POST UTME DELSU 2018 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
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 ₦5 and ₦10 respectively, what is the consumer's optimal bundle?
A. (10,20)
B. (15,15)
C. (20,10)
D. (25,5)
Question 2
A consumer has a budget of ₦1000 to sp\end on two goods, X and Y. The price of good X is ₦5 per unit, and the price of good Y is ₦10 per unit. The consumer's indifference curve is given by the equation U = 2X^0.5Y^0.5, where U is the level of utility. What is the maximum amount of good X that the consumer can buy?
A. 100
B. 200
C. 300
D. 400
Question 3
A farmer has 100 hectares of land and wants to plant a crop that requires 20 hectares per season. If the farmer wants to plant 5 seasons, how many hectares of land will be left unused?
A. 20 hectares
B. 30 hectares
C. 40 hectares
D. 50 hectares
Question 4
A firm's demand curve is downward sloping because of the law of diminishing marginal utility. What is the opportunity \cost of producing an additional unit of good X?
A. The opportunity \cost is the amount of good Y that must be given up to produce an additional unit of good X.
B. The opportunity \cost is the amount of good X that must be given up to produce an additional unit of good X.
C. The opportunity \cost is the amount of good Y that must be consumed to produce an additional unit of good X.
D. The opportunity \cost is the amount of good X that must be consumed to produce an additional unit of good X.
Question 5
A consumer has an indifference curve with the following equation: \( U = 2x + 3y \), where ( x ) and ( y ) are the quantities of two goods. If the consumer's budget constraint is given by \( 2x + 3y = 12 \), what is the consumer's opportunity \cost of good ( x )?
A. ( 3y )
B. ( 2y )
C. ( 4y )
D. ( 6y )
Question 6
A country's balance of payments is given by: Exports = 100, Imports = 120, Foreign Aid = 50, and Remit\tances = 20. Find the country's current account deficit.
A. ₦20
B. ₦30
C. ₦40
D. ₦50
Question 7
A country's balance of payments is in surplus when its current account is greater than its capital account. What is the value of the current account in this scenario?
A. The current account is equal to $100 million.
B. The current account is equal to $50 million.
C. The current account is equal to $75 million.
D. The current account is equal to $25 million.
Question 8
A government budget is given by the equation B = T + G, where B is the total budget, T is the total tax revenue, and G is the total government exp\enditure. If the total tax revenue is ₦500 billion and the total government exp\enditure is ₦700 billion, what is the total budget?
A. ₦1.2 trillion
B. ₦1.5 trillion
C. ₦1.8 trillion
D. ₦2.0 trillion
Question 9
The government of Nigeria has introduced a new policy aimed at promoting industrialization in the country. The policy includes a 10% reduction in corporate taxes for companies that invest in research and development. What is the expected effect of this policy on the country's GDP?
A. Increase in GDP
B. Decrease in GDP
C. No change in GDP
D. Uncertainty in GDP
Question 10
A government imposes a tax on a good, cau\sing the supply curve to shift from S1 to S2. The demand curve is given by Q = 100 - 2P. Find the new equilibrium price and quantity.
A. P = 40, Q = 30
B. P = 50, Q = 20
C. P = 60, Q = 10
D. P = 70, Q = 5
Question 11
A firm's total revenue is given by the equation TR = 100x - 2x^2, where x is the number of units sold. If the firm sells 20 units, what is its total revenue?
A. ₦1,800
B. ₦2,000
C. ₦2,200
D. ₦2,400
Question 12
A firm is producing a good with the production function \( Q = 2L^2 + 3K \), where ( L ) is labor and ( K ) is capital. If the firm's \cost function is given by \( C = 10L + 20K \), what is the firm's marginal product of labor (MPL) at the point where the firm's marginal \cost (MC) equals the wage rate?
A. ( 4L )
B. ( 2L )
C. ( 3K )
D. ( 2K )
Question 13
A monopolist faces a demand curve with the following equation: \( Q = 100 - 2P \). The monopolist's marginal revenue (MR) function is given by \( MR = 200 - 2Q \). What is the price elasticity of demand (PED) at the quantity where the monopolist's marginal revenue (MR) equals zero?
A. \( \frac{1}{2} \)
B. \( \frac{1}{3} \)
C. \( \frac{2}{3} \)
D. \( \frac{3}{2} \)
Question 14
A firm's \cost function is given by C(x) = 2x^2 + 5x + 1. If the firm's revenue function is R(x) = 3x^2 + 2x + 1, what is the firm's profit function?
A. x^2 + 7x + 2
B. x^2 + 8x + 3
C. x^2 + 9x + 4
D. x^2 + 10x + 5
Question 15
A country's budget is given by B = 100 + 0.2Y, where Y is the national income. If the government wants to balance the budget, what is the required national income?
A. Y = 500
B. Y = 600
C. Y = 700
D. Y = 800

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