POST UTME AL-HIKMAH UNIVERSITY 2023 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
Consider a country with a GDP of ₦10 trillion and a population of 200 million. If the average annual income is ₦50,000, what is the implied GDP per capita?
A. ₦25,000
B. ₦50,000
C. ₦100,000
D. ₦200,000
Question 2
A country's agricultural sector is characterized by a production function Q = 2L^0.5 K^0.5. If the country's labor (L) is 4 units and capital (K) is 4 units, what is the marginal product of labor?
A. 1
B. 2
C. 4
D. 8
Question 3
A firm has a production function given by Q = 100K^\( 1/2 \)L^\( 1/2 \), where Q is the output, K is the capital and L is the labor. If the firm wants to increase its output by 20% while keeping the capital cons\tant, what percentage increase in labor is required?
A. 10%
B. 20%
C. 30%
D. 44%
Question 4
Calculate the value of the definite integral \( int_{0}^{2} \( 2x^2 + 3x - 1 \ \) dx ) u\sing the fundamental theorem of calculus.
A. 4
B. 6
C. 8
D. 10
Question 5
A country's GDP is ₦2,500 billion and its GNP is ₦2,700 billion. What is the net factor income from abroad?
A. ₦100 billion
B. ₦150 billion
C. ₦200 billion
D. ₦250 billion
Question 6
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%?
A. -5%
B. 5%
C. 10%
D. 15%
Question 7
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 budget is ₦100 and the prices of the two goods are ₦5 and ₦10 respectively, what is the optimal bundle of goods?
A. (10, 10)
B. (20, 5)
C. (15, 7.5)
D. (5, 15)
Question 8
The concept of scarcity is closely related to the idea of
A. Opportunity Cost
B. Diminishing Returns
C. Law of Supply
D. Law of Demand
Question 9
A firm's demand function is given by \( Q = 100 - 2P \). If the price elasticity of demand is 0.5, find the value of the cross-price elasticity of demand.
A. -0.5
B. 0.5
C. 1
D. 2
Question 10
A consumer has the following utility function: U = 2x + 3y. The prices of x and y are $2 and $3 respectively. If the consumer has a budget of $10, what is the optimal bundle of x and y?
A. x = 1, y = 3
B. x = 2, y = 2
C. x = 3, y = 1
D. x = 4, y = 0
Question 11
A country has a trade balance of $100 million and a current account balance of $200 million. What is the capital account balance?
A. $300 million
B. $400 million
C. $500 million
D. $600 million
Question 12
A country's GDP is 100 billion naira, and its GNP is 120 billion naira. What is the net factor income from abroad?
A. 10 billion naira
B. 20 billion naira
C. 30 billion naira
D. 40 billion naira
Question 13
A firm's supply curve is given by the equation Q = 2P - 10, where Q is the quantity supplied and P is the price. If the firm's marginal \cost is 5, what is the price at which the firm will supply 20 units?
A. 10
B. 15
C. 20
D. 25
Question 14
A consumer's budget constraint is given by P1X + P2Y = 100. If the price of good 1 (P1) is 10 and the price of good 2 (P2) is 20, what is the opportunity \cost of good 1 in terms of good 2?
A. 1
B. 2
C. 5
D. 10
Question 15
Agricultural development in Nigeria has been hindered by the
A. Lack of Mechanization
B. Inadequate Irrigation
C. Insufficient Fertilizers
D. All of the above

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