POST UTME LAUTECH 2017 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm's demand curve is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the firm's supply curve is given by the equation Qs = 2P - 50, find the equilibrium price and quantity.
A. P = 25, Q = 75
B. P = 30, Q = 80
C. P = 35, Q = 85
D. P = 40, Q = 90
Question 2
A country's economic growth rate is given by the equation G = 2Y/P, where G is the economic growth rate, Y is the national income and P is the price level. If the country's national income and price level are 10000 and 500 respectively, find the economic growth rate.
A. 0.4
B. 0.6
C. 0.8
D. 1.0
Question 3
The Balance of Payments (BOP) is a statistical statement that summarizes a country's transactions with the rest of the world over a specific period of time.
A. True
B. False
C. Maybe
D. It dep\ends
Question 4
The concept of scarcity is closely related to the concept of opportunity \cost. Explain how the opportunity \cost of a choice is determined and provide an example.
A. The opportunity \cost of a choice is determined by the next best alternative that is given up when a choice is made.
B. The opportunity \cost of a choice is determined by the total \cost of the choice.
C. The opportunity \cost of a choice is determined by the total revenue of the choice.
D. The opportunity \cost of a choice is determined by the total profit of the choice.
Question 5
Calculate the value of the definite integral \( int_{0}^{2} \( 2x^2 + 3x - 4 \ \) dx ) u\sing the power rule of integration.
A. \( \frac{8}{3} + \frac{6}{2} - \frac{8}{2} \ \)
B. \( \frac{8}{3} + \frac{6}{2} + \frac{8}{2} \ \)
C. \( \frac{8}{3} - \frac{6}{2} - \frac{8}{2} \ \)
D. \( \frac{8}{3} - \frac{6}{2} + \frac{8}{2} \ \)
Question 6
The concept of scarcity is most closely related to which of the following?
A. Choice
B. Opportunity \cost
C. Utility
D. Inflation
Question 7
A country's inflation rate is given by the equation I = 2M/P, where I is the inflation rate, M is the money supply and P is the price level. If the country's money supply and price level are 1000 and 500 respectively, find the inflation rate.
A. 0.4
B. 0.6
C. 0.8
D. 1.0
Question 8
A country's money supply is given by the equation M = 1000 + 0.5Y, where M is the money supply and Y is the national income. If the country's national income is 10000, find the money supply.
A. ₦6000
B. ₦7000
C. ₦8000
D. ₦9000
Question 9
The balance of payments accounts are affected by which of the following?
A. Exports
B. Imports
C. Foreign investment
D. Remit\tances
Question 10
The money supply is affected by which of the following?
A. Reserve requirement
B. Deposit multiplier
C. Loanable funds
D. Banking system
Question 11
Agricultural industrialization in Nigeria has led to an increase in the production of which of the following crops?
A. Cassava
B. Maize
C. Rice
D. Sorghum
Question 12
A firm's revenue function is given by the equation R = 2Q - 3P, where R is the revenue, Q is the quantity sold and P is the price. If the firm's quantity sold and price are 10 and 5 respectively, find the revenue.
A. 20
B. 30
C. 40
D. 50
Question 13
A monopolistically competitive firm faces a demand curve given by Qd = 100 - 2P and a supply curve given by Qs = 2P - 100. If the firm produces 150 units, what is the price it will charge?
A. 25
B. 30
C. 35
D. 40
Question 14
A firm is producing at a point where its marginal revenue is equal to its marginal \cost. If the price of the good is $100 and the firm is producing 100 units, what is the total revenue?
A. $10,000
B. $20,000
C. $30,000
D. $40,000
Question 15
The consumer's budget constraint is represented by which of the following?
A. Budget line
B. Budget curve
C. Indifference curve
D. Opportunity \cost curve

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