POST UTME UNIBEN 2025 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm is producing a good with a production function F(x) = 2x^2 + 3x. If the firm's input price is 5, what is the firm's \cost-minimizing input level?
A. \( x = 1 \)
B. \( x = 2 \)
C. \( x = 3 \)
D. \( x = 4 \)
Question 2
A country's import demand function is given by M = 100 - 2Y + 3P, where M is imports, Y is income, and P is the price of imports. If the price of imports is 50 and income is 1000, what is the quantity of imports demanded?
A. 200
B. 300
C. 400
D. 500
Question 3
The concept of elasticity of demand refers to the responsiveness of the quantity demanded of a good to changes in its price. Which of the following is a correct statement about the elasticity of demand?
A. The elasticity of demand is a measure of the responsiveness of the quantity demanded of a good to changes in its price.
B. The elasticity of demand is a measure of the responsiveness of the quantity supplied of a good to changes in its price.
C. The elasticity of demand is a measure of the responsiveness of the quantity demanded of a good to changes in its income.
D. The elasticity of demand is a measure of the responsiveness of the quantity supplied of a good to changes in its income.
Question 4
A monopolist faces a demand curve given by Q = 100 - 2P. The firm's marginal revenue (MR) function is given by MR = 200 - 4Q. Calculate the price elasticity of demand at a quantity of 60 units.
A. 0.5
B. 1
C. 2
D. 4
Question 5
A firm's production function is given by Q = 2L^0.5K^0.5. If the price of labor (L) is ₦100 per unit and the price of capital (K) is ₦200 per unit, calculate the opportunity \cost of one additional unit of labor.
A. ₦50
B. ₦100
C. ₦200
D. ₦500
Question 6
A country's GDP is ₦10 trillion. If the country's population is 200 million, and the average GDP per capita is ₦50,000, what is the country's GDP growth rate if the GDP per capita increases by 10%?
A. 5%
B. 10%
C. 15%
D. 20%
Question 7
A firm's production function is given by Q = 2L^0.5K^0.5. If the price of labor (L) is ₦100 per unit and the price of capital (K) is ₦200 per unit, calculate 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 8
Consider a firm operating in a perfectly competitive market with a given production function Q = 2L^0.5K^0.5. If the firm's current input prices are w = ₦100 and r = ₦200, and it currently employs 4 units of labor and 9 units of capital, calculate the firm's current total \cost.
A. ₦2,400
B. ₦2,600
C. ₦2,800
D. ₦3,000
Question 9
A monopolistically competitive firm faces a demand curve with the following equation: \( Q = 100 - 2P \). If the firm's marginal revenue (MR) is given by \( MR = 50 - P \), find the firm's profit-maximizing price and quantity.
A. P = 40, Q = 60
B. P = 30, Q = 70
C. P = 50, Q = 50
D. P = 20, Q = 80
Question 10
A firm is producing a good with a total revenue of ₦100,000 and a total \cost of ₦80,000. If the firm's marginal revenue is ₦5,000 and its marginal \cost is ₦3,000, what is the firm's profit?
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 11
A country has a trade deficit of $100 million and a balance of payments deficit of $200 million. What is the country's net foreign exchange position?
A. $100 million surplus
B. $100 million deficit
C. $200 million surplus
D. $200 million deficit
Question 12
A monopolist faces a demand curve given by Q = 100 - 2P. The firm's marginal revenue (MR) function is given by MR = 200 - 4Q. Calculate the price at which the firm will produce 60 units.
A. ₦20
B. ₦30
C. ₦40
D. ₦50
Question 13
The demand for a good is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the price is ₦50, what is the quantity demanded?
A. 20
B. 30
C. 40
D. 50
Question 14
A firm's production function is given by Q = 3L^0.5K^0.5. If the firm's current input prices are w = ₦150 and r = ₦300, and it currently employs 6 units of labor and 12 units of capital, calculate the firm's current total \cost.
A. ₦4,500
B. ₦5,000
C. ₦5,500
D. ₦6,000
Question 15
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current input prices are w = ₦100 and r = ₦200, and it currently employs 3 units of labor and 6 units of capital, calculate the firm's current total \cost.
A. ₦1,200
B. ₦1,400
C. ₦1,600
D. ₦1,800

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