POST UTME UNILORIN 2019 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A monopolist faces a demand curve given by Q = 100 - 2P. The monopolist's marginal \cost is $10. What is the profit-maximizing price?
A. $40
B. $30
C. $20
D. $50
Question 2
The government of Nigeria has introduced a new policy to increase agricultural production by providing subsidies to farmers. However, the policy has been criticized for being too expensive and not effectively targeting the most vulnerable farmers. U\sing the concept of opportunity \cost, explain why the government's policy may not be the most efficient way to increase agricultural production.
A. The government's policy is too expensive and not effectively targeting the most vulnerable farmers.
B. The policy is not providing enough subsidies to farmers, leading to a decrease in agricultural production.
C. The policy is not addres\sing the root causes of low agricultural production, such as lack of access to credit and markets.
D. The policy is not providing enough support to farmers in terms of techno\logy and training.
Question 3
A firm is producing a good u\sing the production function Q = 2L + 3K. If the prices of labor and capital are ₦10 and ₦20 respectively, and the firm's budget is ₦1000, find the firm's optimal input mix of labor and capital.
A. L = 20, K = 30
B. L = 30, K = 20
C. L = 40, K = 10
D. L = 10, K = 40
Question 4
A consumer is faced with the following utility function: U(x,y) = 2x + 3y. If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦10 respectively, find the consumer's optimal bundle of x and y.
A. x = 40, y = 20
B. x = 20, y = 40
C. x = 30, y = 30
D. x = 50, y = 10
Question 5
Consider a perfectly competitive market with 5 firms, each producing a homogeneous product. If the market demand curve is downward sloping and the firms are price takers, what is the likely outcome for the firms?
A. All firms will increase production to maximize profits.
B. Some firms will exit the market due to low demand.
C. Firms will produce at the point where MR = MC.
D. Firms will collude to fix prices.
Question 6
A country's national income is calculated as the sum of its wages, rents, profits, and interest. If the country's wages are $100, rents are $50, profits are $20, and interest is $10, what is the country's national income?
A. $180
B. $190
C. $200
D. $210
Question 7
The demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the price elasticity of demand is 0.5, find the price at which the quantity demanded is 60 units.
A. ₦50
B. ₦75
C. ₦100
D. ₦125
Question 8
A consumer's utility function is given by U = 2x + 3y, where U is utility, x is the quantity of good x, and y is the quantity of good y. If the consumer's income is ₦100 and the prices of good x and good y are ₦5 and ₦10 respectively, what is the consumer's optimal bundle?
A. x = 10, y = 5
B. x = 15, y = 3
C. x = 20, y = 2
D. x = 25, y = 1
Question 9
A firm's \cost function is given by the equation C(x) = 50 + 10x + 2x^2, where x is the number of units produced. If the firm produces 20 units, what is its total \cost?
A. ₦200
B. ₦250
C. ₦300
D. ₦350
Question 10
The demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the price elasticity of demand is 0.5, find the price at which the quantity demanded is 60 units.
A. ₦50
B. ₦75
C. ₦100
D. ₦125
Question 11
A firm's \cost function is given by ( C(q) = 10 + 2q + 3q^2 ). If the firm produces 5 units of output, what is its total \cost?
A. $35
B. $40
C. $45
D. $50
Question 12
A monopolistically competitive firm faces a downward-sloping demand curve. If the firm increases its price, what will happen to its quantity demanded?
A. The quantity demanded will increase because the firm is increa\sing its price.
B. The quantity demanded will decrease because the firm is increa\sing its price.
C. The quantity demanded will remain unchanged because the firm is increa\sing its price.
D. The quantity demanded will increase because the firm is decrea\sing its price.
Question 13
The government of Nigeria has introduced a new policy to increase agricultural production by providing subsidies to farmers. However, the policy has been criticized for being too expensive and not effectively targeting the most vulnerable farmers. U\sing the concept of opportunity \cost, explain why the government's policy may not be the most efficient way to increase agricultural production.
A. The government's policy is too expensive and not effectively targeting the most vulnerable farmers.
B. The policy is not providing enough subsidies to farmers, leading to a decrease in agricultural production.
C. The policy is not addres\sing the root causes of low agricultural production, such as lack of access to credit and markets.
D. The policy is not providing enough support to farmers in terms of techno\logy and training.
Question 14
A firm's \cost function is given by C(q) = 100 + 2q + 0.5q^2. Which of the following is a correct statement about the firm's \cost function?
A. The firm's \cost function is a linear function
B. The firm's \cost function is a quadratic function
C. The firm's \cost function is a cubic function
D. The firm's \cost function is a \logarithmic function
Question 15
A firm's total revenue is given by the equation TR = 100x - 2x^2, where x is the number of units sold. If the firm sells 50 units, what is its total revenue?
A. ₦2500
B. ₦3000
C. ₦3500
D. ₦4000

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