 and ₦30 respectively, what is the consumer's optimal bundle?
A. x = 2, y = 1
Correct B. x = 3, y = 2
C. x = 4, y = 3
D. x = 5, y = 4

Correct Answer: B

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Question 10
A firm's demand function is given by Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the firm's supply function is given by Qs = 2P - 10, what is the equilibrium price and quantity?
A. ₦20, Q = 40
Correct B. ₦30, Q = 60
C. ₦40, Q = 80
D. ₦50, Q = 100

Correct Answer: B

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Question 11
A firm's total revenue (TR) is given by the equation TR = 100x - 2x^2, where x is the number of units sold. If the firm sells 20 units, what is its total revenue?
A. ₦1800
Correct B. ₦2000
C. ₦2200
D. ₦2400

Correct Answer: B

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Question 12
A perfectly competitive market has a supply curve given by Qs = 100 - 2P. If the demand curve is given by Qd = 200 - P, what is the equilibrium price?
A. ₦50
B. ₦60
Correct C. ₦70
D. ₦80

Correct Answer: C

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Question 13
A monopolist faces a demand curve given by Qd = 100 - 2P. If the firm's marginal revenue (MR) is given by MR = 100 - 2Q, what is the firm's profit-maximizing quantity?
A. 20
B. 30
Correct C. 40
D. 50

Correct Answer: C

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Question 14
A firm's production function is given by Q = 10L^0.5K^0.5. If the firm has 100 units of labor and 200 units of capital, what is its output?
A. 100
B. 200
Correct C. 300
D. 400

Correct Answer: C

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Question 15
A country's GDP is given by the equation GDP = C + I + G + \( X - M \). If the country's consumption is ₦1000, investment is ₦200, government sp\ending is ₦300, exports are ₦500, and imports are ₦200, what is its GDP?
A. ₦2000
B. ₦2200
Correct C. ₦2400
D. ₦2600

Correct Answer: C

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Question 16
The government of Nigeria has introduced a new tax policy to increase revenue. The policy includes a 10% tax on all goods and services. If the government's current revenue is ₦100 billion, what will be the new revenue after the tax policy is implemented?
A. ₦110 billion
B. ₦120 billion
C. ₦130 billion
Correct D. ₦140 billion

Correct Answer: D

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Question 17
A monopolistic firm in Nigeria has a demand curve given by Q = 100 - 2P. The firm's marginal \cost is MC = 10. What is the profit-maximizing price and quantity?
Correct A. P = 40, Q = 30
B. P = 50, Q = 20
C. P = 60, Q = 10
D. P = 70, Q = 5

Correct Answer: A

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Question 18
A consumer in Nigeria has a utility function given by U = 2x + 3y, where x and y are the quantities of two goods. The consumer's budget constraint is 2x + 3y = 100. What is the consumer's optimal bundle?
Correct A. x = 20, y = 30
B. x = 30, y = 20
C. x = 40, y = 10
D. x = 50, y = 5

Correct Answer: A

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Question 19
The government of Nigeria has introduced a new economic development plan to increase agricultural production. The plan includes a 20% increase in fertilizer subsidies and a 15% increase in irrigation facilities. What will be the impact on agricultural production?
Correct A. 20% increase
B. 15% increase
C. 10% increase
D. 5% increase

Correct Answer: A

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Question 20
A firm in Nigeria has a production function given by Q = 2L^0.5K^0.5, where L and K are labor and capital inputs. The firm's \cost function is C = 10L + 20K. What is the firm's profit-maximizing level of labor and capital?
Correct A. L = 10, K = 20
B. L = 20, K = 10
C. L = 30, K = 5
D. L = 5, K = 30

Correct Answer: A

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Question 21
A firm's \cost function is given by C(q) = 2q^2 + 10q + 5. If the firm produces 20 units, what is the total \cost?
A. 100
B. 200
Correct C. 300
D. 400

Correct Answer: C

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Question 22
A country's balance of payments is given by the following equation: BOP = X - M. If the country's exports (X) are ₦100 billion and imports (M) are ₦80 billion, what is the balance of payments?
Correct A. ₦20 billion
B. ₦30 billion
C. ₦40 billion
D. ₦50 billion

Correct Answer: A

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Question 23
A firm's revenue function is given by R(q) = 50q - 2q^2. If the firm produces 15 units, what is the total revenue?
A. ₦675
Correct B. ₦725
C. ₦775
D. ₦825

Correct Answer: B

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Question 24
A country's GDP is given by the following equation: GDP = C + I + G + \( X - M \). If the country's consumption (C) is ₦200 billion, investment (I) is ₦50 billion, government sp\ending (G) is ₦30 billion, exports (X) are ₦100 billion, and imports (M) are ₦80 billion, what is the GDP?
A. ₦350 billion
B. ₦400 billion
C. ₦450 billion
Correct D. ₦500 billion

Correct Answer: D

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Question 25
A firm's demand function is given by Qd = 100 - 2P. If the price is ₦20, what is the quantity demanded?
A. ₦40
B. ₦60
Correct C. ₦80
D. ₦100

Correct Answer: C

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