POST UTME UNILORIN 2023 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
The Nigerian government has introduced a new policy to increase the production of maize in the country. The policy includes providing subsidies to farmers and increa\sing the import duty on maize. U\sing the concept of industrialization, explain why the government's policy may not be effective in increa\sing maize production.
A. The policy may not be effective because the government's policy may lead to a decrease in the quality of maize produced, which may not be acceptable to consumers.
B. The policy may not be effective because the government's policy may lead to a decrease in the quantity of maize produced, due to the high \cost of production.
C. The policy may not be effective because the government's policy may lead to a decrease in the revenue generated from the sale of maize, due to the high \cost of production.
D. The policy may not be effective because the government's policy may lead to a decrease in the quantity of maize produced, due to the high demand for maize.
Question 2
A firm's \cost function is given by ( C(q) = 10q + 100 ), where ( q ) is the quantity produced. If the firm's revenue function is given by ( R(q) = 20q ), calculate the firm's profit function.
A. ( pi(q) = 10q + 100 - 20q )
B. ( pi(q) = 10q - 20q + 100 )
C. ( pi(q) = 10q + 100 + 20q )
D. ( pi(q) = 10q - 100 - 20q )
Question 3
A country's GDP is ₦100 billion, its imports are ₦20 billion, and its exports are ₦15 billion. What is its balance of trade?
A. ₦5 billion surplus
B. ₦5 billion deficit
C. ₦10 billion surplus
D. ₦10 billion deficit
Question 4
A consumer's indifference curve is given by U = 2x + 3y. If the consumer's budget constraint is given by 2x + 4y = ₦100, what is the consumer's optimal bundle?
A. (x, y) = (20, 10)
B. (x, y) = (15, 12.5)
C. (x, y) = (10, 20)
D. (x, y) = (5, 25)
Question 5
Agricultural mechanization in Nigeria has led to an increase in crop yields. However, this has also resulted in soil degradation. What is the opportunity \cost of agricultural mechanization?
A. Increased crop yields
B. Soil degradation
C. Loss of biodiversity
D. Decreased water quality
Question 6
A monopolist faces a demand curve given by Q = 100 - 2P. If the firm's marginal revenue function is MR = 200 - 2Q, what is the firm's optimal price?
A. ₦50
B. ₦75
C. ₦100
D. ₦125
Question 7
A firm's \cost function is given by C = 100 + 2Q + 0.5Q^2, where C is the total \cost and Q is the quantity produced. What is the marginal \cost when Q = 10?
A. 110
B. 120
C. 130
D. 140
Question 8
A firm operates under cons\tant returns to scale. If it increases its output by 10%, what will be the percentage change in its total \cost?
A. 0%
B. 5%
C. 10%
D. 15%
Question 9
The Marshall Plan was a post-war economic aid program implemented by the United States to help rebuild which of the following countries?
A. Germany
B. France
C. Italy
D. Japan
Question 10
The following diagram shows the demand and supply curves for a particular good. If the price of the good is 10, what is the quantity demanded?
A. 20
B. 30
C. 40
D. 50
Question 11
The Nigerian government has implemented a tax on imported goods to reduce the trade deficit. What is the effect of this tax on the supply curve?
A. Shifts the supply curve to the left
B. Shifts the supply curve to the right
C. Does not affect the supply curve
D. Increases the supply curve
Question 12
A monopolist faces a demand curve given by Q = 100 - 2P. The firm's marginal \cost is ₦50. What is the optimal price and quantity?
A. P = ₦50, Q = 50
B. P = ₦75, Q = 25
C. P = ₦100, Q = 0
D. P = ₦25, Q = 75
Question 13
Consider a country with a GDP of ₦10 trillion and a GNP of ₦11 trillion. If the country's net factor income from abroad is ₦1 trillion, calculate the country's net capital outflow.
A. ₦1 trillion
B. ₦2 trillion
C. ₦3 trillion
D. ₦4 trillion
Question 14
A consumer has a 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, what is the consumer's optimal bundle?
A. x = 100, y = 50
B. x = 50, y = 100
C. x = 200, y = 0
D. x = 0, y = 200
Question 15
A firm's revenue function is given by R(x) = 2x^2 + 5x + 1. If the firm's marginal revenue is 10, find the value of x.
A. 1
B. 2
C. 3
D. 4

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