POST UTME FUTO 2023 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm has a production function given by Q = 2L + 3K, where Q is the output, L is the labor, and K is the capital. If the firm uses 10 units of labor and 5 units of capital, what is the output?
A. 25
B. 30
C. 35
D. 40
Question 2
A firm's demand function is given by Q = 100 - 2P. If the firm's current price is ₦50, what is the firm's current quantity demanded?
A. 50
B. 75
C. 100
D. 125
Question 3
A consumer's utility function is given by U(x,y) = 2x + 3y. If the consumer's income is ₦1,000 and the prices of x and y are ₦50 and ₦75 respectively, what is the consumer's optimal bundle of x and y?
A. (20, 10)
B. (15, 12)
C. (10, 15)
D. (5, 20)
Question 4
A consumer's 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 consumer's income increases by 10%, find the new demand equation.
A. Qd = 110 - 2P
B. Qd = 120 - 2P
C. Qd = 130 - 2P
D. Qd = 140 - 2P
Question 5
A firm's production function is given by Q = 2L^0.5H^0.5, where Q is output, L is labor and H is capital. If the firm wants to increase output by 20% while keeping labor cons\tant, what percentage increase in capital is required?
A. 10%
B. 20%
C. 30%
D. 40%
Question 6
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 $15, what is the optimal bundle of x and y?
A. x = 3, y = 2
B. x = 2, y = 3
C. x = 4, y = 1
D. x = 1, y = 4
Question 7
A firm has a production function given by Q = 2L^0.5K^0.5. If the price of the good is $10 and the wage rate is $5, what is the optimal level of labor (L) if the firm wants to maximize its profit?
A. 10
B. 20
C. 30
D. 40
Question 8
A firm's \cost function is given by the equation C(q) = 50 + 2q^2, where q is the quantity produced. If the firm's revenue function is TR(q) = 100q - 2q^2, find the profit function.
A. \text{Profit} = 50q - 4q^2
B. \text{Profit} = 50q + 4q^2
C. \text{Profit} = 100q - 4q^2
D. \text{Profit} = 100q + 4q^2
Question 9
A firm's \cost function is given by the equation C(q) = 50 + 2q^2, where q is the quantity produced. If the firm's revenue function is TR(q) = 100q - 2q^2, find the profit function.
A. \text{Profit} = 50q - 4q^2
B. \text{Profit} = 50q + 4q^2
C. \text{Profit} = 100q - 4q^2
D. \text{Profit} = 100q + 4q^2
Question 10
Consider a firm operating in a perfectly competitive market with a production function given by Q = 2L^0.5K^0.5. If the price of the good is $10 and the wage rate is $5, what is the optimal level of labor (L) if the firm wants to maximize its profit?
A. 10
B. 20
C. 30
D. 40
Question 11
A farmer in Nigeria produces maize and sells it at a price of ₦150 per ki\logram. If the \cost of production is ₦100 per ki\logram, what is the profit per ki\logram?
A. ₦50
B. ₦100
C. ₦150
D. ₦200
Question 12
A firm has a production function given by Q = 2L^0.5K^0.5. If the price of the good is $10 and the wage rate is $5, what is the optimal level of labor (L) if the firm wants to maximize its profit?
A. 10
B. 20
C. 30
D. 40
Question 13
Consider a firm operating in a perfectly competitive market with a production function Q = 2L^0.5K^0.5. If the firm's current input prices are w = ₦100 and r = ₦200, and it is currently producing 100 units of output, what is the firm's current total \cost of production?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 14
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 $15, what is the optimal bundle of x and y?
A. x = 3, y = 2
B. x = 2, y = 3
C. x = 4, y = 1
D. x = 1, y = 4
Question 15
Consider a monetary policy where the central bank increases the money supply by 10%. If the initial money supply is ₦1 trillion and the velocity of money is 2, what is the new money supply?
A. ₦1.1 trillion
B. ₦1.2 trillion
C. ₦1.3 trillion
D. ₦1.4 trillion

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