POST UTME IMS U 2021 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm has a \cost function given by C = 2L + 3K, where L is labor and K is capital. If the firm has 10 units of labor and 5 units of capital, what is the total \cost?
A. ₦50
B. ₦100
C. ₦150
D. ₦200
Question 2
A consumer's budget constraint is given by 2x + 3y = 12, where x and y are the quantities of two goods consumed. If the consumer's utility function is U(x, y) = 2x + 3y, find the optimal quantities of x and y that maximize the consumer's utility.
A. x = 3, y = 4
B. x = 4, y = 3
C. x = 2, y = 6
D. x = 6, y = 2
Question 3
In a perfectly competitive market, what is the relationship between the marginal revenue product of labor (MRP) and the marginal factor \cost (MFC)?
A. MRP > MFC
B. MRP < MFC
C. MRP = MFC
D. MRP and MFC are unrelated
Question 4
A consumer's utility function is given by U = 2x + 3y. If the prices of x and y are ₦5 and ₦10 respectively, and the consumer's budget is ₦50, find the optimal quantities of x and y.
A. x = 5, y = 2
B. x = 10, y = 1
C. x = 7, y = 3
D. x = 3, y = 5
Question 5
A consumer's budget constraint is given by \( 2x + 3y = 12 \). If the consumer's utility function is given by ( U(x,y) = xy ), what is the optimal bundle of x and y?
A. (2,4)
B. (4,2)
C. (3,3)
D. (6,1)
Question 6
A consumer's utility function is given by ( U(x,y) = 2x + 3y ). If the prices of x and y are $2 and $3 respectively, and the consumer has a budget of $15, what is the optimal bundle of x and y?
A. (5,5)
B. (10,0)
C. (0,10)
D. (7,3)
Question 7
A monopolist is producing a good with the following demand function: P = 100 - 2Q, where P is the price and Q is the quantity produced. If the firm's marginal \cost is cons\tant at 20, what is the optimal quantity of the good that the firm will produce?
A. 10
B. 20
C. 30
D. 40
Question 8
A firm is producing a good with a demand curve given by Qd = 100 - 2P and a supply curve given by Qs = 2P. What is the equilibrium price and quantity of the good?
A. P = ₦20, Q = 60
B. P = ₦30, Q = 70
C. P = ₦40, Q = 80
D. P = ₦50, Q = 90
Question 9
A firm's demand curve is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm's revenue function is R(P) = P\( 100 - 2P \), find the price at which the firm's revenue is maximized.
A. ₦50
B. ₦75
C. ₦100
D. ₦125
Question 10
A firm's production function is given by \( Q = 2L^{0.5}K^{0.5} \). If the firm's current inputs are L = 4 and K = 9, what is the marginal product of labor?
A. 1
B. 2
C. 3
D. 4
Question 11
A monopolist produces a good with a cons\tant marginal \cost of ₦10 and a demand curve given by Q = 100 - 2P. If the monopolist produces 20 units of the good, what is the consumer surplus?
A. ₦1000
B. ₦2000
C. ₦3000
D. ₦4000
Question 12
A firm's production function is given by Q = 2L^0.5K^0.5. What is the firm's marginal product of labor (MPL) when L = 4 and K = 9?
A. MPL = 0.5
B. MPL = 1
C. MPL = 2
D. MPL = 4
Question 13
A firm has a production function given by Q = 2L + 3K, where L is labor and K is capital. If the firm has 10 units of labor and 5 units of capital, what is the marginal product of labor?
A. 2
B. 3
C. 4
D. 5
Question 14
A country is experiencing a trade deficit of ₦50 billion. If the country's imports are ₦100 billion and its exports are ₦50 billion, what is the value of its net foreign exchange earnings?
A. ₦-50 billion
B. ₦0 billion
C. ₦50 billion
D. ₦100 billion
Question 15
Consider a perfectly competitive market with 5 firms, each producing a homogeneous product. If the market price is $10 and each firm's marginal \cost is $8, what is the profit-maximizing quantity for each firm?
A. 100 units
B. 200 units
C. 300 units
D. 400 units

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