POST UTME SKYLINE UNIVERSITY 2024 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A government imposes a tax on a firm's output. The firm's supply curve shifts from S1 to S2. What is the effect on the equilibrium quantity?
A. Increase
B. Decrease
C. No Change
D. Indeterminate
Question 2
A country's export supply function is given by X = 50 + 2Y - 3P. If the country's income is ₦100,000 and the price of exports is ₦20, how many units of exports will be supplied?
A. 30
B. 40
C. 50
D. 60
Question 3
A country's GDP is ₦1,500 billion, its imports are ₦400 billion, and its exports are ₦350 billion. What is the country's current account balance?
A. ₦50 billion
B. ₦100 billion
C. ₦150 billion
D. ₦200 billion
Question 4
A country's export supply function is given by X = 50 + 2Y - 3P. If the country's income is ₦100,000 and the price of exports is ₦20, how many units of exports will be supplied?
A. 30
B. 40
C. 50
D. 60
Question 5
A firm's \cost function is given by C(q) = 2q^2 + 5q + 10. If the firm produces 20 units, what is the total \cost?
A. ₦150
B. ₦200
C. ₦250
D. ₦300
Question 6
A firm's production function is given by \( Q = 10L^0.5K^0.5 \). If the firm increases labor by 20% and capital by 15%, what is the new level of production?
A. 12.5
B. 15
C. 17.5
D. 20
Question 7
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm uses 16 units of labor and 9 units of capital, what is the marginal product of labor?
A. 1.5
B. 2.5
C. 3.5
D. 4.5
Question 8
Consider a firm operating under cons\tant returns to scale. If the firm's production function is given by Q = 2L^2 + 3K^2, where Q is output, L is labor, and K is capital, what is the value of the marginal product of labor (MPL) when L = 4 and K = 3?
A. 8
B. 12
C. 16
D. 20
Question 9
A consumer has a utility function of U = 2X + 3Y, where X and Y are the quantities of two goods consumed. The prices of the goods are ₦5 and ₦10 respectively. The consumer's budget is ₦100. What is the optimal combination of X and Y that maximizes utility?
A. X = 10, Y = 5
B. X = 15, Y = 3
C. X = 20, Y = 2
D. X = 25, Y = 1
Question 10
Consider a firm operating in a perfectly competitive market with a given demand curve \( D = 100 - 2p \) and a \cost function \( C = 50 + 5q \). If the firm produces 20 units, what is the profit-maximizing price?
A. ₦80
B. ₦90
C. ₦100
D. ₦110
Question 11
A country's GDP is ₦1,200 billion, its imports are ₦300 billion, and its exports are ₦250 billion. What is the country's balance of trade?
A. ₦50 billion
B. ₦100 billion
C. ₦150 billion
D. ₦200 billion
Question 12
A country's economic growth is influenced by its investment in human capital. What is the primary channel through which human capital investment affects economic growth?
A. Increased productivity of labor
B. Higher savings rates
C. Improved institutional quality
D. Increased foreign direct investment
Question 13
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. ₦1.5 trillion
C. ₦1 trillion
D. ₦0.5 trillion
Question 14
A firm's demand function is given by D(p) = 2p^2 - 5p + 10. If the price is ₦5, what is the quantity demanded?
A. 10
B. 15
C. 20
D. 25
Question 15
A government imposes a tax on a firm's output. The firm's supply curve shifts from S1 to S2. What is the effect on the equilibrium price?
A. Increase
B. Decrease
C. No Change
D. Indeterminate

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