POST UTME UNILAG 2023 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A country's GDP is increa\sing at a rate of 5% per annum. Which of the following is a possible explanation for the increase in GDP?
A. The country has experienced an increase in population.
B. The country has experienced an increase in the capital stock.
C. The country has experienced an increase in the labor force.
D. The country has experienced an increase in the price level.
Question 2
A consumer's utility function is given by U = 2x + 3y, where x and y are the quantities of two goods consumed. The consumer's budget constraint is given by 2x + 3y = 12. If the consumer's income is 12, what is the optimal bundle of goods (x, y)?
A. x = 2, y = 2
B. x = 3, y = 1
C. x = 4, y = 0
D. x = 0, y = 4
Question 3
The Marshall-Lerner condition states that if the sum of the elasticities of demand for exports and imports is greater than 1, then a devaluation of the currency will lead to an improvement in the balance of payments. What is the implication of this condition for a country with an elasticity of demand for exports of 0.8 and an elasticity of demand for imports of 1.2?
A. The country will experience a deterioration in its balance of payments
B. The country will experience no change in its balance of payments
C. The country will experience an improvement in its balance of payments
D. The country will experience a worsening of its trade deficit
Question 4
A country's balance of payments is given by the following equation: BOP = X - M - I. If the country's exports (X) are $100 billion, imports (M) are $80 billion, and investment (I) is $20 billion, what is the balance of payments?
A. $20 billion
B. $30 billion
C. $40 billion
D. $50 billion
Question 5
A consumer's indifference curve is downward sloping and convex to the origin. Which of the following statements is true about the consumer's preferences?
A. The consumer prefers more of good X to less of good X.
B. The consumer is indifferent between good X and good Y.
C. The consumer prefers more of good Y to less of good Y.
D. The consumer prefers good X to good Y.
Question 6
A country's money supply is given by the equation: M = kPY. If the country's price level (P) is 100, the money supply (M) is $100 billion, and the velocity of money (k) is 2, what is the country's GDP (Y)?
A. $50 billion
B. $60 billion
C. $70 billion
D. $80 billion
Question 7
A country's balance of payments account is given by the following equation: BOP = X - M - \( F - I \), where BOP is the balance of payments, X is the value of exports, M is the value of imports, F is the value of foreign investment, and I is the value of domestic investment. If the value of exports is ₦500 billion, the value of imports is ₦600 billion, the value of foreign investment is ₦200 billion, and the value of domestic investment is ₦300 billion, determine the balance of payments.
A. ₦-100 billion
B. ₦100 billion
C. ₦200 billion
D. ₦300 billion
Question 8
A consumer has a budget of ₦1000 to sp\end on two goods, X and Y. The price of good X is ₦200 and the price of good Y is ₦300. If the consumer sp\ends all of their budget on the two goods, how many units of good X will they buy?
A. 2
B. 3
C. 4
D. 5
Question 9
The following diagram shows the supply and demand curves for a particular good. If the price of the good is currently $8, what is the equilibrium quantity?
A. 10 units
B. 20 units
C. 30 units
D. 40 units
Question 10
A firm's \cost function is given by C = 100 + 2Q + 0.01Q^2, where Q is the quantity of output produced. If the firm's revenue function is R = 50Q, what is the profit-maximizing quantity of output?
A. 20
B. 30
C. 40
D. 50
Question 11
A firm produces two goods, A and B. The production function for good A is Q_A = 100 + 20L - 0.5L^2, where Q_A is the quantity of good A produced and L is the labor used. The production function for good B is Q_B = 50 + 10L - 0.2L^2, where Q_B is the quantity of good B produced and L is the labor used. If the firm uses 50 units of labor, how many units of good A and good B will be produced?
A. Q_A = 900, Q_B = 400
B. Q_A = 1000, Q_B = 500
C. Q_A = 1100, Q_B = 600
D. Q_A = 1200, Q_B = 700
Question 12
The government of Nigeria has introduced a policy to increase the production of rice in the country. The policy includes providing subsidies to farmers and increa\sing the supply of fertilizers. What is the likely effect of this policy on the price of rice?
A. The price of rice will increase
B. The price of rice will decrease
C. The price of rice will remain the same
D. The price of rice will fluctuate
Question 13
A country's GDP is given by GDP = C + I + G + \( X - M \), where C is consumption, I is investment, G is government sp\ending, X is exports, and M is imports. If the country's GDP is 100, consumption is 30, investment is 20, government sp\ending is 10, exports are 20, and imports are 10, what is the value of the country's net exports?
A. 10
B. 20
C. 30
D. 40
Question 14
A consumer has a budget of ₦2000 to sp\end on two goods, X and Y. The price of good X is ₦400 and the price of good Y is ₦600. If the consumer sp\ends all of their budget on the two goods, how many units of good X will they buy?
A. 2
B. 3
C. 4
D. 5
Question 15
A consumer's utility function is given by U = 2x + 3y, where x and y are the quantities of two goods consumed. The consumer's budget constraint is given by 2x + 3y = 12. If the consumer's income is 12, what is the optimal bundle of goods (x, y)?
A. x = 2, y = 2
B. x = 3, y = 1
C. x = 4, y = 0
D. x = 0, y = 4

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