POST UTME UNIBEN 2024 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A consumer has a budget constraint of ₦1,000 and a preference for two goods, A and B. The prices of the goods are ₦500 and ₦200, respectively. If the consumer chooses to buy 2 units of good A, how many units of good B can the consumer buy?
A. 2 units
B. 4 units
C. 6 units
D. 8 units
Question 2
A country's balance of payments (BOP) is in surplus, indicating that it has a trade surplus. What is the implication of this on the country's exchange rate?
A. The exchange rate will appreciate
B. The exchange rate will depreciate
C. The exchange rate will remain stable
D. The exchange rate will fluctuate
Question 3
A firm's production function is given by Q = 100L^0.5K^0.5, where Q is output, L is labor, and K is capital. If the firm's current labor and capital inputs are 100 units and 400 units, respectively, calculate the marginal product of labor and the marginal product of capital.
A. MPL = 5, MPK = 10
B. MPL = 10, MPK = 5
C. MPL = 5, MPK = 5
D. MPL = 10, MPK = 10
Question 4
A firm is operating in a perfectly competitive market. If the firm increases its production, what will happen to its price?
A. The price will increase
B. The price will decrease
C. The price will remain the same
D. The price will be unaffected
Question 5
A firm's production function is given by Q = 100L^0.5K^0.5, where Q is output, L is labor, and K is capital. If the firm increases its labor input from 100 units to 120 units, and holds capital cons\tant at 400 units, what is the percentage change in output?
A. 10%
B. 20%
C. 30%
D. 40%
Question 6
A firm has the following \cost function: TC = 100 + 2Q + 3Q^2. If the firm produces 20 units, determine the total \cost.
A. ₦1,200
B. ₦1,500
C. ₦2,000
D. ₦2,500
Question 7
A firm's revenue function is given by R = 2Q - 3Q^2. If the firm's current output level is Q = 4, what is the marginal revenue (MR) at this output level?
A. -16
B. -14
C. -12
D. -10
Question 8
The elasticity of demand for a commodity is measured by the percentage change in the quantity demanded in response to a 1% change in the price. If the demand for a commodity is elastic, what can be inferred about the price elasticity of supply?
A. The price elasticity of supply is inelastic.
B. The price elasticity of supply is elastic.
C. The price elasticity of supply is unitary.
D. The price elasticity of supply is not affected by the price elasticity of demand.
Question 9
A firm's demand function is given by Q = 100 - 2P, where Q is quantity demanded and P is price. If the firm increases its price from 20 naira to 25 naira, what is the percentage change in quantity demanded?
A. -10%
B. -20%
C. -30%
D. -40%
Question 10
The government of a country has implemented a policy to increase agricultural production. If the marginal product of labor is 10 units per hour and the wage rate is ₦50 per hour, determine the optimal number of workers to hire.
A. 10 workers
B. 20 workers
C. 30 workers
D. 40 workers
Question 11
A country's economic growth is influenced by its human capital, natural resources, and techno\logical advancements. However, the relationship between these factors is complex and often non-linear. U\sing the concept of returns to scale, explain how an increase in human capital can lead to a decrease in the marginal product of labor.
A. The production function exhibits increa\sing returns to scale.
B. The marginal product of labor decreases as human capital increases.
C. The production function exhibits cons\tant returns to scale.
D. The marginal product of labor increases as human capital increases.
Question 12
A consumer's utility function is given by U = 2x + 3y. If the consumer's budget constraint is 2x + 3y = 12, and the price of good x is $2, what is the optimal quantity of good y that the consumer should purchase?
A. 2
B. 4
C. 6
D. 8
Question 13
A country's GNP is ₦2,000 billion, its GDP is ₦1,800 billion, and its net factor income from abroad is ₦200 billion. What is the country's net foreign investment?
A. ₦200 billion
B. ₦400 billion
C. ₦600 billion
D. ₦800 billion
Question 14
A country's GDP is ₦1,500 billion, its imports are ₦300 billion, and its exports are ₦400 billion. What is the country's balance of trade?
A. ₦100 billion surplus
B. ₦100 billion deficit
C. ₦200 billion surplus
D. ₦200 billion deficit
Question 15
A firm's \cost function is given by C = 2L + 3K. If the firm's current input levels are L = 4 and K = 6, what is the total \cost of production?
A. 20
B. 30
C. 40
D. 50

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