POST UTME UNILORIN 2022 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
The Marshall-Lerner condition states that a country's balance of payments will improve if the sum of the percentage changes in its export and import prices is greater than the percentage change in its exchange rate. Which of the following scenarios would lead to an improvement in the balance of payments?
A. An increase in export prices and a decrease in import prices
B. A decrease in export prices and an increase in import prices
C. An increase in export prices and an increase in import prices
D. A decrease in export prices and a decrease in import prices
Question 2
A government imposes a tax on a good, which causes the supply curve to shift to the left. What is the effect on the equilibrium price and quantity of the good?
A. The equilibrium price increases and the equilibrium quantity decreases
B. The equilibrium price decreases and the equilibrium quantity increases
C. The equilibrium price remains the same and the equilibrium quantity decreases
D. The equilibrium price remains the same and the equilibrium quantity increases
Question 3
A firm's \cost function is given by C = 2L + 3H. If the firm produces 16 units of output, calculate the marginal \cost of production.
A. ₦100
B. ₦150
C. ₦200
D. ₦250
Question 4
A firm is producing a good with the following demand and supply functions: D(p) = 100 - 2p and S(p) = 2p + 10. Find the equilibrium price and quantity.
A. p = 5, q = 20
B. p = 10, q = 30
C. p = 15, q = 40
D. p = 20, q = 50
Question 5
A country's GDP is given by the equation Y = C + I + G + \( X - M \). If the country's consumption is 60% of its GDP, investment is 20% of its GDP, government sp\ending is 15% of its GDP, exports are 25% of its GDP, and imports are 10% of its GDP, calculate the country's GDP.
A. ₦1000
B. ₦1200
C. ₦1500
D. ₦1800
Question 6
A consumer's utility function is given by U = 2x + 3y. If the consumer's income is ₦1000 and the prices of x and y are ₦50 and ₦75 respectively, find the consumer's optimal bundle of x and y.
A. x = 10, y = 5
B. x = 5, y = 10
C. x = 15, y = 3
D. x = 20, y = 2
Question 7
A firm'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 supply curve is given by the equation Qs = 2P - 10, where Qs is the quantity supplied, what is the equilibrium 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 firm's production function is given by \( Q = 100L^{0.5}K^{0.25} \), where Q is output, L is labor, and K is capital. The firm's budget constraint is given by \( 2L + 3K = 100 \), and the prices of labor and capital are $10 and $20 respectively. Find the firm's optimal levels of L and K that maximize its output.
A. \( L = 20, K = 10 \)
B. \( L = 15, K = 20 \)
C. \( L = 10, K = 15 \)
D. \( L = 5, K = 25 \)
Question 9
A firm is operating in a perfectly competitive market with a demand curve given by Q = 100 - 2P and a supply curve given by Q = 10 + 3P. U\sing the concept of consumer surplus and producer surplus, determine the total welfare of the market.
A. ₦1000
B. ₦1200
C. ₦1500
D. ₦1800
Question 10
The government of a country decides to implement a policy of price control to reduce inflation. However, the policy leads to a shortage of essential goods. Which of the following is a consequence of the policy?
A. Increased production of essential goods
B. Reduced demand for essential goods
C. Shortage of essential goods
D. Increased inflation
Question 11
A consumer's utility function is given by U(x,y) = 2x + 3y, where x and y are the quantities of two goods consumed. If the consumer's income is ₦100 and the prices of the two goods are ₦10 and ₦20 respectively, find the optimal quantities of the two goods that maximize the consumer's utility.
A. x = 5, y = 3
B. x = 3, y = 5
C. x = 4, y = 4
D. x = 2, y = 6
Question 12
Consider a country with a GDP of ₦10 trillion and a GNP of ₦12 trillion. If the country's population is 200 million, calculate the per capita income in naira.
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 13
A consumer's indifference curve is given by the equation 2x + 3y = 12. If the consumer's income is ₦1000 and the prices of x and y are ₦50 and ₦75 respectively, find the consumer's optimal bundle of x and y.
A. x = 10, y = 5
B. x = 5, y = 10
C. x = 15, y = 3
D. x = 20, y = 2
Question 14
A country is experiencing a recession, and the government decides to implement a fiscal policy to stimulate economic growth. Which of the following is a possible consequence of the policy?
A. Increased government sp\ending
B. Reduced government sp\ending
C. Increased taxation
D. Reduced taxation
Question 15
A firm's production function is given by Q = 2L^0.5H^0.5. If the price of labor (L) is ₦100 per unit and the price of capital (H) is ₦200 per unit, calculate the total \cost of producing 16 units of output.
A. ₦3200
B. ₦6400
C. ₦12800
D. ₦25600

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