POST UTME GREENFIELD UNIVERSITY 2021 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm's revenue function is given by the equation R = 100Q - 2Q^2, where R is the total revenue and Q is the quantity produced. If the firm produces 10 units, what is the total revenue?
A. 800
B. 820
C. 840
D. 860
Question 2
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. If the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, and the firm is currently producing 100 units of the good, what is the total \cost of production?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 3
A firm is considering two different production processes: one that produces 100 units of output with a fixed \cost of ₦10,000 and a variable \cost of ₦50 per unit, and another that produces 150 units of output with a fixed \cost of ₦20,000 and a variable \cost of ₦40 per unit. Which production process should the firm choose?
A. The first production process.
B. The second production process.
C. Both production processes are equally profitable.
D. Neither production process is profitable.
Question 4
A firm's \cost function is given by the equation C = 100 + 2Q, where C is the total \cost and Q is the quantity produced. If the firm produces 20 units, what is the total \cost?
A. 200
B. 220
C. 240
D. 260
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 monopolist faces a demand curve given by Qd = 100 - 2P and a marginal revenue curve given by MR = 20 - 2P. If the price elasticity of demand is 0.5, what is the optimal price and quantity for the monopolist?
A. Price = 40, Quantity = 30
B. Price = 50, Quantity = 25
C. Price = 60, Quantity = 20
D. Price = 70, Quantity = 15
Question 7
A monopolistically competitive firm is characterized by a downward-sloping demand curve and a high degree of product differentiation. What is the primary reason for the firm's downward-sloping demand curve?
A. The firm's high fixed \costs lead to a downward-sloping demand curve.
B. The firm's high marginal \costs lead to a downward-sloping demand curve.
C. The firm's product differentiation leads to a downward-sloping demand curve.
D. The firm's high elasticity of demand leads to a downward-sloping demand curve.
Question 8
The demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. The supply of the product is given by the equation Qs = 50 + 3P, where Qs is the quantity supplied and P is the price. What is the equilibrium price and quantity?
A. P = 20, Q = 70
B. P = 30, Q = 80
C. P = 40, Q = 90
D. P = 50, Q = 100
Question 9
The government of Nigeria has introduced a new policy aimed at increa\sing the production of rice in the country. The policy includes a 50% subsidy on the \cost of fertilizers and pesticides for rice farmers. If the current \cost of fertilizers and pesticides is ₦100,000, what is the amount of subsidy provided to each farmer?
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 10
A farmer is producing two crops, maize and soybeans. The production function for maize is given by Qm = 2Lm^0.5Km^0.5, where Lm is the amount of labor used and Km is the amount of capital used. The production function for soybeans is given by Qs = 3Ls^0.5Ks^0.5, where Ls is the amount of labor used and Ks is the amount of capital used. If the farmer is currently u\sing 100 units of labor and 200 units of capital, what is the total output of maize and soybeans?
A. 200 units of maize and 300 units of soybeans
B. 300 units of maize and 200 units of soybeans
C. 400 units of maize and 400 units of soybeans
D. 500 units of maize and 500 units of soybeans
Question 11
The government of Nigeria has set a target of increa\sing the country's GDP by 10% within the next 5 years. If the current GDP is ₦20 trillion, what is the total amount of investment required to achieve this target?
A. ₦2 trillion
B. ₦4 trillion
C. ₦6 trillion
D. ₦8 trillion
Question 12
A firm's total \cost is given by the equation TC = 100 + 2x + 0.5x^2, where x is the number of units produced. If the firm's marginal \cost is 10, find the number of units produced at which the firm's total \cost is minimized.
A. 20
B. 30
C. 40
D. 50
Question 13
A firm's demand curve is given by the equation Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm's marginal revenue is ₦500, what is the firm's total revenue?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 14
A firm's supply curve is given by the equation Q = 2P + 50, where Q is the quantity supplied and P is the price. If the firm's marginal \cost is ₦200, what is the firm's total \cost?
A. ₦1,000
B. ₦2,000
C. ₦3,000
D. ₦4,000
Question 15
The production function for a firm is given by the equation Q = 2L^0.5K^0.5, where Q is the output, L is the labor, and K is the capital. The firm is currently producing 100 units of output with 10 units of labor and 10 units of capital. What is the marginal product of labor?
A. 5
B. 10
C. 15
D. 20

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