POST UTME UNIOSUN 2017 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
Agricultural development in Nigeria has been hindered by several factors. Identify and explain two of these factors.
A. Lack of access to credit and high interest rates, leading to low investment in agriculture.
B. Poor infrastructure and lack of storage facilities, leading to post-harvest losses.
C. Inadequate extension services and lack of agricultural research, leading to low productivity.
D. All of the above.
Question 2
The central bank of Nigeria has increased the reserve requirement for commercial banks. What is the likely effect on the money supply?
A. Increase in money supply
B. Decrease in money supply
C. No change in money supply
D. Uncertainty about the effect on money supply
Question 3
A consumer's utility function is given by U = 2x + 3y. If the price of good x is ₦50 and the price of good y is ₦75, find the consumer's budget constraint.
A. ₦150
B. ₦225
C. ₦300
D. ₦375
Question 4
The following diagram shows the production possibilities frontier for a country. If the country is currently producing 100 units of good A and 50 units of good B, what is the opportunity \cost of producing one more unit of good A?
A. 0.5 units of good B
B. 1 unit of good B
C. 2 units of good B
D. 3 units of good B
Question 5
A firm has a production function given by Q = 3L^\( 1/3 \)K^\( 2/3 \). If the price of the good is $15 and the wage rate is $10 per hour, what is the optimal level of labor (L) to maximize profits?
A. 4
B. 8
C. 16
D. 32
Question 6
A consumer has an indifference curve given by U = 2x + 3y and a budget constraint given by 2x + 3y = 12. What is the optimal consumption bundle?
A. (2, 4)
B. (4, 2)
C. (6, 0)
D. (0, 6)
Question 7
A firm's revenue function is given by R(x) = 100x - 2x^2. Find the marginal revenue function.
A. 100 - 4x
B. 100 + 4x
C. 2x^2 - 100
D. x^2 + 100
Question 8
A perfectly competitive market has a demand curve that is downward sloping. What is the implication of this for the firm's marginal revenue (MR) curve?
A. The MR curve is upward sloping.
B. The MR curve is downward sloping.
C. The MR curve is horizontal.
D. The MR curve is vertical.
Question 9
The demand for a commodity is said to be elastic if the percentage change in the quantity demanded is greater than the percentage change in the price. What is the condition for the demand to be inelastic?
A. Percentage change in quantity demanded is less than the percentage change in price
B. Percentage change in quantity demanded is greater than the percentage change in price
C. Percentage change in quantity demanded is equal to the percentage change in price
D. Percentage change in quantity demanded is less than or equal to the percentage change in price
Question 10
A central bank increases the reserve requirement for commercial banks. What is the likely effect on the money supply?
A. Increase
B. Decrease
C. No effect
D. Uncertain
Question 11
A consumer has a budget of ₦1000 to sp\end on two goods, A and B. The price of good A is ₦200 and the price of good B is ₦300. If the consumer sp\ends all the budget on good A, what is the opportunity \cost of buying good B?
A. ₦200
B. ₦300
C. ₦400
D. ₦500
Question 12
A farmer produces 100 units of wheat and 80 units of maize. The prices of wheat and maize are ₦5 and ₦3 respectively. What is the farmer's total revenue?
A. ₦500
B. ₦600
C. ₦700
D. ₦800
Question 13
A firm's \cost function is given by C(x) = 100 + 2x^2. Find the marginal \cost function.
A. 4x
B. 2x^2
C. 100 + 2x^2
D. x^2 + 100
Question 14
A consumer has a utility function given by U(x, y) = 2x + 3y. If the consumer's budget constraint is 10x + 5y = 100, what is the consumer's optimal bundle of x and y?
A. x = 5, y = 10
B. x = 10, y = 5
C. x = 15, y = 0
D. x = 0, y = 20
Question 15
A firm produces 1000 units of a commodity at a \cost of ₦10 per unit. If the price of the commodity increases by 20%, what is the new \cost of production?
A. ₦12,000
B. ₦11,000
C. ₦10,000
D. ₦9,000

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