Practice Post UTME LAUTECH economics 2017 Past Questions

Question 1

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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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