POST UTME UNIBEN 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 firm's supply function is \( Q = 2P - 100 \), find the equilibrium price and quantity.
A. P = 50, Q = 150
B. P = 75, Q = 100
C. P = 25, Q = 200
D. P = 100, Q = 0
Question 2
A government is considering implementing a new policy to reduce pollution. The policy will increase the \cost of production for firms in the industry by 10%. If the demand for the good is given by Q = 100 - 2P, what will be the new equilibrium price and quantity?
A. ₦80, Q = 60
B. ₦100, Q = 50
C. ₦120, Q = 40
D. ₦150, Q = 30
Question 3
A government decides to impose a tax of ₦5 per unit on a commodity. If the demand for the commodity is given by Qd = 100 - 2P and the supply is given by Qs = 2P - 10, find the new equilibrium price and quantity.
A. ₦60
B. ₦65
C. ₦70
D. ₦75
Question 4
A consumer's utility function is given by U(x, y) = 2x + 3y. If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦3 respectively, what is the consumer's optimal bundle?
A. x = 100, y = 50
B. x = 80, y = 60
C. x = 60, y = 70
D. x = 40, y = 80
Question 5
A firm's production function is given by Q = 3L^0.7K^0.3. If the firm's current input prices are w = ₦150 per unit of labor and r = ₦300 per unit of capital, and the firm's current output price is p = ₦600 per unit, calculate the firm's maximum profit.
A. ₦15,000
B. ₦30,000
C. ₦45,000
D. ₦60,000
Question 6
A monopolist faces a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. What is the profit-maximizing price and quantity?
A. P = 40, Q = 30
B. P = 50, Q = 20
C. P = 60, Q = 10
D. P = 70, Q = 5
Question 7
A firm's \cost function is given by C(x) = 2x^2 + 5x + 10. If the firm produces 20 units of output, what is the total \cost of production?
A. ₦250
B. ₦500
C. ₦750
D. ₦1000
Question 8
A consumer's budget constraint is given by \( 2x + 3y = 100 \). If the consumer's utility function is ( u(x,y) = 2x + 3y ), find the consumer's optimal bundle of x and y.
A. (20, 30)
B. (30, 20)
C. (25, 25)
D. (10, 40)
Question 9
A government imposes a tax of ₦10 on every unit of a good. If the supply function is given by Q = 2P - 5, what is the new supply function after the tax?
A. Q = 2P - 15
B. Q = 2P + 5
C. Q = 2P - 10
D. Q = 2P + 15
Question 10
The elasticity of demand for a product is 0.5. If the price of the product increases by 10%, what is the percentage change in the quantity demanded?
A. 5%
B. 10%
C. 15%
D. 20%
Question 11
A government decides to increase the budget for a project by 20%. If the initial budget is ₦500 million, find the new budget.
A. ₦550 million
B. ₦600 million
C. ₦650 million
D. ₦700 million
Question 12
A firm is producing a good with a total revenue of ₦1,500 and a total \cost of ₦1,200. If the price elasticity of demand for the good is 1.5, what is the price of the good?
A. ₦100
B. ₦150
C. ₦200
D. ₦250
Question 13
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current input prices are w = ₦100 per unit of labor and r = ₦200 per unit of capital, and the firm's current output price is p = ₦500 per unit, calculate the firm's maximum profit.
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 14
Consider a firm operating in a perfectly competitive market with a production function Q = 2L^0.5K^0.5. If the firm's current input prices are w = ₦100 per unit of labor and r = ₦200 per unit of capital, and the firm's current output price is p = ₦500 per unit, calculate the firm's maximum profit.
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 15
A firm's \cost function is given by C(x) = x^2 + 5x + 10. If the firm produces 20 units, what is the total \cost?
A. 510
B. 520
C. 530
D. 540

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