POST UTME RSU 2020 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm's demand function is given by Q = 100 - 2P. If the price of the good is ₦50, what is the quantity demanded?
A. 50 units
B. 75 units
C. 100 units
D. 125 units
Question 2
A country's GNP is ₦120 billion. Its GDP is ₦100 billion. What is the country's net factor income from abroad?
A. ₦10 billion
B. ₦20 billion
C. ₦30 billion
D. ₦40 billion
Question 3
A consumer has a utility function given by ( u(x,y) = 2x + 3y ). If the consumer's budget constraint is \( 2x + 3y = 12 \), find the consumer's optimal bundle of x and y.
A. \( x = 2, y = 4 \)
B. \( x = 4, y = 2 \)
C. \( x = 3, y = 3 \)
D. \( x = 1, y = 5 \)
Question 4
A country's balance of payments is given by the equation BOP = X - M, where X is the value of exports and M is the value of imports. If the value of exports is 100 and the value of imports is 80, what is the balance of payments?
A. 10
B. 20
C. 30
D. 40
Question 5
A firm produces two goods, A and B. The production of good A requires 2 units of labor and 1 unit of capital, while the production of good B requires 1 unit of labor and 2 units of capital. If the firm has 10 units of labor and 15 units of capital, what is the opportunity \cost of producing 5 units of good A?
A. 5 units of good B
B. 10 units of good B
C. 15 units of good B
D. 20 units of good B
Question 6
A firm's total revenue is given by TR = 100Q - 2Q^2. If the firm produces 20 units, what is its total revenue?
A. ₦1000
B. ₦1200
C. ₦1400
D. ₦1600
Question 7
The government can use fiscal policy to increase aggregate demand by:
A. Increa\sing taxes
B. Decrea\sing government sp\ending
C. Increa\sing government sp\ending
D. Decrea\sing taxes
Question 8
A firm's production function is given by Q = 3L^0.5K^0.5, where Q is output, L is labor, and K is capital. If the firm increases labor from 100 to 121 units, and capital from 100 to 121 units, what is the new output?
A. 121
B. 144
C. 169
D. 196
Question 9
The demand for a product is given by Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. The supply of the product is given by Qs = 2P - 10, where Qs is the quantity supplied. What is the equilibrium price and quantity?
A. P = 20, Q = 30
B. P = 30, Q = 20
C. P = 40, Q = 10
D. P = 10, Q = 40
Question 10
A firm faces a demand curve given by \( Q = 100 - 2P \) and a supply curve given by \( Q = 2P - 100 \). Find the equilibrium price and quantity.
A. \( P = 50, Q = 50 \)
B. \( P = 75, Q = 25 \)
C. \( P = 25, Q = 75 \)
D. \( P = 100, Q = 0 \)
Question 11
The Central Bank of Nigeria (CBN) has implemented a monetary policy aimed at reducing inflation. The policy involves increa\sing the reserve requirement for commercial banks. What is the likely effect of this policy on the money supply?
A. Increase in money supply
B. Decrease in money supply
C. No change in money supply
D. Increase in velocity of money
Question 12
The demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the price elasticity of demand is -2, what is the percentage change in quantity demanded when the price increases by 10%?
A. 20%
B. 30%
C. 40%
D. 50%
Question 13
A country's GDP is ₦1 trillion. The country's GNP is ₦1.1 trillion. What is the net factor income from abroad?
A. ₦100 billion
B. ₦200 billion
C. ₦300 billion
D. ₦400 billion
Question 14
Consider a firm operating in a perfectly competitive market with cons\tant returns to scale. If the firm's production function is given by Q = 2L + 3K, where Q is output, L is labor, and K is capital, what is the long-run equilibrium output if the firm's labor and capital inputs are 10 units each?
A. 20
B. 30
C. 40
D. 50
Question 15
A government imposes a tax on a firm's output. If the firm's supply curve shifts from S1 to S2, and the tax rate is 20%, what is the new price elasticity of supply?
A. 0.5
B. 1
C. 2
D. 3

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