POST UTME COAL CITY UNIVERSITY 2023 Economics | Objective

Are you preparing for POST UTME COAL CITY UNIVERSITY exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2023 Economics (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
A firm's total revenue is given by the equation R(x) = 2x^2 + 5x + 1, where x is the number of units sold. If the firm's marginal revenue is 10 when x = 3, what is the value of the firm's total revenue?
Correct A. $25
B. $30
C. $35
D. $40

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 2
A country's budget is given by the equation B(t) = 2t^2 + 5t + 1, where t is the time in years. If the country's government sp\ending is 15 when t = 2, what is the value of the country's budget?
A. $30
Correct B. $35
C. $40
D. $45

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 3
A firm's supply curve is given by the equation S(p) = 2p^2 + 5p + 1, where p is the price of the good. If the firm's output is 10 when p = 3, what is the value of the firm's supply?
A. 10
B. 15
Correct C. 20
D. 25

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 4
A country's trade balance is given by the equation TB(x) = 2x^2 + 5x + 1, where x is the number of units traded. If the country's trade deficit is 10 when x = 3, what is the value of the country's trade balance?
A. $20
B. $25
Correct C. $30
D. $35

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 5
A firm's demand curve is given by the equation D(p) = 2p^2 + 5p + 1, where p is the price of the good. If the firm's output is 10 when p = 3, what is the value of the firm's demand?
A. 10
B. 15
Correct C. 20
D. 25

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 6
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \), where Q is output, L is labor and K is capital. If the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, calculate the opportunity \cost of one additional unit of labor.
A. ₦50
Correct B. ₦100
C. ₦200
D. ₦500

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 7
A country's GDP is ₦10 trillion, its imports are ₦2 trillion and its exports are ₦3 trillion. Calculate the country's GDP at market price.
A. ₦11 trillion
B. ₦12 trillion
Correct C. ₦13 trillion
D. ₦14 trillion

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 8
A firm's total revenue is given by TR = 100Q - 2Q^2, where Q is the quantity sold. If the firm sells 10 units, calculate its total revenue.
A. ₦800
B. ₦900
Correct C. ₦1000
D. ₦1100

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 9
A country's price level is 100 and its nominal GDP is ₦10 trillion. If the country's inflation rate is 5%, calculate its real GDP.
A. ₦9.5 trillion
Correct B. ₦9.75 trillion
C. ₦10 trillion
D. ₦10.25 trillion

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 10
A firm's demand function is given by Q = 100 - 2P, where Q is quantity demanded and P is price. If the firm's supply function is given by Q = 2P - 100, calculate the equilibrium price and quantity.
A. P = ₦50, Q = 50
B. P = ₦75, Q = 75
Correct C. P = ₦100, Q = 100
D. P = ₦125, Q = 125

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 11
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 price at which the quantity demanded is 50?
A. ₦20
B. ₦30
Correct C. ₦40
D. ₦50

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 12
A firm produces two goods, X and Y, u\sing two inputs, labor (L) and capital (K). The production functions are given by X = 2L + 3K and Y = 4L + 2K. If the firm has 10 units of labor and 5 units of capital, what is the total output?
A. 30
B. 40
Correct C. 50
D. 60

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 13
The supply curve for a product is given by the equation Qs = 2P + 10, where Qs is the quantity supplied and P is the price. If the price elasticity of supply is 0.8, what is the price at which the quantity supplied is 30?
A. ₦20
B. ₦30
C. ₦40
Correct D. ₦50

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 14
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 ₦100, the investment is ₦50, and the government sp\ending is ₦20, what is the GDP?
A. ₦170
B. ₦180
C. ₦190
Correct D. ₦200

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 15
A firm's production function is given by the equation Q = 2L^0.5 + 3K^0.5, where Q is the output, L is the labor, and K is the capital. If the firm has 4 units of labor and 9 units of capital, what is the output?
A. 10
B. 15
Correct C. 20
D. 25

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 16
The Central Bank of Nigeria (CBN) uses the following monetary policy tools to control inflation: (a) Open Market Operations (OMO), (b) Reserve Requirement, (c) Moral Suasion, and (d) all of the above. Which of the following is NOT a correct statement about the effect of OMO on inflation?
A. OMO increases the money supply, which leads to higher inflation.
B. OMO reduces the money supply, which leads to lower inflation.
C. OMO has no effect on inflation.
Correct D. OMO increases interest rates, which leads to lower inflation.

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 17
A firm's \cost function is given by C(q) = 2q^2 + 10q + 5. If the firm produces 10 units of output, what is the total \cost of production?
A. ₦250
Correct B. ₦300
C. ₦350
D. ₦400

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 18
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 is ₦50, what is the quantity demanded?
A. 20
Correct B. 30
C. 40
D. 50

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 19
A firm's revenue function is given by R(q) = 20q - 0.5q^2. If the firm produces 10 units of output, what is the marginal revenue?
A. ₦150
B. ₦200
Correct C. ₦250
D. ₦300

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 20
The government of Nigeria uses the following fiscal policy tools to control inflation: (a) Taxation, (b) Government Exp\enditure, (c) both of the above, and (d) neither of the above. Which of the following is NOT a correct statement about the effect of taxation on inflation?
A. Taxation reduces the money supply, which leads to lower inflation.
Correct B. Taxation increases the money supply, which leads to higher inflation.
C. Taxation has no effect on inflation.
D. Taxation increases interest rates, which leads to lower inflation.

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 21
A firm's \cost function is given by C(q) = 3q^2 + 5q + 2. If the firm produces 5 units of output, what is the average \cost?
A. ₦15
Correct B. ₦20
C. ₦25
D. ₦30

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 22
The demand for a product is given by the equation Qd = 120 - 3P, where Qd is the quantity demanded and P is the price. If the price is ₦40, what is the quantity demanded?
A. 20
B. 30
Correct C. 40
D. 50

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 23
A firm's revenue function is given by R(q) = 25q - 0.25q^2. If the firm produces 8 units of output, what is the marginal revenue?
A. ₦100
B. ₦125
Correct C. ₦150
D. ₦175

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 24
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 -2, what is the percentage change in quantity demanded when the price increases by 10%?
Correct A. 20%
B. 30%
C. 40%
D. 50%

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 25
A monopolist faces a market demand curve given by Qd = 100 - 2P and a marginal \cost curve given by MC = 10 + 2Q. If the firm produces 50 units, what is the price it will charge?
A. ₦50
B. ₦60
Correct C. ₦70
D. ₦80

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub:
Chat with Support