POST UTME UNIBEN 2019 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
Consider a firm operating in a perfectly competitive market. If the firm's marginal revenue (MR) is greater than its marginal \cost (MC), what will be the effect on the firm's output and price?
A. The firm will increase output and price.
B. The firm will decrease output and price.
C. The firm will increase output but decrease price.
D. The firm will decrease output but increase price.
Question 2
A country's GDP is given by the equation GDP = C + I + G + \( X - M \), where C is consumption, I is investment, G is government sp\ending, X is exports, and M is imports. If the country's GDP is ₦100 billion, and the values of C, I, G, X, and M are ₦50 billion, ₦20 billion, ₦15 billion, ₦30 billion, and ₦25 billion respectively, find the value of net exports.
A. ₦5 billion
B. ₦10 billion
C. ₦15 billion
D. ₦20 billion
Question 3
A firm produces two goods, X and Y, u\sing two inputs, labor and capital. The production functions are given by Qx = 2L + 3K and Qy = L + 2K, where Qx and Qy are the quantities of X and Y produced, and L and K are the quantities of labor and capital used. If the firm produces 10 units of X and 8 units of Y, find the total \cost of production.
A. ₦500
B. ₦750
C. ₦1000
D. ₦1250
Question 4
A firm's production function is given by Q = 2L^2. If the firm's wage rate is ₦10 per hour, what is the optimal number of workers?
A. 10 workers
B. 20 workers
C. 30 workers
D. 40 workers
Question 5
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 0.5, find the price at which the quantity demanded is 60 units.
A. ₦50
B. ₦75
C. ₦100
D. ₦125
Question 6
A firm's \cost function is given by C = 2L + 3K, where L is labor and K is capital. If the firm's current labor and capital inputs are L = 4 and K = 6, respectively, what is the firm's current \cost?
A. 20
B. 30
C. 40
D. 50
Question 7
In a perfectly competitive market, the demand curve for a firm's product is its
A. marginal revenue curve
B. marginal \cost curve
C. average revenue curve
D. average \cost curve
Question 8
The Gross Domestic Product (GDP) of a country is a measure of the total value of all final goods and services produced within the country. Which of the following is a component of GDP?
A. Consumption exp\enditure.
B. Investment exp\enditure.
C. Government exp\enditure.
D. All of the above.
Question 9
A perfectly competitive market has a supply curve that is upward-sloping. True or False?
A. True
B. False
C. It dep\ends on the market conditions
D. It dep\ends on the type of good
Question 10
A perfectly competitive market has a demand curve given by P = 100 - Q. If the market supply curve is given by Q = 20 + 2P, what is the equilibrium price and quantity?
A. P = 50, Q = 30
B. P = 60, Q = 40
C. P = 70, Q = 50
D. P = 80, Q = 60
Question 11
A country's GDP is ₦100 billion. The government sp\ends ₦20 billion on imports. What is the country's GNP?
A. ₦80 billion
B. ₦100 billion
C. ₦120 billion
D. ₦140 billion
Question 12
A country's balance of payments is given by the following equation: BOP = X - M - \( I - S \). If the country's exports (X) increase by 10%, and imports (M) decrease by 5%, what will happen to the balance of payments?
A. The balance of payments will increase.
B. The balance of payments will decrease.
C. The balance of payments will remain the same.
D. The balance of payments will increase by 5%.
Question 13
Agricultural development in Nigeria has been hindered by the lack of access to credit facilities for farmers. Which of the following is a potential solution to this problem?
A. Establishing a central bank to regulate the agricultural sector.
B. Providing subsidies to farmers to reduce their production \costs.
C. Establishing a microfinance institution to provide credit facilities to farmers.
D. Implementing a policy of price control to stabilize agricultural prices.
Question 14
A monopolist's demand curve is given by Q = 100 - 2P. What is the price elasticity of demand?
A. Inelastic
B. Unit elastic
C. Elastic
D. Perfectly elastic
Question 15
A monopolist faces a demand curve given by Q = 100 - 2P. The marginal revenue function is given by MR = 50 - 2Q. Find the profit-maximizing level of output.
A. Q = 50
B. Q = 75
C. Q = 25
D. Q = 100

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