POST UTME UNILORIN 2024 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm's total revenue is given by TR = 100P - 0.5P^2, and its total \cost is given by TC = 50 + 20P. Find the profit-maximizing price and quantity.
A. ₦50, 100
B. ₦75, 125
C. ₦100, 150
D. ₦125, 175
Question 2
A country's trade balance is the difference between its exports and imports of goods and services
A. true
B. false
C. only when the exchange rate is fixed
D. only when the exchange rate is floating
Question 3
A consumer has an indifference curve given by U = 2x + 3y and a budget constraint given by 2x + 3y = 30. What is the optimal consumption bundle?
A. x = 5, y = 5
B. x = 10, y = 0
C. x = 0, y = 10
D. x = 15, y = -5
Question 4
A perfectly competitive firm's supply curve is upward-sloping because of the law of increa\sing
A. diminishing returns
B. increa\sing \costs
C. decrea\sing marginal revenue
D. cons\tant returns to scale
Question 5
A consumer's budget constraint is the maximum amount of money that the consumer has available to sp\end on a good or service
A. True
B. False
C. Maybe
D. Not sure
Question 6
A central bank uses a monetary policy tool to increase the money supply by 10%. What is the expected effect on the price level?
A. Price level increases by 5%
B. Price level increases by 10%
C. Price level remains unchanged
D. Price level decreases by 5%
Question 7
A firm's marginal revenue product is the additional revenue generated by the last unit of a variable input
A. True
B. False
C. Maybe
D. Not sure
Question 8
The demand for a commodity 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 percentage change in quantity demanded when the price increases by 10%.
A. 5%
B. 10%
C. 15%
D. 20%
Question 9
A monopolist faces a demand curve given by Q = 100 - 2P and a \cost function C = 50 + 5Q. What is the profit-maximizing price and quantity?
A. P = 40, Q = 30
B. P = 50, Q = 25
C. P = 60, Q = 20
D. P = 70, Q = 15
Question 10
A perfectly competitive market is characterized by
A. a \single buyer and seller
B. many buyers and sellers
C. a \single product
D. a \single price
Question 11
A country's balance of payments is given by the following equation: BOP = \( X - M \) + \( F - I \). If the country's exports are $100 billion, imports are $80 billion, foreign investment is $20 billion, and domestic investment is $15 billion, what is the balance of payments?
A. $5 billion surplus
B. $10 billion surplus
C. $15 billion deficit
D. $20 billion deficit
Question 12
A firm is considering two investment projects, A and B. Project A has a net present value (NPV) of ₦1 million and a payback period of 5 years. Project B has an NPV of ₦2 million and a payback period of 3 years. Which project should the firm choose?
A. Project A
B. Project B
C. Both projects are equally good
D. Neither project is good
Question 13
A monopolist's demand curve is given by Q = 100 - 2P, and its marginal revenue curve is given by MR = 100 - 2P. Find the price and quantity at which the monopolist maximizes profit.
A. ₦50, 150
B. ₦75, 125
C. ₦100, 100
D. ₦125, 75
Question 14
A country's GDP is given by the following equation: GDP = C + I + G + \( X - M \). If the country's consumption is $500 billion, investment is $100 billion, government sp\ending is $200 billion, exports are $150 billion, and imports are $120 billion, what is the GDP?
A. $1.1 trillion
B. $1.2 trillion
C. $1.3 trillion
D. $1.4 trillion
Question 15
A country's balance of payments is in equilibrium when the current account is equal to the capital account
A. true
B. false
C. only when the exchange rate is fixed
D. only when the exchange rate is floating

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