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POST UTME UNN 2019 Economics | Objective

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Question 1

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 ₦2 and ₦3 respectively, find the consumer's optimal bundle of x and y.

Correct A. (200, 150)

B. (250, 100)

C. (300, 50)

D. (350, 0)

Correct Answer: A

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Question 2

A firm's \cost function is given by ( C(q) = 2q^2 + 10q + 5 ). Find the firm's average \cost function.

Correct A. ( AC(q) = 2q + 5 )

B. ( AC(q) = 4q + 5 )

C. ( AC(q) = 6q + 5 )

D. ( AC(q) = 8q + 5 )

Correct Answer: A

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Question 3

A consumer's budget constraint is given by \( 2x + 3y = 12 \). If the consumer's indifference curve is represented by the equation ( u(x,y) = 2x + y ), find the consumer's optimal bundle of x and y.

Correct A. (4, 2)

B. (3, 3)

C. (2, 4)

D. (1, 5)

Correct Answer: A

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Question 4

A firm's revenue function is given by ( R(q) = 10q - 2q^2 ). Find the firm's marginal revenue function.

Correct A. ( MR(q) = 10 - 4q )

B. ( MR(q) = 10 - 2q )

C. ( MR(q) = 10 + 2q )

D. ( MR(q) = 10 + 4q )

Correct Answer: A

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Question 5

A consumer's indifference curve is represented by the equation ( u(x,y) = x + 2y ). If the consumer's income is ₦1000 and the prices of x and y are ₦2 and ₦3 respectively, find the consumer's optimal bundle of x and y.

Correct A. (300, 200)

B. (250, 250)

C. (200, 300)

D. (150, 350)

Correct Answer: A

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Question 6

A country's GDP is calculated as the sum of the value of all final goods and services produced within its borders. However, if a country imports goods worth ₦100 billion and exports goods worth ₦120 billion, what is the balance of trade?

Correct A. ₦20 billion surplus

B. ₦20 billion deficit

C. ₦100 billion surplus

D. ₦100 billion deficit

Correct Answer: A

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Question 7

A firm's \cost function is given by C(q) = 2q^2 + 10q + 5. If the firm produces 5 units of the good, what is the total \cost?

A. ₦105

B. ₦110

Correct C. ₦115

D. ₦120

Correct Answer: C

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Question 8

A consumer's utility function is given by U(x,y) = 2x + 3y. If the consumer's income is ₦100 and the prices of x and y are ₦5 and ₦10 respectively, what is the consumer's optimal bundle?

Correct A. (10, 5)

B. (5, 10)

C. (15, 3)

D. (20, 2)

Correct Answer: A

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Question 9

A firm's revenue function is given by R(q) = 20q - 0.1q^2. If the firm produces 10 units of the good, what is the total revenue?

A. ₦190

B. ₦195

Correct C. ₦200

D. ₦205

Correct Answer: C

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Question 10

A country's GDP is calculated as the sum of the value of all final goods and services produced within its borders. If a country's GDP is ₦500 billion and its population is 20 million, what is the per capita income?

A. ₦25,000

Correct B. ₦50,000

C. ₦75,000

D. ₦100,000

Correct Answer: B

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Question 11

A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current labor and capital inputs are L = 16 and K = 9, respectively, what is the marginal product of labor (MPL) when the firm is producing at the given inputs?

A. 1

Correct B. 2

C. 3

D. 4

Correct Answer: B

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Question 12

A government budget is given by the equation B = T + I + G, where B is the budget deficit, T is tax revenue, I is interest payments, and G is government sp\ending. If the government's current tax revenue is ₦100 billion, interest payments are ₦20 billion, and government sp\ending is ₦150 billion, what is the budget deficit?

A. ₦30 billion

B. ₦50 billion

Correct C. ₦70 billion

D. ₦90 billion

Correct Answer: C

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Question 13

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 total \cost of production?

A. ₦50

B. ₦60

Correct C. ₦70

D. ₦80

Correct Answer: C

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Question 14

A firm's revenue function is given by R = 2Q - 3. If the firm's current output is Q = 10, what is the total revenue?

A. ₦17

B. ₦20

Correct C. ₦23

D. ₦26

Correct Answer: C

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Question 15

A firm is operating in a perfectly competitive market with a demand function given by P = 10 - Q. If the firm's current output is Q = 5, what is the price at which the firm is selling its product?

A. ₦5

Correct B. ₦7

C. ₦9

D. ₦11

Correct Answer: B

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Question 16

A monopolistically competitive firm faces a demand curve with a cons\tant elasticity of -2. If the firm's marginal revenue (MR) is given by MR = 100 - 2Q, where Q is the quantity sold, what is the firm's optimal quantity?

A. 50

Correct B. 75

C. 100

D. 125

Correct Answer: B

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Question 17

A country's GDP is calculated as the sum of consumption, investment, government sp\ending, and net exports. If the country's GDP is ₦10 trillion and the government sp\ending is ₦2 trillion, what is the sum of consumption and investment?

Correct A. ₦6 trillion

B. ₦8 trillion

C. ₦10 trillion

D. ₦12 trillion

Correct Answer: A

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Question 18

A firm is considering investing in a new project with a net present value (NPV) of ₦1.5 million. If the firm's \cost of capital is 10%, what is the internal rate of return (IRR) of the project?

A. 5%

Correct B. 10%

C. 15%

D. 20%

Correct Answer: B

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Question 19

A country's balance of payments (BOP) is in equilibrium when the current account is equal to the capital account. If the country's current account is a deficit of ₦500 billion and the capital account is a surplus of ₦200 billion, what is the net capital outflow?

Correct A. ₦300 billion

B. ₦400 billion

C. ₦500 billion

D. ₦600 billion

Correct Answer: A

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Question 20

A firm's demand curve is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm's marginal revenue (MR) is given by MR = 200 - 4Q, what is the firm's optimal price?

A. ₦20

B. ₦30

Correct C. ₦40

D. ₦50

Correct Answer: C

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Question 21

A perfectly competitive firm's supply curve is given by the equation Q = 100 - 2P. If the market price is ₦50, what is the firm's output?

A. 50

B. 75

Correct C. 100

D. 125

Correct Answer: C

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Question 22

A consumer's utility function is given by U = 2x + 3y. If the consumer's income is ₦100 and the prices of x and y are ₦20 and ₦30 respectively, what is the consumer's optimal bundle?

Correct A. x = 2, y = 1

B. x = 3, y = 2

C. x = 4, y = 3

D. x = 5, y = 4

Correct Answer: A

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Question 23

A firm's total revenue is given by the equation TR = 100P - 2P^2. If the market price is ₦50, what is the firm's total revenue?

A. ₦2500

Correct B. ₦3000

C. ₦3500

D. ₦4000

Correct Answer: B

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Question 24

A country's GDP is given by the equation GDP = 100 + 2Y + 3C. If the country's Y and C are ₦50 and ₦75 respectively, what is the country's GDP?

A. ₦275

B. ₦325

Correct C. ₦375

D. ₦425

Correct Answer: C

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Question 25

A firm's marginal revenue is given by the equation MR = 100 - 4P. If the market price is ₦50, what is the firm's marginal revenue?

A. ₦200

B. ₦250

Correct C. ₦300

D. ₦350

Correct Answer: C

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