POST UTME UNILAG 2021 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
The balance of payments (BOP) of a country is given by the equation \( BOP = X - M \), where X is the value of exports and M is the value of imports. If the value of exports is ₦100 billion and the value of imports is ₦120 billion, find the balance of payments.
A. ₦20 billion
B. ₦30 billion
C. ₦40 billion
D. ₦50 billion
Question 2
A government imposes a tax on a firm's profits. The tax rate is 20% of the profits. If the firm's profits are ₦1,000,000, what is the amount of tax paid?
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦400,000
Question 3
A firm's \cost function is given by C(x) = 10x^2 + 20x + 15, where x is the number of units produced. Find the marginal \cost function.
A. 20x + 20
B. 10x^2 + 20x
C. 10x^2 + 20x + 15
D. 20x^2 + 20x
Question 4
A consumer's utility function is given by U(x, y) = 2x^2 + 3y^2, where x and y are the quantities of two goods consumed. Find the marginal utility of good x.
A. 4x
B. 2x
C. 6y
D. 3y
Question 5
The demand for a commodity 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 6
The following diagram shows the production possibilities frontier (PPF) of a country.
A. The country is experiencing economic growth.
B. The country is experiencing economic decline.
C. The country is experiencing stagflation.
D. The country is experiencing hyperinflation.
Question 7
A firm's \cost function is given by C(x) = 10x^2 + 20x + 15, where x is the number of units produced. Find the average \cost function.
A. 10x + 20 + 15
B. 10x + 20
C. 10x + 15
D. 10x - 15
Question 8
The following diagram shows the \cost and revenue curves of a firm.
A. The firm is operating in the short run.
B. The firm is operating in the long run.
C. The firm is experiencing increa\sing returns to scale.
D. The firm is experiencing decrea\sing returns to scale.
Question 9
A firm has a \cost function given by \( C = 2x^2 + 3y^2 \) and a revenue function given by \( R = 4x^2 + 5y^2 \). Find the profit function of the firm.
A. \( P = x^2 + 2y^2 \)
B. \( P = 2x^2 + y^2 \)
C. \( P = x^2 + 3y^2 \)
D. \( P = 3x^2 + 2y^2 \)
Question 10
A country's GDP is ₦10,000,000,000. If the government decides to increase the GDP by 15% through fiscal policy, what will be the new GDP?
A. ₦11,500,000,000
B. ₦12,000,000,000
C. ₦12,500,000,000
D. ₦13,000,000,000
Question 11
A monopolistically competitive firm faces a demand curve given by Q = 100 - 2P. The firm's marginal revenue (MR) is given by MR = 50 - 2Q. If the firm is currently producing 20 units, what is the price elasticity of demand?
A. 1
B. 2
C. 3
D. 4
Question 12
A firm produces two goods, X and Y, u\sing two inputs, labor (L) and capital (K). The production function for good X is given by Q_X = 2L^0.5K^0.5. The production function for good Y is given by Q_Y = 3L^0.75K^0.25. If the firm has 100 units of labor and 50 units of capital, what is the total output of the firm?
A. 100
B. 150
C. 200
D. 250
Question 13
A firm's revenue function is given by R(x) = 10x^2 - 20x + 15, where x is the number of units produced. Find the average revenue function.
A. 10x - 20 + 15
B. 10x - 20
C. 10x + 15
D. 10x - 15
Question 14
A consumer's utility function is given by U(x, y) = 2x^2 + 3y^2, where x and y are the quantities of two goods consumed. Find the marginal utility of good y.
A. 6y
B. 2x
C. 4x
D. 3x
Question 15
The concept of elasticity of demand is crucial in unders\tanding the responsiveness of consumers to changes in prices. Which of the following statements best describes the law of demand?
A. As the price of a commodity increases, the quantity demanded decreases.
B. As the price of a commodity decreases, the quantity demanded increases.
C. The law of demand states that the quantity demanded of a commodity is inversely related to its price.
D. The law of demand is a graphical representation of the relationship between price and quantity demanded.

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