POST UTME RSU 2025 Economics | Objective

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Question 1
A firm produces two goods, X and Y. The production function for good X is given by Qx = 2L + 3K, where L is labor and K is capital. The production function for good Y is given by Qy = 4L + 2K. If the firm has 10 units of labor and 5 units of capital, what is the total output?
A. 20
B. 30
C. 40
D. 50
Question 2
A firm has the following revenue function: R = 2Q - 3, where Q is the quantity sold. If the firm sells 10 units, what is the total revenue?
A. ₦20
B. ₦30
C. ₦40
D. ₦50
Question 3
A consumer's indifference curve is given by the equation ( U(x, y) = 2x + 3y ), where ( x ) and ( y ) are the quantities of two goods consumed. If the consumer's budget constraint is \( 2x + 3y = 12 \), find the consumer's optimal bundle of goods.
A. x = 2, y = 4
B. x = 3, y = 3
C. x = 4, y = 2
D. x = 6, y = 0
Question 4
Consider a simple linear programming problem with the following objective function: Maximize Z = 3x + 4y, subject to the constraints: 2x + 3y ≤ 12, x ≥ 0, y ≥ 0. U\sing the graphical method, find the optimal solution.
A. \( x = 4, y = 2 \)
B. \( x = 2, y = 4 \)
C. \( x = 3, y = 3 \)
D. \( x = 1, y = 1 \)
Question 5
A firm's \cost function is given by C = 2L + 3K. What is the marginal \cost of labor?
A. 2L + 3K
B. 2
C. 3K
D. L
Question 6
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \), where Q is output, L is labor, and K is capital. If the firm's labor and capital inputs are increased by 10% each, what is the percentage change in output?
A. 5%
B. 10%
C. 15%
D. 20%
Question 7
A country's GDP is ₦10 trillion, and its GNP is ₦12 trillion. What is the net factor income from abroad?
A. ₦2 trillion
B. ₦1 trillion
C. ₦1.5 trillion
D. ₦0.5 trillion
Question 8
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current input prices are w = ₦100 and r = ₦200, calculate the firm's optimal input combination (L, K) u\sing the Hotelling's Lemma.
A. \( L = 100, K = 50 \)
B. \( L = 50, K = 100 \)
C. \( L = 200, K = 100 \)
D. \( L = 100, K = 200 \)
Question 9
A consumer has the following utility function: U = 2x + 3y, where x and y are the quantities of two goods. If the prices of the two goods are ₦10 and ₦20 respectively, and the consumer has a budget of ₦100, what is the optimal bundle of goods?
A. x = 2, y = 3
B. x = 3, y = 2
C. x = 4, y = 1
D. x = 1, y = 4
Question 10
A country's government is considering a tax on a particular good. The supply and demand curves for the good are given by Q^s = 100 - 2P and Q^d = 200 + P, respectively. If the government imposes a tax of ₦10 per unit on the good, what is the new equilibrium price?
A. ₦5
B. ₦10
C. ₦15
D. ₦20
Question 11
A country's GDP is ₦100 billion. The government imposes a tax of 10% on the GDP. What is the tax revenue?
A. ₦10 billion
B. ₦5 billion
C. ₦15 billion
D. ₦20 billion
Question 12
The diagram below shows the supply and demand curves for a commodity. If the price of the commodity increases, what will happen to the equilibrium quantity?
A. increase
B. decrease
C. remain the same
D. shift to the left
Question 13
A firm's production function is given by Q = 2L^0.5K^0.5. What is the marginal product of labor?
A. 2L^0.5K^0.5
B. L^0.5K^0.5
C. K^0.5
D. L^0.5
Question 14
The concept of returns to scale in production theory implies that as the input factors increase proportionally, the output will increase at a rate of:
A. cons\tant
B. increa\sing
C. decrea\sing
D. zero
Question 15
A firm's demand curve is given by Q = 100 - 2P. If the firm's current price is P = 20, what is the firm's current quantity demanded?
A. 40
B. 60
C. 80
D. 100

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