POST UTME NOUN 2021 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
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 $100 billion, consumption is $50 billion, investment is $20 billion, government sp\ending is $30 billion, exports are $40 billion, and imports are $20 billion, find the country's GDP.
A. $100 billion
B. $120 billion
C. $80 billion
D. $60 billion
Question 2
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's supply function is given by Q = 2P - 100, find the equilibrium price and quantity.
A. P = 50, Q = 0
B. P = 75, Q = 25
C. P = 100, Q = 0
D. P = 50, Q = 50
Question 3
A firm's total revenue function is given by TR = 100Q - 2Q^2. If the firm produces 20 units of output, what is its total revenue?
A. ₦1,600
B. ₦1,800
C. ₦2,000
D. ₦2,200
Question 4
A country's GDP can be calculated u\sing the following formula: GDP = C + I + G + \( X - M \). If the country's consumption (C) is ₦100 billion, investment (I) is ₦50 billion, government sp\ending (G) is ₦75 billion, exports (X) are ₦200 billion, and imports (M) are ₦150 billion, what is the country's GDP?
A. ₦275 billion
B. ₦325 billion
C. ₦375 billion
D. ₦425 billion
Question 5
A country's GNP is $120 billion, its GDP is $100 billion, and its net factor income from abroad is $10 billion. What is its national income?
A. $130 billion
B. $120 billion
C. $110 billion
D. $100 billion
Question 6
Consider a firm operating in a perfectly competitive market. If the firm's marginal revenue (MR) curve intersects its marginal \cost (MC) curve at point E, where MR = MC, and the firm is producing at a level of output where MR > MC, what is the firm's optimal output level?
A. The firm is producing at a level of output where MR = MC.
B. The firm is producing at a level of output where MR > MC.
C. The firm is producing at a level of output where MR < MC.
D. The firm is producing at a level of output where MR = MC and MR > MC.
Question 7
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's supply function is given by Q = 2P - 100, find the equilibrium price and quantity.
A. P = 50, Q = 0
B. P = 75, Q = 25
C. P = 100, Q = 0
D. P = 50, Q = 50
Question 8
The demand function for a product is given by Q = 100 - 2P. If the price elasticity of demand is 0.5, what is the price at which the quantity demanded is 50 units?
A. ₦20
B. ₦30
C. ₦40
D. ₦50
Question 9
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 0.5, find the price at which the quantity demanded is 60 units.
A. ₦20
B. ₦30
C. ₦40
D. ₦50
Question 10
A firm's demand function is given by Q = 100 - 2P. If the price is ₦10, what is the quantity demanded?
A. 20 units
B. 40 units
C. 60 units
D. 80 units
Question 11
A firm's demand curve is given by Q = 100 - 2P and its supply curve is given by Q = 2P - 100. If the firm's marginal revenue is given by MR = 200 - 2Q and its marginal \cost is given by MC = 50 + 2Q, find the firm's profit-maximizing quantity and price.
A. ₦75
B. ₦100
C. ₦125
D. ₦150
Question 12
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \). What is the return to scale of the firm?
A. Increa\sing returns to scale
B. Decrea\sing returns to scale
C. Cons\tant returns to scale
D. No returns to scale
Question 13
A firm has a production function Q = 100L^0.5K^0.5, where Q is the quantity produced, L is the amount of labor used, and K is the amount of capital used. If the firm uses 100 units of labor and 200 units of capital, find the marginal product of labor.
A. 5
B. 10
C. 15
D. 20
Question 14
A firm's demand function is Q = 100 - 2P, and its supply function is Q = 2P - 100. What is the equilibrium price and quantity?
A. P = $50, Q = 50
B. P = $75, Q = 25
C. P = $25, Q = 75
D. P = $100, Q = 0
Question 15
A monopolist faces a demand curve given by P = 100 - Q. The monopolist's \cost function is given by C(Q) = 20Q + 100. Find the monopolist's profit-maximizing quantity and price.
A. Q = 20, P = 80
B. Q = 40, P = 60
C. Q = 60, P = 40
D. Q = 80, P = 20

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