POST UTME UNIBEN 2019 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A monopolist faces a demand curve given by Q = 100 - 2P. If the firm's marginal \cost (MC) is ₦20, what is the optimal price and quantity?
A. P = ₦40, Q = 30
B. P = ₦60, Q = 20
C. P = ₦80, Q = 10
D. P = ₦100, Q = 0
Question 2
A firm's demand curve for a variable input is its
A. marginal revenue product curve
B. marginal \cost curve
C. average revenue product curve
D. average \cost curve
Question 3
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. ₦50
B. ₦75
C. ₦100
D. ₦125
Question 4
A firm's production function is given by Q = 2L^2. If the firm's wage rate is ₦10 per hour, what is the optimal number of workers?
A. 10 workers
B. 20 workers
C. 30 workers
D. 40 workers
Question 5
A consumer's budget constraint is given by P1Q1 + P2Q2 = I. What is the opportunity \cost of good 1?
A. P1
B. P2
C. \frac{P1}{P2}
D. \frac{P2}{P1}
Question 6
A government imposes a tax on imports to raise revenue. If the tax is increased, what will happen to the equilibrium price and quantity of the imported good?
A. The equilibrium price will increase, and the quantity will decrease.
B. The equilibrium price will decrease, and the quantity will increase.
C. The equilibrium price will remain the same, and the quantity will decrease.
D. The equilibrium price will increase, and the quantity will increase.
Question 7
The law of diminishing marginal utility states that as the quantity of a good consumed increases, the
A. marginal utility of the good increases
B. marginal utility of the good decreases
C. total utility of the good increases
D. total utility of the good decreases
Question 8
The demand for a commodity is said to be elastic if a small change in price leads to a large change in quantity demanded. Which of the following is a characteristic of an elastic demand?
A. The demand curve is steep and vertical.
B. The demand curve is horizontal and flat.
C. The demand curve is steep and sloping.
D. The demand curve is horizontal and sloping.
Question 9
A country's national income is ₦100 billion. The government sp\ends ₦20 billion on imports. What is the country's national income accounting identity?
A. GNP = GDP + \( Imports - Exports \)
B. GNP = GDP - \( Imports - Exports \)
C. GNP = GDP + \( Exports - Imports \)
D. GNP = GDP - \( Exports - Imports \)
Question 10
A perfectly competitive market has a supply curve that is upward-sloping. True or False?
A. True
B. False
C. It dep\ends on the market conditions
D. It dep\ends on the type of good
Question 11
A consumer's budget constraint is given by 2x + 3y = 12, where x is the number of units of good x and y is the number of units of good y. If the consumer's current consumption is x = 2 and y = 2, what is the consumer's current utility?
A. 8
B. 12
C. 16
D. 20
Question 12
The money supply in an economy is determined by the
A. central bank's monetary policy
B. commercial banks' l\ending and borrowing activities
C. government's fiscal policy
D. foreign exchange market
Question 13
A firm's production function is given by Q = 2L^0.5K^0.5. What is the returns to scale?
A. Increa\sing returns to scale
B. Decrea\sing returns to scale
C. Cons\tant returns to scale
D. No returns to scale
Question 14
The concept of opportunity \cost is closely related to the concept of scarcity. Which of the following is a correct statement about opportunity \cost?
A. Opportunity \cost is the value of the next best alternative.
B. Opportunity \cost is the value of the next worst alternative.
C. Opportunity \cost is the value of the next best alternative that is given up.
D. Opportunity \cost is the value of the next worst alternative that is given up.
Question 15
The opportunity \cost of producing one more unit of a good is measured by the
A. marginal \cost
B. marginal revenue
C. average \cost
D. average revenue

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