POST UTME UNIOSUN 2019 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A country has a trade deficit of $100 billion and a current account deficit of $50 billion. What is the capital account surplus?
A. $50 billion
B. $100 billion
C. $150 billion
D. $200 billion
Question 2
The opportunity \cost of producing one more unit of a good is the
A. Additional revenue generated from the sale of the good
B. The \cost of producing the good
C. The \cost of producing one less unit of the good
D. The \cost of producing one more unit of the good
Question 3
A consumer's indifference curve is represented by the equation ( u(x,y) = 2x + 3y ). If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦3 respectively, what is the consumer's optimal bundle?
A. (100, 150)
B. (200, 100)
C. (150, 200)
D. (250, 50)
Question 4
A firm's revenue function is given by the equation ( R(p) = 3p^2 - 2p + 10 ). If the firm sells its product at ₦10 per unit, what is its total revenue?
A. ₦100
B. ₦200
C. ₦300
D. ₦400
Question 5
A country's balance of payments account shows a trade deficit. What is the likely effect on its exchange rate?
A. Appreciation of the currency
B. Depreciation of the currency
C. No change in the exchange rate
D. Uncertainty about the exchange rate
Question 6
A firm has a demand function given by Q = 100 - 2P. If the firm's marginal \cost is MC = ₦10, and the price elasticity of demand is 2, what is the firm's optimal price?
A. ₦20
B. ₦30
C. ₦40
D. ₦50
Question 7
A monopolist faces a demand curve given by Q = 100 - 2P. If the firm's marginal \cost is 20, what is its profit-maximizing price?
A. 40
B. 50
C. 60
D. 70
Question 8
A firm's \cost function is given by C = 2L + 3K. If the firm's current labor and capital inputs are L = 10 and K = 5, respectively, what is the firm's current total \cost?
A. 20
B. 30
C. 40
D. 50
Question 9
A firm has a total revenue of ₦1,500,000 and a total \cost of ₦1,200,000. If the price elasticity of demand is 2, and the price elasticity of supply is 1.5, what is the firm's profit?
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 10
A country's GDP is ₦1,000,000,000. If the country's population is 20,000,000, what is the country's per capita income?
A. ₦50
B. ₦100
C. ₦200
D. ₦500
Question 11
A consumer has a utility function given by U(x, y) = 2x + 3y. If the consumer's income is ₦1,000, 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 = 150, y = 75
C. x = 200, y = 100
D. x = 250, y = 125
Question 12
A country's balance of payments is given by the following equation: BOP = \( X - M \) + \( F - I \), where X is exports, M is imports, F is foreign investment, and I is domestic investment. If the country's exports increase by 15% and imports decrease by 10%, while foreign investment increases by 20% and domestic investment remains cons\tant, what is the new balance of payments?
A. Increase by 10%
B. Decrease by 5%
C. Increase by 20%
D. Decrease by 15%
Question 13
A consumer's utility function is given by U = 2x + 3y, where x and y are the quantities of two goods. If the consumer's income is ₦1000 and the prices of the two goods are ₦5 and ₦10 respectively, what is the consumer's optimal bundle of goods?
A. x = 40, y = 20
B. x = 30, y = 30
C. x = 20, y = 40
D. x = 10, y = 50
Question 14
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. What is the implication of this condition for a country experiencing a devaluation?
A. The country's balance of payments will worsen.
B. The country's balance of payments will improve.
C. The country's balance of payments will remain unchanged.
D. The country's balance of payments will dep\end on other factors.
Question 15
The elasticity of demand for a good is measured by the percentage change in the quantity demanded of the good in response to a 1% change in the price of the good. If the demand for a good is elastic, then the percentage change in the quantity demanded of the good will be
A. Greater than 1%
B. Less than 1%
C. Equal to 1%
D. Greater than 0%

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