POST UTME LEAD CITY UNIVERSITY 2017 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A country's GDP is given by the equation Y = C + I + G, where Y is the GDP, C is the consumption, I is the investment, and G is the government sp\ending. If the consumption is 100, the investment is 50, and the government sp\ending is 75, find the GDP.
A. 225
B. 250
C. 275
D. 300
Question 2
A farmer produces wheat and maize on a 100-hectare farm. The marginal product of wheat is 20 tons per hectare, and the marginal product of maize is 15 tons per hectare. If the farmer's opportunity \cost of producing wheat is $10 per ton and the opportunity \cost of producing maize is $8 per ton, what is the farmer's optimal allocation of land between wheat and maize?
A. Wheat: 60 hectares, Maize: 40 hectares
B. Wheat: 40 hectares, Maize: 60 hectares
C. Wheat: 50 hectares, Maize: 50 hectares
D. Wheat: 30 hectares, Maize: 70 hectares
Question 3
Consider a country with a GDP of ₦10 trillion and a population of 200 million. If the country's GDP per capita is ₦50,000, what is the implied value of the country's GNP?
A. ₦10 trillion
B. ₦20 trillion
C. ₦30 trillion
D. ₦40 trillion
Question 4
A firm's demand function for a good is Q = 100 - 2P. If the firm's supply function is Q = 2P - 100, what is the equilibrium price and quantity of the good?
A. P = ₦50, Q = 50
B. P = ₦75, Q = 75
C. P = ₦100, Q = 100
D. P = ₦125, Q = 125
Question 5
Gross National Product (GNP) is a measure of the total value of all final goods and services produced by a country's citizens, regardless of where they are produced. Which of the following is included in the calculation of GNP?
A. Imports of goods and services
B. Exports of goods and services
C. Net factor income from abroad
D. All of the above
Question 6
A firm has a production function Q = 2L^0.5K^0.5. If the firm's output is 100 units and the price of labor is ₦10 per unit and the price of capital is ₦20 per unit, what is the firm's optimal input bundle of labor and capital?
A. (L,K) = (100, 100)
B. (L,K) = (200, 50)
C. (L,K) = (50, 200)
D. (L,K) = (150, 150)
Question 7
The concept of opportunity \cost refers to the value of the next best alternative that is given up when a choice is made. Which of the following is an example of an opportunity \cost?
A. The \cost of producing a good
B. The revenue generated from selling a good
C. The value of the next best alternative that is given up
D. The \cost of importing a good
Question 8
The government of Nigeria has introduced a new economic policy aimed at promoting economic growth and development. Which of the following is a major objective of the policy?
A. To reduce poverty and inequality
B. To promote economic growth and development
C. To increase government revenue
D. To reduce inflation
Question 9
The National Bureau of Statistics (NBS) releases the Gross Domestic Product (GDP) of Nigeria on a quarterly basis. What is the primary purpose of the GDP?
A. To measure the total value of goods and services produced within the country
B. To measure the total value of goods and services produced abroad
C. To measure the total value of goods and services consumed within the country
D. To measure the total value of goods and services imported into the country
Question 10
Consider a perfectly competitive market with n firms, each producing a homogeneous product. If the market demand curve is downward sloping and the firms are price takers, what is the equilibrium price and quantity of the product?
A. The equilibrium price and quantity are determined by the intersection of the market demand and supply curves.
B. The equilibrium price and quantity are determined by the firms' individual supply curves.
C. The equilibrium price and quantity are determined by the market demand curve and the firms' individual demand curves.
D. The equilibrium price and quantity are determined by the firms' individual supply curves and the market demand curve.
Question 11
A country's balance of payments (BOP) is a statistical statement that summarizes all economic transactions between residents and non-residents over a specific period of time. Which of the following is a component of the current account in the BOP?
A. Exports of goods and services
B. Imports of goods and services
C. Net factor income from abroad
D. All of the above
Question 12
A government's budget is given by the equation B = T + I, where B is the budget, T is the taxation, and I is the interest. If the taxation is 50 and the interest is 25, find the budget.
A. 75
B. 100
C. 125
D. 150
Question 13
A government budget is given by the equation B = T + I, where B is the budget, T is the tax revenue, and I is the interest payment. If the tax revenue is $100 billion and the interest payment is $50 billion, what is the government's budget?
A. $150 billion
B. $200 billion
C. $250 billion
D. $300 billion
Question 14
A government imposes a tax of $10 per ton on a firm that produces a good. The firm's supply curve is given by Q = 100 - 2P, and the market demand curve is given by Q = 200 - P. What is the equilibrium price and quantity of the good?
A. P = $20, Q = 90
B. P = $15, Q = 100
C. P = $10, Q = 110
D. P = $5, Q = 120
Question 15
A country's balance of payments is given by the equation BOP = X - M, where BOP is the balance of payments, X is the exports, and M is the imports. If the exports are 100 and the imports are 75, find the balance of payments.
A. 25
B. 50
C. 75
D. 100

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