POST UTME UNIPORT 2020 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm's demand function for a product is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm's marginal \cost is ₦50 per unit, find the profit-maximizing price and quantity.
A. P = ₦50, Q = 75
B. P = ₦75, Q = 50
C. P = ₦25, Q = 100
D. P = ₦100, Q = 0
Question 2
A firm's supply function is given by Qs = 2P + 50, where Qs is the quantity supplied and P is the price. If the price is ₦20, what is the quantity supplied?
A. 70 units
B. 80 units
C. 90 units
D. 100 units
Question 3
A consumer has a budget of ₦1000 and faces the following prices for two goods: x and y. The budget constraint is given by the equation 2x + 3y = 1000. If the consumer's utility function is U(x,y) = 2x + 3y, what is the optimal bundle of goods?
A. x = 200, y = 200
B. x = 300, y = 150
C. x = 400, y = 100
D. x = 500, y = 50
Question 4
Suppose the demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the supply of the product is given by the equation Qs = 2P - 20, 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 5
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 ₦100 and the prices of the two goods are ₦20 and ₦30 respectively, what is the consumer's optimal bundle?
A. x = 2, y = 3
B. x = 3, y = 2
C. x = 4, y = 1
D. x = 1, y = 4
Question 6
A firm's total revenue (TR) is given by the equation TR = 100q - 2q^2, where q is the quantity sold. If the firm's marginal revenue (MR) is 80, find the value of q.
A. 10
B. 20
C. 30
D. 40
Question 7
A firm's production function is given by Q = 2L^0.5K^0.5. If the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, find the optimal level of labor and capital.
A. L = 100, K = 200
B. L = 200, K = 100
C. L = 50, K = 50
D. L = 0, K = 0
Question 8
A firm's demand function is given by Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the price is ₦20, what is the quantity demanded?
A. 50 units
B. 60 units
C. 70 units
D. 80 units
Question 9
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 ₦500 billion, what is the value of its net domestic product?
A. ₦9.5 trillion
B. ₦10.5 trillion
C. ₦11.5 trillion
D. ₦12.5 trillion
Question 10
A firm's production function is given by Q = 2L^0.5H^0.5, where Q is output, L is labor and H is capital. If the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, find the \cost-minimizing combination of labor and capital if the firm produces 100 units of output.
A. L = 100, H = 50
B. L = 50, H = 100
C. L = 200, H = 100
D. L = 100, H = 200
Question 11
A firm's production function is given by Q = 2L^0.5H^0.5, where Q is output, L is labor and H is capital. If the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, find the \cost-minimizing combination of labor and capital if the firm produces 100 units of output.
A. L = 100, H = 50
B. L = 50, H = 100
C. L = 200, H = 100
D. L = 100, H = 200
Question 12
A firm's production function is given by Q = 100L^0.5K^0.5, where Q is the quantity produced, L is the units of labor, and K is the units of capital. What is the marginal product of labor?
A. 25L^{-0.5}K^{0.5}
B. 50L^{-0.5}K^{0.5}
C. 100L^{-0.5}K^{0.5}
D. 200L^{-0.5}K^{0.5}
Question 13
A consumer's utility function is given by U(x, y) = 2x + 3y. If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦3 respectively, find the optimal bundle of x and y.
A. x = 20, y = 10
B. x = 15, y = 15
C. x = 10, y = 20
D. x = 5, y = 25
Question 14
A monopolistically competitive firm faces a demand curve with elasticity of -2. If the firm's marginal revenue is 120, what is its marginal \cost?
A. 80
B. 100
C. 120
D. 140
Question 15
A consumer's utility function is given by U = 2x + 3y, where x and y are the quantities of two goods consumed. If the prices of the two goods are ₦50 and ₦75 respectively, and the consumer's income is ₦1500, find the consumer's optimal consumption bundle.
A. x = 20, y = 10
B. x = 10, y = 20
C. x = 30, y = 15
D. x = 15, y = 30

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