POST UTME UNILAG 2022 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm faces a demand curve given by Q = 100 - 2P. If the price of the good is ₦50, calculate the quantity demanded.
A. 50 units
B. 75 units
C. 100 units
D. 125 units
Question 2
A firm's revenue function is given by R(x) = 2x^2 + 5x + 1, where x is the number of units produced. If the firm's \cost function is C(x) = 3x^2 + 2x + 5, what is the profit function?
A. -x^2 + 3x - 4
B. x^2 - 3x + 4
C. x^2 + 3x - 4
D. -x^2 - 3x + 4
Question 3
A monopolist's demand curve is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the firm's marginal revenue function is given by the equation MR = 200 - 2Q, what is the monopolist's profit-maximizing quantity?
A. Q = 50
B. Q = 75
C. Q = 100
D. Q = 125
Question 4
A firm is considering investing in a new project with the following cash flows: Year 0: -₦10,000, Year 1: ₦5,000, Year 2: ₦10,000, Year 3: ₦15,000. What is the net present value (NPV) of the project if the discount rate is 10%?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 5
A country's GDP is $100 billion, its imports are $20 billion, and its exports are $30 billion. What is its balance of trade?
A. The balance of trade is a surplus of $10 billion.
B. The balance of trade is a deficit of $10 billion.
C. The balance of trade is a surplus of $20 billion.
D. The balance of trade is a deficit of $20 billion.
Question 6
A country's GDP at market price is 100 billion naira. The government imposes a 10% sales tax on all goods and services. Determine the country's GDP at factor \cost.
A. 90 billion naira
B. 95 billion naira
C. 100 billion naira
D. 105 billion naira
Question 7
A firm's demand function is given by Q = 100 - 2P, where Q is quantity demanded and P is price. If the firm's marginal revenue function is MR = 200 - 4Q, determine the firm's optimal price and quantity.
A. P = 20, Q = 40
B. P = 30, Q = 50
C. P = 40, Q = 60
D. P = 50, Q = 70
Question 8
A consumer's indifference curve is given by the equation U(x, y) = 2x + 3y, where x and y are the quantities of two goods consumed. If the consumer's budget constraint is given by the equation 2x + 3y = 100, what is the consumer's optimal bundle of goods?
A. x = 20, y = 30
B. x = 30, y = 20
C. x = 40, y = 10
D. x = 50, y = 0
Question 9
A perfectly competitive market has a demand curve that is downward-sloping and a supply curve that is upward-sloping. What is the equilibrium price and quantity in this market?
A. The equilibrium price is P1 and the equilibrium quantity is Q1.
B. The equilibrium price is P2 and the equilibrium quantity is Q2.
C. The equilibrium price is P3 and the equilibrium quantity is Q3.
D. The equilibrium price is P4 and the equilibrium quantity is Q4.
Question 10
Determine the elasticity of demand for a commodity whose price elasticity of demand is 0.8 and whose income elasticity of demand is 0.5. Assume that the income effect is indep\endent of the price effect.
A. 0.5
B. 0.8
C. 1.2
D. 1.5
Question 11
A country's balance of payments (BOP) accounts can be affected by a change in the exchange rate. If the exchange rate appreciates, what will be the effect on the country's net exports?
A. Net exports will increase.
B. Net exports will decrease.
C. Net exports will remain unchanged.
D. The effect on net exports will be ambiguous.
Question 12
A firm's production function is given by Q = 100K^\( 1/2 \)L^\( 1/2 \), where Q is output, K is capital, and L is labor. If the price of capital is 10 and the price of labor is 5, and if the firm's budget constraint is 100K + 50L = 1000, determine the optimal values of K and L.
A. K = 10, L = 10
B. K = 20, L = 5
C. K = 5, L = 20
D. K = 15, L = 15
Question 13
A country's population is 20 million. If the population grows at a rate of 2% per annum, what is the population after 5 years?
A. 20,000,000
B. 21,000,000
C. 21,989,600
D. 22,000,000
Question 14
A firm's demand curve for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the firm's supply curve is given by the equation Qs = 2P - 50, where Qs is the quantity supplied, what is the equilibrium price and quantity?
A. P = 25, Q = 75
B. P = 50, Q = 100
C. P = 75, Q = 125
D. P = 100, Q = 150
Question 15
Consider a firm operating in a perfectly competitive market with a downward-sloping demand curve. If the firm's marginal revenue (MR) is greater than its marginal \cost (MC), what will be the effect on the firm's output?
A. The firm will increase its output.
B. The firm will decrease its output.
C. The firm's output will remain unchanged.
D. The firm will exit the market.

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