POST UTME ESUT 2024 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A country's GDP is ₦10 trillion. The government sp\ends ₦2 trillion on goods and services. The country's imports are ₦1.5 trillion. What is the country's national income?
A. ₦8.5 trillion
B. ₦9 trillion
C. ₦9.5 trillion
D. ₦10.5 trillion
Question 2
A firm's production function is given by Q = 100L^0.5K^0.5, where Q is output, L is labor, and K is capital. If the firm's labor and capital inputs are increased by 20% and 15% respectively, what is the percentage change in output?
A. 5%
B. 10%
C. 15%
D. 20%
Question 3
The supply function for a firm is given by Q = 4P + 20. If the price of the good is ₦80, what is the quantity supplied of the good?
A. 60 units
B. 80 units
C. 100 units
D. 120 units
Question 4
A consumer's utility function is given by ( U(x,y) = 2x + 3y ). If the consumer has a budget constraint of \( 2x + 3y = 12 \), find the optimal bundle of goods.
A. (2,4)
B. (3,3)
C. (4,2)
D. (5,1)
Question 5
A firm's revenue function is given by ( R(q) = 10q - 2q^2 ). If the firm produces 5 units, what is the total revenue?
A. ₦40
B. ₦50
C. ₦60
D. ₦70
Question 6
The production function for a firm is given by Q = 2L^0.5K^0.5. If the firm wants to produce 16 units of output, and the price of labor is ₦100 per unit, and the price of capital is ₦200 per unit, what is the minimum \cost of producing 16 units of output?
A. ₦8000
B. ₦10000
C. ₦12000
D. ₦16000
Question 7
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's output is 100 units and the price of labor is ₦10 per unit, what is the minimum \cost of production?
A. ₦1000
B. ₦500
C. ₦2000
D. ₦2500
Question 8
A firm is operating in a perfectly competitive market. The demand curve for its product is given by Q = 100 - P. The firm's marginal \cost (MC) is cons\tant at ₦50. What is the firm's optimal price?
A. ₦50
B. ₦75
C. ₦100
D. ₦125
Question 9
A firm's demand function is given by Qd = 100 - 2P. The inverse demand function is
A. P = 50 - Q
B. P = 50 - \frac{1}{2}Q
C. P = 100 - Q
D. P = 100 - \frac{1}{2}Q
Question 10
A central bank increases the money supply by 10%. What is the effect on the price level?
A. Increases by 5%
B. Increases by 10%
C. Increases by 15%
D. Decreases by 5%
Question 11
A firm's production function is given by Q = 100K^0.5L^0.5, where Q is the output, K is the capital, and L is the labor. If the firm wants to increase its output by 20% and the capital is fixed at 100 units, what is the percentage change in labor required?
A. 10%
B. 20%
C. 30%
D. 40%
Question 12
A monopolist faces a demand curve given by Q = 100 - P. The firm's marginal \cost (MC) is cons\tant at ₦50. What is the firm's optimal price?
A. ₦75
B. ₦100
C. ₦125
D. ₦150
Question 13
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 income is ₦1000 and the prices of the two goods are ₦5 and ₦10 respectively, what is the consumer's optimal bundle of goods?
A. x = 100, y = 50
B. x = 50, y = 100
C. x = 200, y = 0
D. x = 0, y = 200
Question 14
A perfectly competitive firm's supply curve is upward-sloping because it is a
A. price-taker
B. price-maker
C. profit-maximizer
D. \cost-minimizer
Question 15
A country's GDP is given by \( GDP = 100 + 0.2Y \), where ( Y ) is the national income. If the national income is ₦1000, what is the GDP?
A. ₦120
B. ₦140
C. ₦160
D. ₦180

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