POST UTME UNIBEN 2018 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
The supply of a product is given by the equation Qs = 50 + 2P, where Qs is the quantity supplied and P is the price. If the price elasticity of supply is cons\tant and equal to 3, find the price at which the quantity supplied is 80.
A. ₦20
B. ₦30
C. ₦40
D. ₦50
Question 2
A country's inflation rate is given by the equation I = \( P - P0 \)/P0 x 100, where I is the inflation rate, P is the current price level and P0 is the base price level. If the current price level is ₦100 and the base price level is ₦80, find the inflation rate.
A. 12.5%
B. 25%
C. 37.5%
D. 50%
Question 3
A country's balance of payments account is a
A. Statement of national income
B. Statement of national exp\enditure
C. Statement of international transactions
D. Statement of national savings
Question 4
A government's budget is a
A. Statement of national income
B. Statement of national exp\enditure
C. Statement of government revenue and exp\enditure
D. Statement of national savings
Question 5
A consumer's indifference curve is a
A. Straight line
B. Curved line
C. U-shaped curve
D. L-shaped curve
Question 6
Consider a firm operating in a perfectly competitive market with a production function Q = 2L^0.5K^0.5. If the price of the good is P = 10, and the firm's \cost function is C = 2L + 3K, what is the firm's profit-maximizing level of output?
A. 20
B. 30
C. 40
D. 50
Question 7
A country's population is 20 million. If the population grows at an annual rate of 2%, what is the population after 10 years?
A. 24.8 million
B. 25.6 million
C. 26.4 million
D. 27.2 million
Question 8
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 cons\tant and equal to 2, find the price at which the quantity demanded is 60.
A. ₦20
B. ₦30
C. ₦40
D. ₦50
Question 9
A firm's \cost function is given by C = 2L + 3H. If the price of labor (L) is ₦100 per unit and the price of capital (H) is ₦200 per unit, and the firm's total revenue is ₦100,000, find the number of units of labor and capital the firm should employ to minimize its \cost.
A. L = 10, H = 5
B. L = 5, H = 10
C. L = 20, H = 10
D. L = 10, H = 20
Question 10
A firm's demand function is given by Q = 100 - 2P + 5Y. If the price elasticity of demand is -2 and the income elasticity of demand is 0.5, what is the percentage change in quantity demanded if the price increases by 10% and income increases by 20%?
A. 20%
B. 30%
C. 40%
D. 50%
Question 11
A country's balance of payments is in equilibrium when its current account is equal to its capital account. If the country's current account is in surplus by $300 million, and its capital account is in deficit by $200 million, what is the country's net foreign exchange position?
A. $300 million surplus
B. $300 million deficit
C. $200 million surplus
D. $200 million deficit
Question 12
A central bank's primary function is to
A. Regulate the money supply
B. Regulate interest rates
C. Regulate foreign exchange rates
D. Regulate the banking system
Question 13
A consumer's utility function is given by U = 2x^0.5y^0.5. If the price of good x is ₦50 per unit and the price of good y is ₦75 per unit, and the consumer's budget is ₦1,000, find the optimal bundle of goods x and y that maximizes the consumer's utility.
A. x = 10, y = 5
B. x = 5, y = 10
C. x = 20, y = 5
D. x = 10, y = 20
Question 14
A firm's production function is given by Q = 3L^0.5K^0.5. If the price of the good is P = 20, and the firm's \cost function is C = 4L + 5K, what is the firm's profit-maximizing level of output?
A. 60
B. 80
C. 100
D. 120
Question 15
A firm's \cost function is given by C(q) = 2q^2 + 10q + 5. If the firm produces 20 units of output, what is the total \cost?
A. ₦150
B. ₦200
C. ₦250
D. ₦300

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