POST UTME UNIBEN 2023 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm's demand function is given by Q = 100 - 2P. The firm's marginal \cost is MC = 5. What is the firm's optimal quantity?
A. Q = 20
B. Q = 30
C. Q = 40
D. Q = 50
Question 2
A country's GDP is given by the equation Y = C + I + G + \( X - M \). If the country's consumption function is C = 500 + 0.8Y, its investment function is I = 200 + 0.2Y, and its government sp\ending is G = 1000, what is the country's equilibrium GDP?
A. Y = 5000
B. Y = 6000
C. Y = 7000
D. Y = 8000
Question 3
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 ₦500,000 and the value of imports is ₦300,000, what is the balance of payments?
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 4
The opportunity \cost of producing one more unit of a good is measured by the
A. marginal product of labor
B. marginal product of capital
C. marginal \cost
D. marginal revenue
Question 5
A government is considering a budget that allocates ₦100 million to education and ₦200 million to healthcare. What is the total budget?
A. ₦100 million
B. ₦200 million
C. ₦300 million
D. ₦400 million
Question 6
A monopoly firm's demand function is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm's marginal revenue function is MR = -2Q, find the price at which the firm's marginal revenue is maximized.
A. ₦50
B. ₦75
C. ₦100
D. ₦125
Question 7
A firm's production function is given by Q = 2L^0.5K^0.5, where L is labor and K is capital. If the firm's current labor and capital inputs are 16 and 9 units respectively, what is the marginal product of labor?
A. 0.5
B. 1
C. 2
D. 4
Question 8
A monopolist faces a demand curve given by P = 100 - 2Q. The monopolist's marginal \cost is MC = 10 + 2Q. What is the profit-maximizing quantity of output?
A. 20
B. 30
C. 40
D. 50
Question 9
A government is considering implementing a value-added tax (VAT) on all goods and services. If the VAT rate is 10%, what is the revenue generated from a ₦100 billion economy?
A. ₦10 billion
B. ₦20 billion
C. ₦30 billion
D. ₦40 billion
Question 10
A firm has a \cost function given by C = 2L + 3K, where C is the total \cost, L is the labor input, and K is the capital input. If the labor input is 5 units and the capital input is 3 units, what is the total \cost?
A. ₦13
B. ₦15
C. ₦17
D. ₦19
Question 11
A country's GDP is ₦100 billion, its GNP is ₦120 billion, and its net factor income from abroad is ₦10 billion. Calculate the country's net domestic product.
A. ₦90 billion
B. ₦100 billion
C. ₦110 billion
D. ₦120 billion
Question 12
A consumer has the following utility function: U = 2x + 3y, where x and y are the quantities of two goods. If the prices of the goods are P_x = 2 and P_y = 3, and the consumer's income is I = 100, calculate the optimal quantities of the two goods u\sing the budget constraint.
A. \( x = 20, y = 15 \)
B. \( x = 15, y = 20 \)
C. \( x = 25, y = 10 \)
D. \( x = 10, y = 25 \)
Question 13
A firm's demand function is given by Q = 100 - 2P. The firm's marginal \cost is MC = 5. What is the firm's optimal price?
A. P = 40
B. P = 45
C. P = 50
D. P = 55
Question 14
A firm's \cost function is given by C(q) = 2q^2 + 10q + 5, where q is the quantity produced. If the firm's revenue function is R(q) = 20q, what is the firm's profit function?
A. P(q) = 8q^2 + 10q - 5
B. P(q) = 8q^2 + 10q + 5
C. P(q) = 8q^2 - 10q - 5
D. P(q) = 8q^2 - 10q + 5
Question 15
A monopolist faces a demand curve given by Q = 100 - 2P. The firm's marginal \cost is MC = 5. What is the monopolist's optimal price?
A. P = 40
B. P = 45
C. P = 50
D. P = 55

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