POST UTME LAUTECH 2017 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
The concept of utility is most closely related to which of the following?
A. Scarcity
B. Choice
C. Opportunity \cost
D. Consumer behavior
Question 2
A country has a trade deficit of $100 million and a current account deficit of $50 million. What is the capital account surplus?
A. $50 million
B. $100 million
C. $150 million
D. $200 million
Question 3
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
B. 20
C. 30
D. 40
Question 4
A country's economic growth rate is given by the equation G = 2Y/P, where G is the economic growth rate, Y is the national income and P is the price level. If the country's national income and price level are 10000 and 500 respectively, find the economic growth rate.
A. 0.4
B. 0.6
C. 0.8
D. 1.0
Question 5
The concept of scarcity in economics implies that the wants and needs of individuals are unlimited, while the resources available to satisfy these wants and needs are limited.
A. True
B. False
C. Maybe
D. It dep\ends
Question 6
The balance of payments accounts are affected by which of the following?
A. Exports
B. Imports
C. Foreign investment
D. Remit\tances
Question 7
The elasticity of supply is a measure of how responsive the quantity supplied of a good is to changes in its price.
A. True
B. False
C. Maybe
D. It dep\ends
Question 8
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?
A. \( \frac{100}{2} = 50 \ \)
B. \( \frac{100}{2} = 50 \ \)
C. \( \frac{100}{2} = 50 \ \)
D. \( \frac{100}{2} = 50 \ \)
Question 9
The Balance of Payments (BOP) is a statistical statement that summarizes a country's transactions with the rest of the world over a specific period of time.
A. True
B. False
C. Maybe
D. It dep\ends
Question 10
The consumer's budget constraint is represented by which of the following?
A. Budget line
B. Budget curve
C. Indifference curve
D. Opportunity \cost curve
Question 11
The concept of opportunity \cost is most closely related to which of the following?
A. Scarcity
B. Choice
C. Utility
D. Inflation
Question 12
The concept of scarcity is most closely related to which of the following?
A. Choice
B. Opportunity \cost
C. Utility
D. Inflation
Question 13
A country's money supply is given by the equation M = 1000 + 0.5Y, where M is the money supply and Y is the national income. If the country's national income is 10000, find the money supply.
A. ₦6000
B. ₦7000
C. ₦8000
D. ₦9000
Question 14
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.
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 )
Question 15
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
C. $110
D. $120

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub: