POST UTME LAUTECH 2017 Economics | Objective

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Question 1 View Details
Calculate the value of the definite integral \( int_{0}^{2} \( 2x^2 + 3x - 4 \ \) dx ) u\sing the power rule of integration.
Correct A. \( \frac{8}{3} + \frac{6}{2} - \frac{8}{2} \ \)
B. \( \frac{8}{3} + \frac{6}{2} + \frac{8}{2} \ \)
C. \( \frac{8}{3} - \frac{6}{2} - \frac{8}{2} \ \)
D. \( \frac{8}{3} - \frac{6}{2} + \frac{8}{2} \ \)

Correct Answer: A

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Question 2 View Details
A firm's production function is given by \( Q = 2L^2 + 3K^2 \), where Q is the quantity produced, L is labor and K is capital. If the firm uses 4 units of labor and 3 units of capital, calculate the quantity produced.
Correct A. ( 2(4)^2 + 3(3)^2 = 32 + 27 = 59 )
B. ( 2(4)^2 + 3(3)^2 = 32 + 27 = 59 )
C. ( 2(4)^2 + 3(3)^2 = 32 + 27 = 59 )
D. ( 2(4)^2 + 3(3)^2 = 32 + 27 = 59 )

Correct Answer: A

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Question 3 View Details
A consumer's budget constraint is given by \( P_x x + P_y y = I \), where \( P_x \) and \( P_y \) are the prices of good x and good y respectively, x and y are the quantities consumed and I is the income. If the consumer has an income of ₦1000, and the prices of good x and good y are ₦5 and ₦3 respectively, find the quantity of good y that the consumer can buy.
Correct A. \( \frac{1000 - 5x}{3} \ \)
B. \( \frac{1000 + 5x}{3} \ \)
C. \( \frac{1000 - 3x}{5} \ \)
D. \( \frac{1000 + 3x}{5} \ \)

Correct Answer: A

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Question 4 View Details
A firm's demand function is given by \( Q = 100 - 2P \), where Q is the quantity demanded and P is the price. If the firm wants to maximize its revenue, what price should it charge?
Correct A. \( \frac{100}{2} = 50 \ \)
B. \( \frac{100}{2} = 50 \ \)
C. \( \frac{100}{2} = 50 \ \)
D. \( \frac{100}{2} = 50 \ \)

Correct Answer: A

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Question 5 View Details
A firm's production function is given by \( Q = 2L^2 + 3K^2 \), where Q is the quantity produced, L is labor and K is capital. If the firm uses 4 units of labor and 3 units of capital, calculate the quantity produced.
Correct A. ( 2(4)^2 + 3(3)^2 = 32 + 27 = 59 )
B. ( 2(4)^2 + 3(3)^2 = 32 + 27 = 59 )
C. ( 2(4)^2 + 3(3)^2 = 32 + 27 = 59 )
D. ( 2(4)^2 + 3(3)^2 = 32 + 27 = 59 )

Correct Answer: A

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Question 6 View Details
Calculate the value of the definite integral \( int_{0}^{2} \( 2x^2 + 3x - 4 \ \) dx ) u\sing the power rule of integration.
A. 8
B. 10
Correct C. 12
D. 14

Correct Answer: C

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Question 7 View Details
Solve the system of linear equations u\sing Cramer's rule: \( \begin{cases} 2x + 3y = 7 \ 4x - 2y = -3 \end{cases} \).
Correct A. x = 1, y = 2
B. x = 2, y = 1
C. x = 3, y = 4
D. x = 4, y = 3

Correct Answer: A

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Question 8 View Details
A firm produces two products, A and B, u\sing two inputs, labor and capital. The production function for product A is given by \( Q_A = 2L^0.5K^0.5 \) and for product B is given by \( Q_B = 3L^0.7K^0.3 \). If the firm has 100 units of labor and 50 units of capital, how many units of product A and product B should the firm produce?
A. Q_A = 10, Q_B = 20
Correct B. Q_A = 20, Q_B = 10
C. Q_A = 30, Q_B = 40
D. Q_A = 40, Q_B = 30

Correct Answer: B

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Question 9 View Details
A country's GDP is given by \( GDP = C + I + G + \( X - M \ \) ). If the country's consumption is 100, investment is 50, government sp\ending is 75, exports are 200, and imports are 150, what is the country's GDP?
A. 275
B. 300
Correct C. 325
D. 350

Correct Answer: C

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Question 10 View Details
A firm's demand function for a product is given by \( Q = 100 - 2P \). If the firm's marginal revenue is 50, what is the firm's price?
A. 20
Correct B. 30
C. 40
D. 50

Correct Answer: B

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Question 11 View Details
A country's balance of payments is given by \( BOP = X - M + F - I \). If the country's exports are 200, imports are 150, foreign investment is 50, and domestic investment is 75, what is the country's balance of payments?
A. 25
B. 50
Correct C. 75
D. 100

Correct Answer: C

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Question 12 View Details
A firm's production function is given by \( Q = 2L^0.5K^0.5 \). If the firm has 100 units of labor and 50 units of capital, how many units of product should the firm produce?
A. 10
Correct B. 20
C. 30
D. 40

Correct Answer: B

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Question 13 View Details
A country's GDP is given by \( GDP = C + I + G + \( X - M \ \) ). If the country's consumption is 100, investment is 50, government sp\ending is 75, exports are 200, and imports are 150, what is the country's GDP?
A. 275
B. 300
Correct C. 325
D. 350

Correct Answer: C

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Question 14 View Details
The demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. The supply of the product is given by the equation Qs = 2P - 100, where Qs is the quantity supplied. If the equilibrium price is 50, what is the equilibrium quantity?
A. 200
B. 150
Correct C. 100
D. 50

Correct Answer: C

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Question 15 View Details
A monopolistically competitive firm faces a demand curve given by Qd = 100 - 2P and a supply curve given by Qs = 2P - 100. If the firm produces 150 units, what is the price it will charge?
A. 25
Correct B. 30
C. 35
D. 40

Correct Answer: B

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Question 16 View Details
A country has a trade deficit of $100 million and a current account deficit of $50 million. What is the capital account surplus?
Correct A. $50 million
B. $100 million
C. $150 million
D. $200 million

Correct Answer: A

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Question 17 View Details
A government imposes a tax of 10% on a good. If the price of the good is $100, what is the new price after the tax is imposed?
A. $90
B. $100
Correct C. $110
D. $120

Correct Answer: C

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Question 18 View Details
A firm is producing at a point where its marginal revenue is equal to its marginal \cost. If the price of the good is $100 and the firm is producing 100 units, what is the total revenue?
A. $10,000
Correct B. $20,000
C. $30,000
D. $40,000

Correct Answer: B

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Question 19 View Details
The concept of opportunity \cost is most closely related to which of the following?
Correct A. Scarcity
B. Choice
C. Utility
D. Inflation

Correct Answer: A

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Question 20 View Details
Agricultural industrialization in Nigeria has led to an increase in the production of which of the following crops?
A. Cassava
B. Maize
Correct C. Rice
D. Sorghum

Correct Answer: C

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Question 21 View Details
The money multiplier is affected by which of the following?
Correct A. Reserve requirement
B. Deposit multiplier
C. Loanable funds
D. Banking system

Correct Answer: A

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Question 22 View Details
The consumer's budget constraint is represented by which of the following?
Correct A. Budget line
B. Budget curve
C. Indifference curve
D. Opportunity \cost curve

Correct Answer: A

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Question 23 View Details
The balance of payments accounts are affected by which of the following?
A. Exports
Correct B. Imports
C. Foreign investment
D. Remit\tances

Correct Answer: B

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Question 24 View Details
The concept of scarcity is most closely related to which of the following?
A. Choice
Correct B. Opportunity \cost
C. Utility
D. Inflation

Correct Answer: B

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Question 25 View Details
The consumer's indifference curve is represented by which of the following?
A. Budget line
Correct B. Indifference curve
C. Opportunity \cost curve
D. Utility curve

Correct Answer: B

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