POST UTME UNIBEN 2024 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm is operating in a perfectly competitive market. If the firm increases its production, what will happen to its price?
A. The price will increase
B. The price will decrease
C. The price will remain the same
D. The price will be unaffected
Question 2
A consumer's demand function for good x is given by Qx = 100 - 2Px. If the price of good x is $20, what is the quantity of good x that the consumer will purchase?
A. 40
B. 60
C. 80
D. 100
Question 3
A firm has the following \cost function: TC = 100 + 2Q + 3Q^2. If the firm produces 20 units, determine the total \cost.
A. ₦1,200
B. ₦1,500
C. ₦2,000
D. ₦2,500
Question 4
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 increases its labor input from 100 units to 120 units, and holds capital cons\tant at 400 units, what is the percentage change in output?
A. 10%
B. 20%
C. 30%
D. 40%
Question 5
A firm's demand function is given by Q = 100 - 2P, where Q is quantity demanded and P is price. If the firm increases its price from 20 naira to 25 naira, what is the percentage change in quantity demanded?
A. -10%
B. -20%
C. -30%
D. -40%
Question 6
A consumer's budget constraint is given by the equation: 2x + 3y = 12, where x and y are the quantities of two goods. If the consumer's income is ₦12 and the prices of the two goods are ₦2 and ₦3 respectively, what is the consumer's optimal bundle of goods?
A. x = 2, y = 4
B. x = 4, y = 2
C. x = 6, y = 0
D. x = 0, y = 6
Question 7
Agricultural development in Nigeria has been hindered by the lack of access to credit facilities by farmers. What is the most likely consequence of this lack of access to credit?
A. Increased production \costs for farmers.
B. Reduced agricultural productivity.
C. Increased food prices for consumers.
D. Decreased agricultural investment.
Question 8
The Nigerian government has implemented a policy to increase the production of textiles in the country. What is the likely effect of this policy on the unemployment rate?
A. The unemployment rate will increase.
B. The unemployment rate will decrease.
C. The unemployment rate will remain the same.
D. The unemployment rate will fluctuate.
Question 9
A consumer's utility function is given by U = 2x + 3y. If the consumer's budget constraint is 2x + 3y = 12, and the price of good x is $2, what is the optimal quantity of good y that the consumer should purchase?
A. 2
B. 4
C. 6
D. 8
Question 10
A consumer has the following utility function: U(x,y) = 2x + 3y. If the prices of x and y are ₦5 and ₦10, respectively, and the consumer has a budget of ₦100, determine the optimal quantities of x and y to consume.
A. x = 10, y = 5
B. x = 15, y = 3
C. x = 20, y = 2
D. x = 25, y = 1
Question 11
Consider a firm operating in a perfectly competitive market. If the firm's average \cost curve intersects the demand curve at a point where the firm is producing at its optimal level of output, what can be concluded about the firm's returns to scale?
A. The firm is experiencing decrea\sing returns to scale.
B. The firm is experiencing increa\sing returns to scale.
C. The firm is experiencing cons\tant returns to scale.
D. The firm is experiencing negative returns to scale.
Question 12
A firm is facing a perfectly elastic demand curve. If the firm increases the price of its product by 10%, what will happen to its revenue?
A. The revenue will increase by 10%
B. The revenue will decrease by 10%
C. The revenue will remain the same
D. The revenue will increase by 20%
Question 13
A consumer has a budget constraint of ₦1,000 and a preference for two goods, A and B. The prices of the goods are ₦500 and ₦200, respectively. If the consumer chooses to buy 2 units of good A, how many units of good B can the consumer buy?
A. 2 units
B. 4 units
C. 6 units
D. 8 units
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 increases its capital input from 400 units to 500 units, and holds labor cons\tant at 100 units, what is the percentage change in output?
A. 10%
B. 20%
C. 30%
D. 40%
Question 15
Determine the equilibrium price and quantity of a commodity, given the following demand and supply functions: P = 100 - 2Q and P = 50 + 3Q, respectively.
A. ₦200, 20 units
B. ₦150, 30 units
C. ₦250, 15 units
D. ₦300, 10 units

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