POST UTME GREENFIELD UNIVERSITY 2020 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A consumer's utility function is given by U = 2x^2 + 3y^2. 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. x = 10, y = 5
B. x = 5, y = 10
C. x = 15, y = 3
D. x = 20, y = 2
Question 2
Determine the price elasticity of demand for a product whose price increases from ₦100 to ₦120, and the quantity demanded decreases from 100 units to 80 units.
A. 0.5
B. 1.25
C. -0.5
D. -1.25
Question 3
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current labor and capital inputs are L = 16 and K = 9, respectively, what is the marginal product of labor (MPL) when the firm is producing at the point where labor and capital inputs are equal?
A. 1
B. 2
C. 3
D. 4
Question 4
A firm's demand function is given by Q = 100 - 2P. If the firm's revenue is ₦10,000, and the price elasticity of demand is 2, what is the firm's optimal price?
A. ₦20
B. ₦30
C. ₦40
D. ₦50
Question 5
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 ₦20, what is the quantity demanded?
A. 40
B. 50
C. 60
D. 70
Question 6
A firm's demand function is given by Q = 100 - 2P + 5Y. If the price elasticity of demand is -2 and the income elasticity of demand is 0.5, what is the percentage change in quantity demanded if the price increases by 10% and income increases by 20%?
A. 20%
B. 30%
C. 40%
D. 50%
Question 7
Agricultural development in Nigeria has been hindered by several factors. Which of the following is a major factor?
A. Lack of irrigation facilities
B. Lack of fertilizers
C. Lack of mechanization
D. All of the above
Question 8
The government of Nigeria has introduced a new policy aimed at increa\sing the production of rice. The policy includes a subsidy of ₦500 per bag of rice. If the price of rice is ₦5000 per bag, what is the new price after the subsidy?
A. ₦4500
B. ₦45000
C. ₦50000
D. ₦500000
Question 9
A firm's \cost function is given by C = 100 + 2Q. If the firm produces 20 units, what is the average \cost?
A. 10
B. 20
C. 30
D. 40
Question 10
A monopolist faces a demand curve given by Q = 100 - 2P. The marginal revenue function is MR = 200 - 2Q. What is the profit-maximizing quantity?
A. 20
B. 30
C. 40
D. 50
Question 11
A consumer's indifference curve is a graphical representation of the consumer's preferences. Which of the following is a characteristic of an indifference curve?
A. It is downward sloping
B. It is upward sloping
C. It is horizontal
D. It is vertical
Question 12
A firm's \cost function is given by C(x) = 50x + 2x^2, where x is the number of units produced. If the firm produces 20 units, what is the total \cost?
A. ₦1,600
B. ₦1,800
C. ₦2,000
D. ₦2,200
Question 13
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 60?
A. ₦20
B. ₦30
C. ₦40
D. ₦50
Question 14
A consumer's utility function is given by U = 2x + 3y. If the consumer's budget constraint is 2x + 3y = 12, and the price of good x is 2, what is the consumer's optimal bundle of goods?
A. x = 3, y = 4
B. x = 4, y = 3
C. x = 6, y = 2
D. x = 2, y = 6
Question 15
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 ₦100 per unit, and the price of capital is ₦200 per unit, what is the minimum \cost of production?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000

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