POST UTME AL-HIKMAH UNIVERSITY 2019 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
Calculate the value of the definite integral \( int_{0}^{2} \( 2x^2 + 3x - 4 \ \) dx ) u\sing the fundamental theorem of calculus.
A. 16
B. 20
C. 24
D. 28
Question 2
A consumer's demand function for a good is given by Q = 100 - 2P, where Q is quantity demanded and P is price. If the price of the good increases from ₦50 to ₦60, what is the percentage change in quantity demanded?
A. -20%
B. -10%
C. 10%
D. 20%
Question 3
A firm's profit function is given by \( pi = R - C \), where ( pi ) is the profit, R is the revenue and C is the \cost. If the firm's revenue is 100 and \cost is 50, calculate the profit.
A. 50
B. 55
C. 60
D. 65
Question 4
A firm's revenue function is given by \( R = 2L^2 + 3K^2 \), where R is the total revenue and L and K are the units of labor and capital respectively. If the firm uses 4 units of labor and 5 units of capital, calculate the total revenue.
A. 45
B. 50
C. 55
D. 60
Question 5
The concept of scarcity in economics implies that the production of one good is at the expense of another good. What is the opportunity \cost of producing more of a particular good?
A. The value of the next best alternative good
B. The quantity of the next best alternative good
C. The price of the next best alternative good
D. The income of the next best alternative good
Question 6
A firm's \cost function is given by ( C(x) = 2x^2 + 3x + 10 ). If the firm produces 20 units of output, what is its total \cost?
A. ₦150
B. ₦200
C. ₦250
D. ₦300
Question 7
A monopolist faces a demand curve given by \( p = 100 - 2x \). If the firm's marginal revenue is ₦20, what is its optimal output?
A. 20
B. 30
C. 40
D. 50
Question 8
A consumer's utility function is given by U = 2x + 3y. If the prices of x and y are ₦5 and ₦10 respectively, and if the consumer's income is ₦100, what is the optimal combination of x and y?
A. x = 10, y = 5
B. x = 5, y = 10
C. x = 10, y = 10
D. x = 5, y = 5
Question 9
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \). If the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, and if the firm wants to maximize its profit, what is the optimal combination of labor and capital?
A. L = 100, K = 50
B. L = 50, K = 100
C. L = 100, K = 100
D. L = 50, K = 50
Question 10
A country's GNP is ₦1,500,000,000. If the country's GDP is ₦1,000,000,000, what is the net factor income from abroad?
A. ₦500,000,000
B. ₦750,000,000
C. ₦1,000,000,000
D. ₦1,500,000,000
Question 11
The Nigerian economy is experiencing a recession. What is the impact of this on the country's GDP?
A. GDP decreases
B. GDP remains cons\tant
C. GDP increases
D. GDP becomes negative
Question 12
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm wants to increase its output by 20%, what is the required percentage increase in labor and capital?
A. 10% increase in labor and 10% increase in capital
B. 20% increase in labor and 20% increase in capital
C. 30% increase in labor and 30% increase in capital
D. 40% increase in labor and 40% increase in capital
Question 13
A country's GDP is ₦1,000,000,000. If the country's population is 20 million, what is the per capita GDP?
A. ₦50
B. ₦100
C. ₦200
D. ₦500
Question 14
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 total revenue (TR) is given by TR = P * Q, calculate the price elasticity of demand when the price is ₦50.
A. 0.5
B. 1.0
C. 2.0
D. 3.0
Question 15
A country's GDP is given by \( GDP = 100 + 0.2Y + 0.3C \), where Y is the country's income and C is the country's consumption. If the country's income is 500 and consumption is 300, calculate the GDP.
A. 250
B. 260
C. 270
D. 280

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