POST UTME NOUN 2018 Economics | Objective

Prepare for your exams with POST UTME NOUN questions? Reviewing past/model questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2018 Economics (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1 View Details
A firm's total revenue (TR) is given by the equation TR = 100x - 2x^2, where x is the number of units sold. If the firm sells 20 units, what is the total revenue?
Correct A. ₦2000
B. ₦1800
C. ₦1600
D. ₦1400

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 2 View Details
The following diagram shows the supply and demand curves for a commodity. If the price of the commodity is ₦100, what is the quantity demanded?
A. 10 units
Correct B. 20 units
C. 30 units
D. 40 units

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 3 View Details
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. If the country's GDP is ₦1,500,000,000, and the values of C, I, G, X, and M are ₦500,000,000, ₦200,000,000, ₦300,000,000, ₦400,000,000, and ₦100,000,000 respectively, what is the value of X?
Correct A. ₦400,000,000
B. ₦500,000,000
C. ₦600,000,000
D. ₦700,000,000

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 4 View Details
The following diagram shows the production possibilities frontier (PPF) for a country. If the country chooses to produce 100 units of good X and 50 units of good Y, what is the opportunity \cost of producing good X?
A. 10 units of good Y
Correct B. 20 units of good Y
C. 30 units of good Y
D. 40 units of good Y

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 5 View Details
A firm's marginal revenue (MR) is given by the equation MR = 100 - 2x, where x is the number of units sold. If the firm sells 20 units, what is the marginal revenue?
Correct A. ₦80
B. ₦90
C. ₦100
D. ₦110

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 6 View Details
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 firm increases labor from 100 units to 121 units and capital from 100 units to 121 units, what is the percentage change in output?
A. 10%
Correct B. 20%
C. 30%
D. 40%

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 7 View Details
A company's \cost function is given by C = 100 + 2L + 3K, where C is \cost, L is labor, and K is capital. If the company increases labor from 50 units to 75 units and capital from 50 units to 75 units, what is the total change in \cost?
A. ₦250
Correct B. ₦500
C. ₦750
D. ₦1000

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 8 View Details
A central bank increases the money supply in an economy by 10%. What is the expected effect on the price level?
A. Increase by 5%
Correct B. Increase by 10%
C. Increase by 15%
D. No change

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 9 View Details
A firm's demand function is given by Q = 100 - 2P, where Q is quantity demanded and P is price. If the price increases from ₦50 to ₦60, what is the percentage change in quantity demanded?
A. -10%
Correct B. -20%
C. -30%
D. -40%

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 10 View Details
A country's GDP is ₦1 trillion, its imports are ₦200 billion, and its exports are ₦300 billion. What is the country's net foreign income?
A. ₦100 billion
Correct B. ₦200 billion
C. ₦300 billion
D. ₦400 billion

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 11 View Details
The Central Bank of Nigeria (CBN) uses the following monetary policy tools to control inflation: Open Market Operations (OMO), Reserve Requirements, and the Discount Rate. Which of the following is NOT a tool used by the CBN to control inflation?
Correct A. Fiscal Policy
B. Monetary Policy
C. Supply-Side Policy
D. Demand-Side Policy

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 12 View Details
The following diagram shows the supply and demand curves for a commodity in a perfectly competitive market. What is the equilibrium price and quantity of the commodity?
Correct A. ₦100, 100 units
B. ₦120, 80 units
C. ₦150, 60 units
D. ₦180, 40 units

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 13 View Details
The following table shows the production \costs of a firm in a perfectly competitive market. What is the firm's profit-maximizing output?
A. 10 units
Correct B. 20 units
C. 30 units
D. 40 units

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 14 View Details
The following diagram shows the production possibilities frontier (PPF) of a country. What is the opportunity \cost of producing 100 units of good X?
Correct A. 50 units of good Y
B. 100 units of good Y
C. 150 units of good Y
D. 200 units of good Y

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 15 View Details
The following table shows the budget of a government. What is the government's total exp\enditure?
A. ₦100 billion
B. ₦200 billion
Correct C. ₦300 billion
D. ₦400 billion

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 16 View Details
A consumer's indifference curve is downward sloping. What is the implication of this for the consumer's marginal rate of substitution (MRS)?
A. The MRS is cons\tant
Correct B. The MRS is decrea\sing
C. The MRS is increa\sing
D. The MRS is zero

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 17 View Details
A firm's total revenue (TR) is given by the equation TR = 100q - 2q^2. What is the firm's marginal revenue (MR) at a quantity of 5 units?
Correct A. ₦400
B. ₦500
C. ₦600
D. ₦700

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 18 View Details
A country's GDP is ₦10 trillion. If the country's net factor income from abroad is ₦500 billion, what is its GNP?
Correct A. ₦10.5 trillion
B. ₦10.7 trillion
C. ₦10.9 trillion
D. ₦11.1 trillion

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 19 View Details
A consumer's budget constraint is given by the equation 2x + 3y = 12. If the consumer's indifference curve is downward sloping, what is the consumer's optimal choice of x?
A. x = 2
Correct B. x = 3
C. x = 4
D. x = 5

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 20 View Details
A firm's production function is given by the equation Q = 2L^0.5 K^0.5. If the firm's inputs are L = 4 and K = 9, what is its output?
A. Q = 12
B. Q = 18
Correct C. Q = 24
D. Q = 30

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 21 View Details
Consider a firm operating in a perfectly competitive market with a production function given by Q = 2L^0.5K^0.5. If the firm's current input prices are w = 10 and r = 20, calculate the optimal input combination (L, K) that maximizes profits, assuming a market price of 30.
A. L = 100, K = 100
Correct B. L = 50, K = 50
C. L = 200, K = 200
D. L = 25, K = 25

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 22 View Details
A government is considering a tax on a particular good. The supply curve of the good is given by Q = 100 + 2P, and the demand curve is given by Q = 200 - 3P. If the government imposes a tax of 10 on the producer, what will be the new equilibrium price and quantity?
Correct A. P = 20, Q = 150
B. P = 30, Q = 120
C. P = 40, Q = 90
D. P = 50, Q = 60

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 23 View Details
A country's GDP is given by the equation Y = C + I + G + \( X - M \). If the country's consumption is 500, investment is 200, government sp\ending is 300, exports are 400, and imports are 200, what is the country's GDP?
A. 1000
Correct B. 1200
C. 1500
D. 1800

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 24 View Details
A firm is considering investing in a new project with a net present value (NPV) of 1000. If the firm's \cost of capital is 10%, what is the present value of the project?
Correct A. ₦1000
B. ₦900
C. ₦800
D. ₦700

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 25 View Details
A country's balance of payments (BOP) is given by the equation BOP = X - M + \( F - I \). If the country's exports are 500, imports are 300, foreign investment is 200, and domestic investment is 100, what is the country's BOP?
A. 100
B. 200
Correct C. 300
D. 400

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

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:
Chat with Support