POST UTME UNIBEN 2025 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm is producing a good with a total revenue of ₦100,000 and a total \cost of ₦80,000. If the firm's marginal revenue is ₦5,000 and its marginal \cost is ₦3,000, what is the firm's profit?
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 2
A firm's production function is given by Q = 3L^0.5K^0.5. If the firm's current input prices are w = ₦150 and r = ₦300, and it currently employs 6 units of labor and 12 units of capital, calculate the firm's current total \cost.
A. ₦4,500
B. ₦5,000
C. ₦5,500
D. ₦6,000
Question 3
A firm's production function is given by Q = 2L^0.5K^0.5. If the price of labor (L) is ₦100 per unit and the price of capital (K) is ₦200 per unit, calculate the opportunity \cost of one additional unit of labor.
A. ₦50
B. ₦100
C. ₦200
D. ₦500
Question 4
A firm's production function is given by Q = 10L^0.5K^0.5, where Q is output, L is labor, and K is capital. If the firm's current input levels are L = 100 and K = 100, what is the total product of labor (TPL) at these levels?
A. 1000
B. 1500
C. 2000
D. 2500
Question 5
A country's balance of payments (BOP) is in equilibrium when its current account (CA) is equal to its capital account (KA). If the CA is -100 million and the KA is 50 million, what is the net capital outflow?
A. 50 million
B. 100 million
C. 150 million
D. 200 million
Question 6
A country's balance of payments (BOP) is given by the equation BOP = X - M, where X is the value of exports and M is the value of imports. If the country's exports are 100 and imports are 80, what is the country's balance of payments?
A. ( 20 )
B. ( 30 )
C. ( 40 )
D. ( 50 )
Question 7
A firm is producing a good with a demand function Q = 100 - 2P and a \cost function C = 2Q^2 + 100Q. If the market price is P = 50, what is the firm's profit-maximizing quantity?
A. 200
B. 250
C. 300
D. 350
Question 8
Agricultural development is a crucial sector in the Nigerian economy, contributing significantly to the country's GDP. Which of the following is a correct statement about agricultural development in Nigeria?
A. Agricultural development in Nigeria is characterized by high productivity and efficiency.
B. Agricultural development in Nigeria is characterized by low productivity and efficiency.
C. Agricultural development in Nigeria is a major contributor to the country's GDP.
D. Agricultural development in Nigeria is not a significant contributor to the country's GDP.
Question 9
The government of Nigeria has introduced a new policy to encourage agricultural production. The policy includes providing subsidies to farmers, improving irrigation systems, and increa\sing access to credit. However, the policy also includes a provision that requires farmers to sell their produce to the government at a fixed price. What is the likely effect of this provision on the agricultural sector?
A. The provision will lead to an increase in agricultural production, as farmers will have access to more resources and a guaranteed market.
B. The provision will lead to a decrease in agricultural production, as farmers will be forced to sell their produce at a price that is lower than the market price.
C. The provision will have no effect on agricultural production, as farmers will still be able to sell their produce at the market price.
D. The provision will lead to an increase in agricultural production, but only in the short term, as farmers will eventually adapt to the new policy.
Question 10
A firm is producing a good with a demand function Q = 100 - 2P and a \cost function C = 2Q^2 + 100Q. If the market price is P = 50, what is the firm's profit?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 11
The government of Nigeria has introduced a new policy to encourage industrialization. The policy includes providing subsidies to industries, improving infrastructure, and increa\sing access to credit. However, the policy also includes a provision that requires industries to pay a tax on their profits. What is the likely effect of this provision on the industrial sector?
A. The provision will lead to an increase in industrial production, as industries will have access to more resources and a guaranteed market.
B. The provision will lead to a decrease in industrial production, as industries will be forced to pay a tax on their profits.
C. The provision will have no effect on industrial production, as industries will still be able to produce goods and services at a profit.
D. The provision will lead to an increase in industrial production, but only in the short term, as industries will eventually adapt to the new policy.
Question 12
A country's GDP is ₦10 trillion. If the country's population is 200 million, and the average GDP per capita is ₦50,000, what is the country's GDP growth rate if the GDP per capita increases by 10%?
A. 5%
B. 10%
C. 15%
D. 20%
Question 13
A firm's production function is given by the equation: \( Q = 2L^0.5K^0.5 \), where L is labor and K is capital. If the firm's labor and capital are valued at ₦50,000 and ₦100,000 respectively, what is the firm's total product?
A. ₦1,000,000
B. ₦500,000
C. ₦750,000
D. ₦1,500,000
Question 14
Consider a perfectly competitive market with n firms, each producing a homogeneous product. If the market demand curve is D(p) = 100 - 2p and the marginal \cost (MC) of each firm is 10, what is the equilibrium price and quantity?
A. \( p = 20, q = 40 \)
B. \( p = 30, q = 30 \)
C. \( p = 40, q = 20 \)
D. \( p = 50, q = 10 \)
Question 15
A monopolist faces a demand curve D(p) = 100 - 2p and has a marginal \cost (MC) of 10. If the firm's marginal revenue (MR) is given by MR(p) = 200 - 4p, what is the firm's profit-maximizing price and quantity?
A. \( p = 30, q = 30 \)
B. \( p = 40, q = 20 \)
C. \( p = 50, q = 10 \)
D. \( p = 60, q = 5 \)

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