POST UTME LEAD CITY UNIVERSITY 2022 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm's demand function for a good is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm's supply function is given by Q = 2P - 100, what is the equilibrium price and quantity?
A. P = ₦50, Q = 50
B. P = ₦75, Q = 75
C. P = ₦100, Q = 100
D. P = ₦125, Q = 125
Question 2
A consumer's budget constraint is given by 2x + 3y = ₦100, where x and y are the quantities of two goods. If the consumer's indifference curve is given by u = 2x^0.5y^0.5, what is the consumer's optimal bundle of goods?
A. x = 20, y = 10
B. x = 30, y = 15
C. x = 40, y = 20
D. x = 50, y = 25
Question 3
A firm's demand curve is given by Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the price elasticity of demand is 0.5, what is the price at which the quantity demanded is 60?
A. ₦20
B. ₦30
C. ₦40
D. ₦50
Question 4
A firm's demand curve is given by Q = 100 - 2P. If the price elasticity of demand is -2, what is the price elasticity of supply?
A. 1
B. 2
C. 3
D. 4
Question 5
The demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the price elasticity of demand is -2, what is the percentage change in quantity demanded when the price increases by 10%?
A. 20%
B. 30%
C. 40%
D. 50%
Question 6
A firm's production function is given by Q = 100L^0.5K^0.5, where Q is output, L is labor, and K is capital. If the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, and if the firm's budget constraint is given by 100L + 200K = ₦100,000, what is the firm's optimal level of capital?
A. 50 units
B. 100 units
C. 200 units
D. 500 units
Question 7
A government imposes a tax of ₦10 on a good. The pre-tax price of the good is ₦100. What is the post-tax price?
A. ₦90
B. ₦95
C. ₦100
D. ₦105
Question 8
A country's import demand function is given by M = 100 - 2Y. If the country's income is $1000, what is the quantity of imports demanded?
A. 50
B. 75
C. 100
D. 125
Question 9
A firm's production function is given by Q = 100L^0.5K^0.5, where Q is output, L is labor, and K is capital. If the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, and if the firm's budget constraint is given by 100L + 200K = ₦100,000, what is the firm's optimal level of labor?
A. 50 units
B. 100 units
C. 200 units
D. 500 units
Question 10
A consumer's utility function is given by U = 2x + 3y. The consumer's budget constraint is given by 2x + 3y = 12. What is the consumer's optimal consumption bundle?
A. x = 2, y = 4
B. x = 3, y = 3
C. x = 4, y = 2
D. x = 5, y = 1
Question 11
A country's GDP is given by the equation: GDP = C + I + G + \( X - M \), where C is consumption, I is investment, G is government sp\ending, X is exports, and M is imports. Determine the value of GDP if C = ₦1000, I = ₦200, G = ₦300, X = ₦400, and M = ₦500.
A. ₦1500
B. ₦2000
C. ₦2500
D. ₦3000
Question 12
A consumer's utility function is given by U = 2x + 3y, where x and y are the quantities of two goods. If the consumer's income is ₦100 and the prices of the two goods are ₦5 and ₦10 respectively, what is the consumer's optimal bundle of goods?
A. x = 10, y = 5
B. x = 5, y = 10
C. x = 15, y = 3
D. x = 3, y = 15
Question 13
A consumer's utility function is given by U = 2x + 3y. If the consumer's budget constraint is 10x + 5y = 50, what is the consumer's optimal bundle of x and y?
A. x = 2, y = 5
B. x = 3, y = 4
C. x = 4, y = 3
D. x = 5, y = 2
Question 14
A country's GDP is ₦10 trillion and its GNP is ₦12 trillion. Determine the country's net factor income from abroad.
A. ₦2 trillion
B. ₦4 trillion
C. ₦6 trillion
D. ₦8 trillion
Question 15
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm hires 16 workers and 9 machines, what is the total output?
A. 80
B. 100
C. 120
D. 140

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