POST UTME NOUN 2020 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A government imposes a tax on a firm's output. If the firm's supply curve shifts to the left, what will be the effect on the firm's output?
A. The firm's output will increase.
B. The firm's output will decrease.
C. The firm's output will remain unchanged.
D. The firm will exit the market.
Question 2
A country's GNP is 120 billion naira. If the country's GDP is 100 billion naira, what is the net factor income from abroad?
A. 10,000,000,000
B. 20,000,000,000
C. 30,000,000,000
D. 40,000,000,000
Question 3
A government imposes a tax on a firm's output. If the firm's supply curve shifts to the left, what will be the effect on the firm's output?
A. The firm's output will increase.
B. The firm's output will decrease.
C. The firm's output will remain unchanged.
D. The firm will exit the market.
Question 4
A firm's production function is given by Q = 3L^0.5K^0.5. If the price of labor is $10 per unit and the price of capital is $20 per unit, and if the firm is currently producing 100 units of output, then the marginal product of labor is
A. 0.5
B. 1
C. 2
D. 3
Question 5
Consider a country with the following national income accounts: C = ₦1,000, I = ₦500, G = ₦200, X = ₦300, M = ₦400. Calculate the country's GDP deflator.
A. 100
B. 110
C. 120
D. 130
Question 6
A country's national income is given by N = C + I + G. If the country's consumption function is C = 100 + 0.8Y, the investment function is I = 200 + 0.2Y, and government exp\enditure is G = 500, calculate the national income.
A. ₦1,500
B. ₦1,600
C. ₦1,700
D. ₦1,800
Question 7
Consider a country with the following national income accounts: C = ₦1,000, I = ₦500, G = ₦200, X = ₦300, M = ₦400. Calculate the country's GNP.
A. ₦2,300
B. ₦2,400
C. ₦2,500
D. ₦2,600
Question 8
Consider a country with the following national income accounts: C = ₦1,000, I = ₦500, G = ₦200, X = ₦300, M = ₦400. Calculate the country's GNP per capita.
A. ₦2,500
B. ₦2,600
C. ₦2,700
D. ₦2,800
Question 9
Calculate the value of the elasticity of demand for a commodity whose price elasticity of demand is 0.5 and whose price increases by 10%.
A. 0.5
B. 0.6
C. 0.7
D. 0.8
Question 10
A firm's production function is given by the equation Q = 10L^0.5K^0.5, where Q is the output, L is the labor, and K is the capital. If the firm uses 100 units of labor and 100 units of capital, what is the output?
A. 100
B. 200
C. 300
D. 400
Question 11
A firm's production function is given by \( Q = 2L + 3K \). If the prices of labor and capital are ₦10 and ₦20 respectively, find the firm's optimal input mix.
A. L=10, K=5
B. L=5, K=10
C. L=15, K=10
D. L=10, K=15
Question 12
Consider a market with the following supply and demand functions: Q^s = 50 + 2P and Q^d = 100 - 3P. If the market is in equilibrium, calculate the equilibrium price and quantity.
A. P = ₦20, Q = 80
B. P = ₦25, Q = 75
C. P = ₦30, Q = 70
D. P = ₦35, Q = 65
Question 13
A country's balance of payments is given by the following table. Find the country's net foreign exchange earnings.
A. ₦100m
B. ₦200m
C. ₦300m
D. ₦400m
Question 14
Consider a country with the following national income accounts: C = ₦1,000, I = ₦500, G = ₦200, X = ₦300, M = ₦400. Calculate the country's GNP deflator.
A. 100
B. 110
C. 120
D. 130
Question 15
A country's GDP is 100 billion naira, and its GNP is 120 billion naira. What is the net factor income from abroad?
A. 20 billion naira
B. 30 billion naira
C. 40 billion naira
D. 50 billion naira

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