POST UTME KSU 2024 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A government budget has the following components: Revenue ₦5 trillion, Exp\enditure ₦6 trillion, and a deficit of ₦1 trillion. What is the fiscal policy s\tance?
Question 2
The government of Nigeria has introduced a new policy to increase the production of rice. The policy includes providing subsidies to farmers, improving irrigation systems, and increa\sing access to credit. However, the policy also includes a provision to increase the price of rice by 15%. If the current price of rice is ₦500 per ki\logram, what will be the new price after the increase?
Question 3
A central bank is considering a monetary policy to reduce inflation. If the current inflation rate is 5% and the central bank wants to reduce it to 2%, what is the required reduction in the money supply?
Question 4
A farmer is considering two crops: maize and soybeans. If the price of maize is ₦100 per bag and the price of soybeans is ₦120 per bag, and the farmer's production \costs are ₦50 per bag for maize and ₦60 per bag for soybeans, what will be the farmer's profit-maximizing crop?
Question 5
A company produces two products, A and B. The production of product A requires 2 hours of labor and 3 units of raw material, while the production of product B requires 3 hours of labor and 2 units of raw material. If the company has 120 hours of labor and 180 units of raw material available, how many units of product A and product B should the company produce to maximize profit?
Question 6
A country's GDP is ₦1,500 billion, and its GNP is ₦1,600 billion. What is the net factor income from abroad?
Question 7
The government of Nigeria has introduced a new policy to increase agricultural production. The policy includes providing subsidies to farmers, improving irrigation systems, and increa\sing access to credit. However, the policy also includes a provision to increase the price of fertilizers by 20%. If the current price of fertilizer is ₦500 per bag, what will be the new price after the increase?
Question 8
A government is considering a tax on a particular good. The supply curve of the good is given by Q = 100 + 2P, and the demand curve is given by Q = 100 - 2P. If the government imposes a tax of ₦0.5 million per unit, what is the new equilibrium price?
Question 9
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 = 2P - 100, where Qs is the quantity supplied and P is the price. What is the equilibrium price?
Question 10
A country's GDP is ₦10 trillion, and its GNP is ₦12 trillion. What is the net factor income from abroad?
Question 11
Consider a perfectly competitive market with 5 firms, each producing a homogeneous good. If the market demand curve is downward sloping and the firms are price takers, what is the relationship between the market supply curve and the individual firm's supply curve?
Question 12
A country's balance of payments account has the following components: Current Account ₦3 trillion, Capital Account ₦2 trillion, and a surplus of ₦1 trillion. What is the overall balance?
Question 13
A firm is considering two production techno\logies: one that requires an initial investment of ₦1.5 million and has a fixed \cost of ₦0.5 million, and another that requires an initial investment of ₦2 million and has a fixed \cost of ₦1 million. If the variable \cost per unit is ₦0.2 million and the selling price per unit is ₦0.5 million, which techno\logy should the firm adopt to maximize its profit?
Question 14
The government of Nigeria has introduced a new tax policy to increase revenue. The policy includes a 10% increase in income tax and a 5% increase in value-added tax. If the current income tax rate is 20% and the current value-added tax rate is 15%, what will be the new tax rates?
Question 15
A country's demand for a product is given by the equation Qd = 100 - 2P, and the supply is given by Qs = 2P - 50. What is the equilibrium price?
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