POST UTME UNIBEN 2017 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A consumer's budget constraint is given by P1Q1 + P2Q2 = 100, where P1 and P2 are prices, and Q1 and Q2 are quantities. If the consumer's indifference curve is \tangent to the budget constraint at a point where Q1 = 20, what is the consumer's optimal quantity of Q2?
A. 10
B. 20
C. 30
D. 40
Question 2
A monopolist faces a demand curve given by Q = 100 - 2P. The monopolist's marginal \cost is MC = 10. What is the profit-maximizing quantity?
A. 50
B. 75
C. 100
D. 125
Question 3
A consumer has a budget constraint of 100 units of currency and a utility function U = 2x + 3y, where x and y are the quantities of two goods. If the prices of the two goods are 2 units of currency per unit and 3 units of currency per unit, respectively, what is the consumer's optimal consumption bundle?
A. x = 20, y = 30
B. x = 30, y = 20
C. x = 40, y = 10
D. x = 10, y = 40
Question 4
A country's inflation rate is 5% per annum. If the nominal interest rate is 10% per annum, what is the real interest rate?
A. 5%
B. 6%
C. 7%
D. 8%
Question 5
A firm has a production function Q = 2L^0.5K^0.5, where L is labor and K is capital. If the firm has 100 units of labor and 100 units of capital, what is the marginal product of labor?
A. 0.5
B. 1
C. 2
D. 4
Question 6
A government imposes a tax on a firm's output. The firm's supply function is given by Q = 2P + 5, where Q is the quantity supplied and P is the price. If the tax is 2 units per unit of output, find the new supply function.
A. Q = 2P + 7
B. Q = 2P + 3
C. Q = 2P + 9
D. Q = 2P + 11
Question 7
A firm's revenue function is given by R(x) = 2x^2 + 5x + 1, where x is the number of units produced. If the firm's marginal revenue function is MR(x) = 4x + 5, find the value of x that maximizes revenue.
A. 1
B. 2
C. 3
D. 4
Question 8
A firm's total revenue is given by TR = 100Q - 2Q^2, where Q is the quantity sold. If the firm sells 20 units, what is its total revenue?
A. ₦1400
B. ₦1600
C. ₦1800
D. ₦2000
Question 9
A firm's \cost function is given by C = 2x^2 + 3x + 10, where x is the quantity produced. If the firm's revenue function is given by R = 4x^2 - 2x + 10, what is the firm's profit function?
A. P = 2x^2 - 5x + 10
B. P = 2x^2 + 5x + 10
C. P = 2x^2 - x + 10
D. P = 2x^2 + x + 10
Question 10
A consumer's utility function is given by U = 2x + 3y. Determine the marginal utility of x and y.
A. MUx = 2, MUy = 3
B. MUx = 3, MUy = 2
C. MUx = 4, MUy = 1
D. MUx = 1, MUy = 4
Question 11
A monopolist faces a demand curve given by Q = 100 - 2P and a \cost function of C = 20 + 5Q. Determine the profit-maximizing price and quantity.
A. P = 40, Q = 30
B. P = 50, Q = 25
C. P = 60, Q = 20
D. P = 70, Q = 15
Question 12
A firm's \cost function is given by C(x) = 100 + 2x^2. If the firm's revenue function is R(x) = 100x - 2x^2, what is the firm's profit function?
A. P(x) = 100x - 4x^2
B. P(x) = 100x - 2x^2
C. P(x) = 100x + 2x^2
D. P(x) = 100x + 4x^2
Question 13
A firm's revenue function is given by R(x) = 100x - 2x^2. If the firm's marginal revenue is 50 when x = 10, what is the value of the firm's total revenue?
A. ₦500
B. ₦1000
C. ₦1500
D. ₦2000
Question 14
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 wants to increase output by 10%, by how much should it increase labor, assuming capital remains cons\tant?
A. 5%
B. 10%
C. 15%
D. 20%
Question 15
A consumer's utility function is given by U(x,y) = 2x + 3y. If the consumer's income is ₦100 and the prices of x and y are ₦5 and ₦10 respectively, what is the consumer's optimal bundle?
A. (10,0)
B. (5,5)
C. (0,10)
D. (15,0)

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