POST UTME UNN 2022 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
The government of Nigeria is considering a policy to increase the price of a commodity from ₦100 to ₦150. If the demand for the commodity is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price, what is the new quantity demanded?
Question 2
The concept of elasticity of demand is an impor\tant concept in microeconomics. Which of the following best describes the relationship between elasticity of demand and the demand curve?
Question 3
A country's government imposes a tax on imports to raise revenue. The tax rate is 15% of the import value. If the country imports goods worth ₦1,500,000, what is the amount of tax paid?
Question 4
A firm's \cost function is given by C(x) = 100 + 2x^2, where x is the number of units produced. Determine the marginal \cost when the quantity produced is 10 units.
Question 5
A country's GDP can be calculated u\sing the following formula: \( GDP = C + I + G + \( X - M \ \) ). If the country's consumption is ₦500 billion, investment is ₦200 billion, government sp\ending is ₦300 billion, exports are ₦400 billion, and imports are ₦200 billion, what is the country's GDP?
Question 6
A consumer's budget constraint is given by the equation I + C = 100, where I is the amount spent on imports and C is the amount spent on consumption. If the consumer sp\ends ₦50 on imports and ₦30 on consumption, what is the opportunity \cost of increa\sing imports by ₦10?
Question 7
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 ₦20 and ₦30 respectively, determine the optimal quantities of x and y that the consumer will purchase.
Question 8
A firm's production function is given by the equation Q = 100K^\( -1/2 \), where Q is the quantity produced and K is the capital stock. If the capital stock increases from ₦100,000 to ₦150,000, what is the new quantity produced?
Question 9
A firm's demand for labor is given by the equation Qd = 100L^\( -1/2 \), where Qd is the quantity of labor demanded and L is the wage rate. If the wage rate increases from ₦100 to ₦150, what is the new quantity of labor demanded?
Question 10
A country's inflation rate is given by the equation π = \( M2/P \) - 1, where π is the inflation rate, M2 is the money supply and P is the price level. If the money supply is ₦100 billion and the price level is ₦100, what is the inflation rate?
Question 11
A monopolistically competitive firm faces a downward-sloping demand curve. If the firm increases its price, what will happen to its total revenue?
Question 12
A firm is considering two different production techno\logies to produce a certain good. The first techno\logy has a fixed \cost of ₦100,000 and a variable \cost of ₦50 per unit. The second techno\logy has a fixed \cost of ₦150,000 and a variable \cost of ₦30 per unit. If the firm produces 10,000 units of the good, which techno\logy will result in lower total \cost?
Question 13
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 price elasticity of demand is 0.5, what is the percentage change in quantity demanded when the price increases by 10%?
Question 14
A firm's \cost function is given by C = 2L + 3K. If the firm increases its labor input from 6 units to 9 units and holds capital input cons\tant at 12 units, what is the percentage change in \cost?
Question 15
A monopolist faces a demand curve given by P = 100 - 2Q. The firm's marginal \cost is cons\tant at ₦20 per unit. If the firm produces 20 units, what is the profit-maximizing price?
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