POST UTME UNIBEN 2022 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm is operating under cons\tant returns to scale. If it increases its output by 20% and its input by 20%, what will be the effect on its average \cost per unit?
A. The average \cost per unit will decrease
B. The average \cost per unit will increase
C. The average \cost per unit will remain the same
D. The effect on average \cost per unit is uncertain
Question 2
A monopolist's demand curve is downward sloping because of the?
A. Law of diminishing marginal utility
B. Law of increa\sing marginal utility
C. Law of diminishing marginal rate of substitution
D. Law of cons\tant marginal utility
Question 3
A firm's production function is given by Q = 2L^0.5H^0.5, where Q is output, L is labor, and H is capital. If the firm's current labor and capital inputs are L = 16 and H = 9, respectively, what is the marginal product of labor (MPL) when the firm is producing at this level of inputs?
A. 1
B. 2
C. 3
D. 4
Question 4
The supply curve of a commodity is given by the equation Q = 100 + 2P, where Q is the quantity supplied and P is the price. If the demand curve is represented by the equation Q = 200 - 5P, what is the equilibrium price and quantity?
A. P = 30, Q = 130
B. P = 50, Q = 150
C. P = 70, Q = 170
D. P = 90, Q = 190
Question 5
A firm's demand curve is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the price is $20, how many units will be demanded?
A. 40
B. 60
C. 80
D. 100
Question 6
A country's balance of payments (BOP) is given by BOP = X - M, where X is exports and M is imports. If the country's exports are ₦500 billion and its imports are ₦600 billion, what is its balance of payments?
A. ₦100 billion
B. ₦50 billion
C. ₦200 billion
D. ₦300 billion
Question 7
A firm is considering two different production processes to manufacture a product. Process A has a fixed \cost of ₦100,000 and a variable \cost of ₦50 per unit. Process B has a fixed \cost of ₦150,000 and a variable \cost of ₦30 per unit. If the selling price of the product is ₦120 per unit, which process should the firm choose?
A. Process A
B. Process B
C. Both processes are equally profitable
D. Neither process is profitable
Question 8
A firm's total revenue (TR) is given by TR = 100Q - 2Q^2, where Q is the quantity sold. If the firm sells 10 units, what is its total revenue?
A. ₦800
B. ₦900
C. ₦1,000
D. ₦1,100
Question 9
A country's GDP is ₦1,500 billion, and its GNP is ₦1,600 billion. What is the net factor income from abroad?
A. ₦100 billion
B. ₦50 billion
C. ₦200 billion
D. ₦300 billion
Question 10
A country's balance of payments is given by the following equations: BOP = X - M, where X is the value of exports and M is the value of imports. If the value of exports is ₦150 billion and the value of imports is ₦180 billion, what is the balance of payments?
A. ₦30 billion
B. ₦40 billion
C. ₦50 billion
D. ₦60 billion
Question 11
A firm is operating in a perfectly competitive market. The demand curve for its product is given by the equation Q = 100 - 2P. The firm's marginal \cost curve is given by the equation MC = 10 + 2Q. What is the firm's profit-maximizing price?
A. ₦40
B. ₦50
C. ₦60
D. ₦70
Question 12
A firm operating in a perfectly competitive market is characterized by which of the following?
A. A \single price setter
B. A firm that is a price taker
C. A firm that produces a homogeneous product
D. A firm that has complete control over the market
Question 13
A country's GNP is ₦1.2 trillion. The government decides to increase the price of a particular good by 15%. What is the likely effect on the country's GNP?
A. Increase in GNP
B. Decrease in GNP
C. No effect on GNP
D. Increase in inflation
Question 14
The following table shows the demand and supply schedules for a product: | Price | Quantity Demanded | Quantity Supplied || --- | --- | --- || 10 | 20 | 30 || 20 | 40 | 50 || 30 | 60 | 70 || 40 | 80 | 90 || 50 | 100 | 110 | If the price is 30, what is the equilibrium quantity?
A. 60
B. 70
C. 80
D. 90
Question 15
A central bank increases the money supply in an economy by buying government bonds from commercial banks. This action is an example of _______ monetary policy.
A. Expansionary
B. Contractionary
C. Neutral
D. Monetarist

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