POST UTME UNN 2021 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
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 - 100, what is the equilibrium price and quantity?
A. P = 50, Q = 50
B. P = 75, Q = 25
C. P = 100, Q = 0
D. P = 25, Q = 75
Question 2
Consider a firm operating in a perfectly competitive market. If the firm's marginal revenue (MR) curve intersects its marginal \cost (MC) curve at point E, where MR = MC, and the firm is producing at its profit-maximizing level of output, what is the implication of this intersection point for the firm's short-run supply curve?
A. The firm's short-run supply curve is upward-sloping.
B. The firm's short-run supply curve is horizontal.
C. The firm's short-run supply curve is vertical.
D. The firm's short-run supply curve is downward-sloping.
Question 3
A consumer's demand function is given by Q = 100 - 2P. If the price elasticity of demand is measured at the point where Q = 50, what is the price elasticity of demand?
A. 0.5
B. -0.5
C. 1.5
D. 2.5
Question 4
A firm's marginal revenue product is given by MRP = 2Q. If the firm's marginal resource \cost is given by MRC = 1, find the profit-maximizing quantity.
A. 10
B. 20
C. 30
D. 40
Question 5
Consider a consumer with the following utility function: U = 2x + 3y. If the consumer's budget constraint is given by 2x + 3y = ₦100, and the prices of x and y are ₦5 and ₦10 respectively, what is the consumer's optimal bundle?
A. (10, 20)
B. (20, 10)
C. (15, 15)
D. (30, 5)
Question 6
A firm's revenue function is given by the equation R = 100P - 0.5P^2, where R is the revenue and P is the price. If the firm's \cost function is given by the equation C = 50 + 20P, where C is the \cost and P is the price, what is the firm's profit-maximizing price?
A. P = 10
B. P = 20
C. P = 30
D. P = 40
Question 7
A firm is considering two different production techno\logies: a traditional techno\logy with a production function Q = 2L + 3K, and a modern techno\logy with a production function Q = 4L + 2K. If the firm's \cost of labor is ₦10 per unit, and the \cost of capital is ₦20 per unit, which techno\logy should the firm adopt?
A. Traditional techno\logy
B. Modern techno\logy
C. Either techno\logy is equally efficient
D. Neither techno\logy is efficient
Question 8
A firm is producing a good with a total revenue of ₦1,500 and a total \cost of ₦1,200. If the price of the good is ₦10, what is the quantity sold?
A. 100 units
B. 120 units
C. 150 units
D. 180 units
Question 9
Agricultural development in Nigeria has been hindered by several factors. Which of the following is NOT a major constraint?
A. Land degradation
B. Climate change
C. Lack of access to credit
D. High population growth rate
Question 10
A firm is operating in a monopoly market. If the firm's demand function is given by Q = 100 - 2P and the firm's marginal revenue is given by MR = 100 - 2Q, what is the firm's optimal output level?
A. Q = 20
B. Q = 30
C. Q = 40
D. Q = 50
Question 11
A country's GDP is given by the equation Y = C + I + G, where Y is the GDP, C is the consumption, I is the investment, and G is the government sp\ending. If the consumption is ₦500 billion, the investment is ₦200 billion, and the government sp\ending is ₦300 billion, what is the country's GDP?
A. ₦1000 billion
B. ₦1200 billion
C. ₦1500 billion
D. ₦1800 billion
Question 12
A firm's production function is given by the equation Q = 2L + 3K, where Q is the output, L is the labor, and K is the capital. If the firm has 10 units of labor and 5 units of capital, what is the firm's output?
A. 20 units
B. 30 units
C. 40 units
D. 50 units
Question 13
A consumer has a budget of ₦10,000 and a utility function given by U(x,y) = 2x + 3y. If the prices of x and y are ₦5 and ₦3 respectively, what is the optimal bundle of x and y that the consumer will choose?
A. (x,y) = (1,2)
B. (x,y) = (2,1)
C. (x,y) = (3,0)
D. (x,y) = (0,3)
Question 14
A consumer's indifference curve is given by U = 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?
A. x = 10, y = 5
B. x = 5, y = 10
C. x = 15, y = 3
D. x = 20, y = 2
Question 15
Suppose a firm is producing a good with a cons\tant elasticity of demand of -2. If the price of the good increases by 10%, what is the percentage change in the quantity demanded?
A. -20%
B. -10%
C. 0%
D. +10%

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