POST UTME KSU 2022 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A government is considering implementing a policy to reduce inflation. The current inflation rate is 5%, and the government wants to reduce it to 2% within the next year. What is the required rate of interest?
A. 10%
B. 15%
C. 20%
D. 25%
Question 2
A country's GDP is 100 billion naira, and its GNP is 120 billion naira. What is the country's net factor income from abroad?
A. 20 billion naira
B. 30 billion naira
C. 40 billion naira
D. 50 billion naira
Question 3
A firm's demand function is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm's marginal revenue (MR) is 80, and the firm's marginal \cost (MC) is 50, what is the value of the price that maximizes profit?
A. ₦20
B. ₦30
C. ₦40
D. ₦50
Question 4
A country's economic growth rate is 5% per annum, and its population growth rate is 2% per annum. What is the country's per capita income growth rate?
A. 3%
B. 4%
C. 5%
D. 6%
Question 5
A government's budget constraint is given by B = T + G, where B is the budget, T is the tax revenue, and G is the government sp\ending. If the government's tax revenue is ₦100 and its sp\ending is ₦50, what is its budget?
A. ₦150
B. ₦200
C. ₦250
D. ₦300
Question 6
A firm's \cost function is given by C(q) = 2q^2 + 10q + 5. What is the marginal \cost function?
A. ( C'(q) = 4q + 10 )
B. ( C'(q) = 2q + 5 )
C. ( C'(q) = 2q^2 + 10 )
D. ( C'(q) = 4q^2 + 10q )
Question 7
A government's decision to impose a tax on luxury goods is an example of a policy aimed at reducing income inequality. Which of the following is a potential consequence of this policy?
A. Increased tax revenue for the government
B. Reduced demand for luxury goods
C. Increased income inequality
D. Decreased economic growth
Question 8
A government is considering implementing a tax on a particular good. The demand for the good is given by Q = 100 - 2P, and the supply of the good is given by Q = 2P - 10. What is the deadweight loss of the tax?
A. ₦100
B. ₦200
C. ₦300
D. ₦400
Question 9
A firm's \cost function is given by C(q) = 2q^2 + 10q + 5. If the firm produces 10 units of output, what is its total \cost?
A. ₦250
B. ₦300
C. ₦350
D. ₦400
Question 10
A firm's revenue function is given by R(q) = 20q - 0.5q^2. If the firm produces 10 units of output, what is its marginal revenue?
A. ₦150
B. ₦200
C. ₦250
D. ₦300
Question 11
A firm is producing a good u\sing two inputs, labor and capital. The production function is given by Q = 2L^0.5K^0.5. The firm's budget constraint is given by 10L + 20K = 100. What is the firm's optimal input mix?
A. L = 5, K = 2
B. L = 2, K = 5
C. L = 10, K = 10
D. L = 20, K = 5
Question 12
A central bank increases the money supply by 10%. If the initial money supply is ₦100 billion and the velocity of money is 2, what is the new money supply?
A. ₦110 billion
B. ₦120 billion
C. ₦130 billion
D. ₦140 billion
Question 13
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 x and y are ₦2 and ₦3 respectively, what is the consumer's optimal bundle?
A. (2, 4)
B. (4, 2)
C. (6, 0)
D. (0, 6)
Question 14
A consumer's utility function is given by U(x, y) = 2x + 3y, where x and y are the quantities of two goods consumed. If the consumer's budget constraint is 100 = 4x + 5y, and the consumer's indifference curve is \tangent to the budget constraint at a point where x = 10, find the value of y.
A. 5
B. 10
C. 15
D. 20
Question 15
A country's GDP is ₦1,000,000,000 and its GNP is ₦1,100,000,000. Find the net factor income from abroad.
A. ₦100,000,000
B. ₦200,000,000
C. ₦300,000,000
D. ₦400,000,000

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