POST UTME EKSU 2019 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm's production function is given by \( Q = 2L^2 + 3K^2 \). If the firm's \cost function is given by \( C = 2L + 3K \), what is the firm's profit-maximizing level of L and K?
A. L = 1, K = 1
B. L = 2, K = 2
C. L = 3, K = 3
D. L = 4, K = 4
Question 2
A consumer's indifference curve is given by the equation U(x, y) = 2x + 3y. If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦3 respectively, find the consumer's optimal bundle of x and y.
A. x = 40, y = 20
B. x = 30, y = 30
C. x = 20, y = 40
D. x = 10, y = 50
Question 3
A firm's supply function is given by the equation Q = 50 + 2P, where P is the price. If the firm's fixed \cost is ₦100 and its variable \cost is ₦5 per unit, find the firm's profit-maximizing price.
A. ₦20
B. ₦25
C. ₦30
D. ₦35
Question 4
The Nigerian government plans to invest in industrialization by providing tax incentives to manufacturers. However, some critics argue that this will lead to a decrease in government revenue. What is the likely effect of tax incentives on the government's revenue?
A. The government's revenue will increase, as manufacturers will pay more taxes.
B. The government's revenue will decrease, as manufacturers will pay fewer taxes.
C. The government's revenue will remain unchanged, as the tax incentives will be offset by increased economic activity.
D. The government's revenue will increase, as manufacturers will invest more in the economy.
Question 5
A firm is producing a good u\sing two inputs, labor (L) and capital (K). The production function is given by Q = 2L^0.5K^0.5. The price of labor is ₦100 per unit and the price of capital is ₦200 per unit. The firm's budget constraint is 100L + 200K = 10000. Find the optimal values of L and K.
A. L = 100, K = 50
B. L = 50, K = 100
C. L = 100, K = 200
D. L = 200, K = 100
Question 6
A firm faces a demand curve given by Q = 100 - 2P and a supply curve given by Q = 2P. What is the equilibrium price?
A. ₦10
B. ₦20
C. ₦30
D. ₦40
Question 7
A firm's supply function is given by \( Q = 2P - 10 \). Find the equilibrium price and quantity when the demand function is \( Q = 100 - 2P \).
A. Price = $20, Quantity = 40
B. Price = $30, Quantity = 50
C. Price = $40, Quantity = 60
D. Price = $50, Quantity = 70
Question 8
A firm is producing a good u\sing two inputs, labor (L) and capital (K). The production function is given by Q = 2L^0.5K^0.5. The price of labor is ₦100 per unit and the price of capital is ₦200 per unit. The firm's budget constraint is 100L + 200K = 10000. Find the optimal values of L and K.
A. L = 100, K = 50
B. L = 50, K = 100
C. L = 100, K = 200
D. L = 200, K = 100
Question 9
A consumer's indifference curve is given by the equation ( U(x,y) = 2x + 3y ). If the consumer's income is ₦1000 and the prices of x and y are ₦2 and ₦3 respectively, what is the consumer's optimal bundle?
A. x = 100, y = 150
B. x = 150, y = 100
C. x = 200, y = 50
D. x = 50, y = 200
Question 10
The production function is given by Q = 2L^0.5K^0.5. If the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, and the firm's budget constraint is 100L + 200K = 10000, find the optimal values of L and K.
A. L = 100, K = 50
B. L = 50, K = 100
C. L = 100, K = 200
D. L = 200, K = 100
Question 11
A firm's \cost function is given by ( C(x) = 2x^2 + 10x + 5 ). Find the marginal \cost function.
A. 4x + 10
B. 2x + 5
C. x + 2
D. x - 2
Question 12
A firm's \cost function is given by C(x) = 2x^2 + 10x + 50, where x is the number of units produced. If the firm produces 20 units, what is the total \cost?
A. $500
B. $600
C. $700
D. $800
Question 13
A consumer's demand function for a product is given by \( Q = 100 - 2P \). Find the elasticity of demand when the price is $20.
A. 0.5
B. 1
C. 2
D. 5
Question 14
Calculate the value of the definite integral \( int_{0}^{2} \( 2x^2 + 3x - 4 \ \) dx ) u\sing the fundamental theorem of calculus.
A. 8
B. 10
C. 12
D. 14
Question 15
A consumer in Nigeria is considering purcha\sing a product. The consumer's demand function is given by Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. What is the consumer's willingness to pay?
A. \( P = 50 \)
B. \( P = 25 \)
C. \( P = 75 \)
D. \( P = 100 \)

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