POST UTME LEAD CITY UNIVERSITY 2017 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
Consider a country with a balance of payments deficit. Which of the following policies would most likely increase the deficit?
A. Increase government sp\ending
B. Decrease taxes
C. Increase exports
D. Increase imports
Question 2
The National Bureau of Statistics (NBS) releases the Gross Domestic Product (GDP) of Nigeria on a quarterly basis. What is the primary purpose of the GDP?
A. To measure the total value of goods and services produced within the country
B. To measure the total value of goods and services produced abroad
C. To measure the total value of goods and services consumed within the country
D. To measure the total value of goods and services imported into the country
Question 3
A country's balance of payments (BOP) is a statistical statement that summarizes all economic transactions between residents and non-residents over a specific period of time. Which of the following is a component of the current account in the BOP?
A. Exports of goods and services
B. Imports of goods and services
C. Net factor income from abroad
D. All of the above
Question 4
A government's budget is given by the equation B = T + I, where B is the budget, T is the taxation, and I is the interest. If the taxation is 50 and the interest is 25, find the budget.
A. 75
B. 100
C. 125
D. 150
Question 5
A firm's supply curve is given by the equation Qs = 2P - 10, where Qs is the quantity supplied and P is the price. If the price elasticity of supply is 0.2, find the percentage change in quantity supplied when the price increases by 15%.
A. 7.5%
B. 10%
C. 12.5%
D. 15%
Question 6
A country's balance of payments is given by the equation BOP = X - M, where BOP is the balance of payments, X is the exports, and M is the imports. If the exports are 100 and the imports are 75, find the balance of payments.
A. 25
B. 50
C. 75
D. 100
Question 7
Gross Domestic Product (GDP) is a measure of the total value of all final goods and services produced within a country's borders over a specific period of time. Which of the following is included in the calculation of GDP?
A. Imports of goods and services
B. Exports of goods and services
C. Net factor income from abroad
D. All of the above
Question 8
A consumer has a budget constraint of ₦100 and two goods, A and B, priced at ₦20 and ₦30 respectively. If the consumer's indifference curve is \tangent to the budget line, what is the optimal consumption bundle?
A. (2 units of A, 0 units of B)
B. (1 unit of A, 1 unit of B)
C. (0 units of A, 2 units of B)
D. (3 units of A, 1 unit of B)
Question 9
A government imposes a tax of $10 per ton on a firm that produces a good. The firm's supply curve is given by Q = 100 - 2P, and the market demand curve is given by Q = 200 - P. What is the equilibrium price and quantity of the good?
A. P = $20, Q = 90
B. P = $15, Q = 100
C. P = $10, Q = 110
D. P = $5, Q = 120
Question 10
The concept of agricultural industrialization in Nigeria is closely related to the idea of increa\sing the productivity of the agricultural sector through the use of modern techno\logy and mechanization. Which of the following is a major advantage of agricultural industrialization in Nigeria?
A. Increased food production
B. Improved rural employment opportunities
C. Enhanced agricultural exports
D. Increased agricultural income
Question 11
Consider a country with a tariff rate of 20% on imported goods. If the price of the imported good is $100, what is the effective price paid by consumers?
A. $80
B. $90
C. $100
D. $120
Question 12
A perfectly competitive market is characterized by a large number of firms producing a homogeneous product. Which of the following is a characteristic of a perfectly competitive market?
A. A \single firm produces the entire output of the market
B. A large number of firms produce a homogeneous product
C. A small number of firms produce a differentiated product
D. A \single firm sets the price of the product
Question 13
A consumer has a utility function U = 2x + 3y. If the prices of x and y are $5 and $10 respectively, and the consumer has a budget of $50, what is the optimal bundle of x and y?
A. x = 5, y = 2
B. x = 10, y = 1
C. x = 15, y = 0
D. x = 0, y = 5
Question 14
A country's GDP is $100 billion, and its GNP is $120 billion. What is the country's net factor income from abroad?
A. $20 billion
B. $30 billion
C. $40 billion
D. $50 billion
Question 15
Consider a country with a GDP of ₦100 billion, a GNP of ₦120 billion, and a net factor income from abroad of ₦20 billion. What is the country's national income?
A. ₦140 billion
B. ₦160 billion
C. ₦180 billion
D. ₦200 billion

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub: