POST UTME UNIBEN 2023 Economics | Objective

Are you preparing for POST UTME UNIBEN exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2023 Economics (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
The opportunity \cost of producing one more unit of a good is measured by the
A. marginal product of labor
B. marginal product of capital
Correct C. marginal \cost
D. marginal revenue

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 2
The balance of payments accounts are used to record all international transactions between a country and the rest of the world. Which of the following is NOT a component of the balance of payments?
A. Current account
B. Capital account
C. Financial account
Correct D. Government account

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 3
A perfectly competitive firm will produce at the point where its
A. marginal \cost equals its average total \cost
Correct B. marginal revenue equals its marginal \cost
C. marginal revenue equals its average revenue
D. marginal \cost equals its average revenue

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 4
The money supply in an economy is determined by the
Correct A. central bank
B. commercial banks
C. government
D. private sector

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 5
The opportunity \cost of producing one more unit of a good is measured by the
A. marginal product of labor
B. marginal product of capital
Correct C. marginal \cost
D. marginal revenue

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 6
A firm's demand function is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm's revenue function is R = PQ, find the price at which the firm's revenue is maximized.
A. ₦50
B. ₦75
Correct C. ₦100
D. ₦125

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 7
A country's GDP is ₦100 billion, its GNP is ₦120 billion, and its net factor income from abroad is ₦10 billion. Calculate the country's net domestic product.
Correct A. ₦90 billion
B. ₦100 billion
C. ₦110 billion
D. ₦120 billion

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 8
A consumer's utility function is given by U = 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
Correct C. x = 4, y = 2
D. x = 5, y = 1

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 9
A firm's \cost function is given by C = 2Q + 3, where C is the total \cost and Q is the quantity produced. If the firm's revenue function is R = 4Q, find the quantity at which the firm's profit is maximized.
A. Q = 2
B. Q = 3
Correct C. Q = 4
D. Q = 5

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 10
A monopoly firm's demand function is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm's marginal revenue function is MR = -2Q, find the price at which the firm's marginal revenue is maximized.
A. ₦50
B. ₦75
Correct C. ₦100
D. ₦125

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
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 current labor and capital inputs are 16 and 9 units respectively, what is the marginal product of labor?
A. 0.5
B. 1
Correct C. 2
D. 4

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 12
A monopolist faces a demand curve given by P = 100 - 2Q. The monopolist's marginal \cost is MC = 10 + 2Q. What is the profit-maximizing quantity of output?
A. 20
Correct B. 30
C. 40
D. 50

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 13
A government is considering a tax on a particular good. The supply curve of the good is given by Q = 100 + 2P, and the demand curve is given by Q = 200 - 2P. If the government imposes a tax of ₦10 per unit, what is the new equilibrium price?
A. ₦20
Correct B. ₦30
C. ₦40
D. ₦50

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 14
A firm's \cost function is given by C = 100 + 2L + 3K, where L is labor and K is capital. If the firm's current labor and capital inputs are 20 and 15 units respectively, what is the total \cost?
A. ₦500
B. ₦600
Correct C. ₦700
D. ₦800

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 15
A government is considering a budget that allocates ₦100 million to education and ₦200 million to healthcare. What is the total budget?
A. ₦100 million
B. ₦200 million
Correct C. ₦300 million
D. ₦400 million

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 16
A monopolistically competitive firm faces a demand curve with an elasticity of -2. If the firm increases its price by 10%, what is the percentage change in quantity demanded?
A. -20%
B. -15%
Correct C. -10%
D. -5%

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 17
A country's GDP is ₦100 billion, and its GNP is ₦120 billion. What is the net factor income from abroad?
Correct A. ₦10 billion
B. ₦20 billion
C. ₦30 billion
D. ₦40 billion

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 18
A firm is considering exporting its product to a foreign market. The firm's production \costs are ₦100 per unit, and the selling price in the foreign market is ₦150 per unit. If the exchange rate is 1 USD = 500 Naira, what is the firm's profit per unit in USD?
A. 0.30 USD
B. 0.40 USD
Correct C. 0.50 USD
D. 0.60 USD

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 19
A government is considering implementing a value-added tax (VAT) on all goods and services. If the VAT rate is 10%, what is the revenue generated from a ₦100 billion economy?
Correct A. ₦10 billion
B. ₦20 billion
C. ₦30 billion
D. ₦40 billion

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 20
A monopolist faces a demand curve with an elasticity of -3. If the firm increases its price by 15%, what is the percentage change in quantity demanded?
A. -45%
B. -35%
Correct C. -25%
D. -15%

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 21
A firm's \cost function is given by C(q) = 2q^2 + 10q + 5, where q is the quantity produced. If the firm's revenue function is R(q) = 20q, what is the firm's profit function?
Correct A. P(q) = 8q^2 + 10q - 5
B. P(q) = 8q^2 + 10q + 5
C. P(q) = 8q^2 - 10q - 5
D. P(q) = 8q^2 - 10q + 5

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 22
A monopolist faces a demand curve given by Q = 100 - 2P. The firm's marginal \cost is MC = 5. What is the monopolist's optimal price?
A. P = 40
Correct B. P = 45
C. P = 50
D. P = 55

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 23
A country's GDP is given by the equation Y = C + I + G + \( X - M \). If the country's consumption function is C = 500 + 0.8Y, its investment function is I = 200 + 0.2Y, and its government sp\ending is G = 1000, what is the country's equilibrium GDP?
A. Y = 5000
B. Y = 6000
Correct C. Y = 7000
D. Y = 8000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 24
A firm's demand function is given by Q = 100 - 2P. The firm's marginal \cost is MC = 5. What is the firm's optimal quantity?
A. Q = 20
B. Q = 30
Correct C. Q = 40
D. Q = 50

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 25
A country's GDP is given by the equation Y = C + I + G + \( X - M \). If the country's consumption function is C = 500 + 0.8Y, its investment function is I = 200 + 0.2Y, and its government sp\ending is G = 1000, what is the country's equilibrium GDP?
A. Y = 5000
B. Y = 6000
Correct C. Y = 7000
D. Y = 8000

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

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:
Chat with Support