POST UTME UNIBEN 2022 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm is operating in a perfectly competitive market. The demand curve for its product is given by the equation Q = 100 - 2P. The firm's marginal \cost curve is given by the equation MC = 10 + 2Q. What is the firm's profit-maximizing price?
A. ₦40
B. ₦50
C. ₦60
D. ₦70
Question 2
A country's GDP is ₦100 billion, its imports are ₦20 billion, and its exports are ₦15 billion. What is its GDP at market price?
A. ₦105 billion
B. ₦110 billion
C. ₦115 billion
D. ₦120 billion
Question 3
A monopolist's demand curve is downward sloping because of the?
A. Law of diminishing marginal utility
B. Law of increa\sing marginal utility
C. Law of diminishing marginal rate of substitution
D. Law of cons\tant marginal utility
Question 4
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, what is the percentage change in quantity demanded when the price increases by 10%?
A. 5%
B. 10%
C. 15%
D. 20%
Question 5
The following table shows the demand and supply schedules for a product: | Price | Quantity Demanded | Quantity Supplied || --- | --- | --- || 10 | 20 | 30 || 20 | 40 | 50 || 30 | 60 | 70 || 40 | 80 | 90 || 50 | 100 | 110 | If the price is 30, what is the equilibrium quantity?
A. 60
B. 70
C. 80
D. 90
Question 6
A central bank increases the money supply in an economy by buying government bonds from commercial banks. This action is an example of _______ monetary policy.
A. Expansionary
B. Contractionary
C. Neutral
D. Monetarist
Question 7
The following diagram shows the supply and demand curves for a commodity. What is the equilibrium price and quantity?
A. P = 20, Q = 100
B. P = 30, Q = 120
C. P = 40, Q = 140
D. P = 50, Q = 160
Question 8
A firm's production function is given by Q = 2L^0.5H^0.5, where Q is output, L is labor, and H is capital. If the firm's current labor and capital inputs are L = 16 and H = 9, respectively, what is the marginal product of capital (MPK) when the firm is producing at this level of inputs?
A. 1
B. 2
C. 3
D. 4
Question 9
A country's balance of payments (BOP) is given by BOP = X - M, where X is exports and M is imports. If the country's exports are ₦500 billion and its imports are ₦600 billion, what is its balance of payments?
A. ₦100 billion
B. ₦50 billion
C. ₦200 billion
D. ₦300 billion
Question 10
A firm's production function is given by Q = 2L^0.5H^0.5, where Q is output, L is labor, and H is capital. If the firm's current labor and capital inputs are L = 16 and H = 9, respectively, what is the marginal product of labor (MPL) when the firm is producing at this level of inputs?
A. 1
B. 2
C. 3
D. 4
Question 11
A firm's production function is given by Q = 2L^0.5K^0.5, where L is labor and K is capital. If the firm's output is 100 units, and the price of labor is ₦50 per unit, and the price of capital is ₦100 per unit, what is the optimal combination of labor and capital that the firm should use?
A. L = 100, K = 100
B. L = 200, K = 50
C. L = 50, K = 200
D. L = 100, K = 50
Question 12
A firm operating in a perfectly competitive market is characterized by which of the following?
A. A \single price setter
B. A firm that is a price taker
C. A firm that produces a homogeneous product
D. A firm that has complete control over the market
Question 13
The following table shows the national income accounts for a country: | Category | Value || --- | --- || GDP | 100 || GNP | 120 || National Income | 110 || Savings | 20 || Investment | 30 || Government Sp\ending | 40 || Net Exports | 10 | What is the value of the country's net exports?
A. 10
B. 20
C. 30
D. 40
Question 14
A firm's marginal \cost is the change in?
A. Total \cost
B. Total revenue
C. Average \cost
D. Average revenue
Question 15
The supply curve of a commodity is given by the equation Q = 100 + 2P, where Q is the quantity supplied and P is the price. If the demand curve is represented by the equation Q = 200 - 5P, what is the equilibrium price and quantity?
A. P = 30, Q = 130
B. P = 50, Q = 150
C. P = 70, Q = 170
D. P = 90, Q = 190

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub: