POST UTME KSU 2024 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
The government of Nigeria has introduced a new policy to promote agricultural production. The policy includes a subsidy on fertilizers and a guaranteed minimum price for crops. However, the policy also includes a tax on agricultural land. Which of the following is a likely consequence of this policy?
Question 2
A company has a budget of ₦1,000,000 to sp\end on adverti\sing. The company has three options for adverti\sing: Option A \costs ₦200,000 and reaches 10,000 people, Option B \costs ₦300,000 and reaches 20,000 people, and Option C \costs ₦400,000 and reaches 30,000 people. Which option should the company choose to maximize the number of people reached?
Question 3
A country's GDP is ₦1 trillion. The country's government sp\ends ₦200 billion on goods and services. The country's private sector sp\ends ₦300 billion on goods and services. What is the country's GDP?
Question 4
A monopolistically competitive firm faces a demand curve given by Q = 100 - 2P. If the firm's marginal \cost is cons\tant at ₦0.5 million per unit, and the firm produces 50 units, what is the firm's profit?
Question 5
A firm is considering the introduction of a new product. The product has a fixed \cost of ₦100,000 and a variable \cost of ₦50 per unit. The selling price of the product is ₦75 per unit. If the firm produces 1,000 units, what is the profit?
Question 6
The government of Nigeria has introduced a new tax on luxury goods. The tax is levied at a rate of 10% on the value of the goods. Which of the following is a likely effect of this tax?
Question 7
A country's GDP is ₦1,500 billion, and its GNP is ₦1,600 billion. What is the net factor income from abroad?
Question 8
A firm is considering two production techno\logies: one that uses a lot of labor and another that uses a lot of capital. If the firm's production function is Cobb-Douglas, what will happen to the firm's output if it switches from the labor-intensive techno\logy to the capital-intensive techno\logy?
Question 9
The government of Nigeria has introduced a new policy to increase agricultural production. The policy includes providing subsidies to farmers, improving irrigation systems, and increa\sing access to credit. However, the policy also includes a provision to increase the price of fertilizers by 20%. If the current price of fertilizer is ₦500 per bag, what will be the new price after the increase?
Question 10
A company has a budget of ₦1,000,000 to sp\end on adverti\sing. The company has three options for adverti\sing: Option A \costs ₦200,000 and reaches 10,000 people, Option B \costs ₦300,000 and reaches 20,000 people, and Option C \costs ₦400,000 and reaches 30,000 people. Which option should the company choose to maximize the number of people reached?
Question 11
A government is considering a tax on a particular good. The supply curve of the good is given by Q = 100 + 2P, and the demand curve is given by Q = 100 - 2P. If the government imposes a tax of ₦0.5 million per unit, what is the new equilibrium price?
Question 12
The government of Nigeria has introduced a new policy to increase the production of rice. The policy includes providing subsidies to farmers, improving irrigation systems, and increa\sing access to credit. However, the policy also includes a provision to increase the price of rice by 15%. If the current price of rice is ₦500 per ki\logram, what will be the new price after the increase?
Question 13
A firm is producing a good with a cons\tant marginal \cost and a downward-sloping demand curve. The firm's revenue is given by the equation R = 100 - 2Q, where Q is the quantity produced. What is the firm's marginal revenue?
Question 14
A firm is considering two production techno\logies: one that requires an initial investment of ₦1.5 million and has a fixed \cost of ₦0.5 million, and another that requires an initial investment of ₦2 million and has a fixed \cost of ₦1 million. If the variable \cost per unit is ₦0.2 million and the selling price per unit is ₦0.5 million, which techno\logy should the firm adopt to maximize its profit?
Question 15
A country's GDP is ₦1 trillion. The country's government sp\ends ₦200 billion on goods and services. The country's private sector sp\ends ₦300 billion on goods and services. What is the country's GDP?
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