POST UTME OSUSTECH 2022 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A country's balance of payments is given by the equation BOP = X - M, where BOP is the balance of payments, X is the value of exports, and M is the value of imports. If the value of exports is 150 and the value of imports is 120, what is the balance of payments?
A. 10
B. 20
C. 30
D. 40
Question 2
A firm produces two goods, A and B, u\sing two inputs, labor and capital. The production function for good A is given by Q_A = 10L^0.5K^0.5, where Q_A is the quantity of good A produced, L is the amount of labor used, and K is the amount of capital used. If the firm wants to produce 100 units of good A, how much labor and capital should it use?
A. L = 100, K = 100
B. L = 50, K = 50
C. L = 200, K = 200
D. L = 25, K = 25
Question 3
A firm's \cost function is given by the equation C(x) = 50 + 10x + 2x^2, where x is the number of units produced. If the firm produces 15 units, what is the total \cost?
A. ₦350
B. ₦400
C. ₦450
D. ₦500
Question 4
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. 40%
C. 60%
D. 80%
Question 5
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 ₦1000 and the prices of the two goods are ₦5 and ₦10 respectively, what is the consumer's optimal bundle of goods?
A. x = 80, y = 20
B. x = 60, y = 40
C. x = 40, y = 60
D. x = 20, y = 80
Question 6
The production possibility curve (PPC) is a graphical representation of the
A. production possibilities of a country
B. opportunity \cost of producing one more unit of a good
C. law of diminishing marginal returns
D. theory of comparative advantage
Question 7
The marginal propensity to consume (MPC) is the change in consumption
A. when income increases by one unit
B. when income decreases by one unit
C. when consumption increases by one unit
D. when consumption decreases by one unit
Question 8
A firm is operating in a perfectly competitive market. If the firm's marginal revenue is ₦100 and the price of the good is ₦120, what is the firm's profit-maximizing output?
A. 10 units
B. 20 units
C. 30 units
D. 40 units
Question 9
A government imposes a tax of ₦10 on every unit of a commodity. If the supply curve is given by Qs = 100 + 2P, where Qs is the quantity supplied and P is the price, what is the new supply curve after the tax is imposed?
A. Qs = 100 + 2P + 20
B. Qs = 100 + 2P - 20
C. Qs = 100 + 2P
D. Qs = 100 - 2P
Question 10
A country's money supply is given by M = 1000 + 0.5Y, where M is the money supply and Y is the national income. If the national income increases by 10%, what is the percentage change in the money supply?
A. 5%
B. 10%
C. 15%
D. 20%
Question 11
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?
A. ₦1800
B. ₦2000
C. ₦2200
D. ₦2400
Question 12
A consumer's budget constraint is given by 2x + 3y = 12, where x and y are the quantities of two goods. If the consumer's utility function is given by U = 2x + y, what is the consumer's optimal bundle of goods?
A. x = 3, y = 2
B. x = 2, y = 3
C. x = 1, y = 4
D. x = 4, y = 1
Question 13
The multiplier effect is a concept in economics that refers to the
A. increase in aggregate demand when government increases sp\ending
B. decrease in aggregate demand when government decreases sp\ending
C. increase in aggregate supply when government increases taxes
D. decrease in aggregate supply when government decreases taxes
Question 14
A firm is operating in a monopoly market. If the firm's demand function is given by Q = 100 - 2P, and the firm's marginal \cost is ₦50, what is the firm's profit-maximizing price?
A. ₦50
B. ₦60
C. ₦70
D. ₦80
Question 15
A firm's \cost function is given by C = 100 + 2Q, where C is the \cost and Q is the quantity produced. If the firm produces 50 units, what is the total \cost?
A. 150
B. 200
C. 250
D. 300

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