POST UTME UNILAG 2022 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm's supply curve is upward sloping. What is the implication of this shape on the firm's behavior in the market?
A. The firm is a price taker and has no control over the market price.
B. The firm is a price maker and has control over the market price.
C. The firm is a monopolist and has a downward sloping demand curve.
D. The firm is a perfect competitor and has a horizontal supply curve.
Question 2
A firm's demand curve for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the firm's supply curve is given by the equation Qs = 2P - 50, where Qs is the quantity supplied, what is the equilibrium price and quantity?
A. P = 25, Q = 75
B. P = 50, Q = 100
C. P = 75, Q = 125
D. P = 100, Q = 150
Question 3
A firm's demand function is given by Q = 100 - 2P, where Q is quantity demanded and P is price. If the firm's marginal revenue function is MR = 200 - 4Q, determine the firm's optimal price and quantity.
A. P = 20, Q = 40
B. P = 30, Q = 50
C. P = 40, Q = 60
D. P = 50, Q = 70
Question 4
A firm is producing a good with the following production function: Q = 2L^0.5K^0.5. If the firm's labor and capital inputs are increased by 10%, what will be the effect on output?
A. Output will increase by 10%.
B. Output will increase by 20%.
C. Output will increase by 30%.
D. Output will remain unchanged.
Question 5
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current output is 16 units and the number of workers (L) is 4, find the number of machines (K) required.
A. 4
B. 6
C. 8
D. 10
Question 6
A firm's production function is given by Q = 2L^0.5H^0.5. If the price of labor (L) is ₦100 per unit and the price of capital (H) is ₦200 per unit, calculate the total \cost of producing 4 units of output.
A. ₦400
B. ₦800
C. ₦1200
D. ₦1600
Question 7
A country's GDP at market price is 100 billion naira. The government imposes a 10% sales tax on all goods and services. Determine the country's GDP at factor \cost.
A. 90 billion naira
B. 95 billion naira
C. 100 billion naira
D. 105 billion naira
Question 8
A government budget is given by the equation B = T + I + G, where B is the budget, T is tax revenue, I is interest payments, and G is government sp\ending. If the government budget is ₦1.5 trillion, tax revenue is ₦500 billion, interest payments are ₦200 billion, and government sp\ending is ₦800 billion, calculate the value of B.
A. ₦1.5 trillion
B. ₦1.7 trillion
C. ₦1.9 trillion
D. ₦2.1 trillion
Question 9
A firm's production function is given by Q = 2L^0.5K^0.5. The firm's \cost function is given by C = 10L + 20K. What is the firm's profit-maximizing level of labor and capital?
A. The profit-maximizing level of labor is 100 units and the profit-maximizing level of capital is 100 units.
B. The profit-maximizing level of labor is 200 units and the profit-maximizing level of capital is 200 units.
C. The profit-maximizing level of labor is 300 units and the profit-maximizing level of capital is 300 units.
D. The profit-maximizing level of labor is 400 units and the profit-maximizing level of capital is 400 units.
Question 10
A consumer's utility function is given by U(x, y) = 2x + 3y, where x and y are the quantities of two goods consumed. If the consumer's budget constraint is given by the equation 2x + 3y = 100, what is the consumer's optimal bundle of goods?
A. x = 20, y = 30
B. x = 30, y = 20
C. x = 40, y = 10
D. x = 50, y = 0
Question 11
A firm's \cost function is C(x) = 2x^2 + 5x + 1, where x is the number of units produced. If the firm's revenue function is R(x) = 3x^2 + 2x + 5, what is the profit function?
A. x^2 - 3x + 4
B. x^2 + 3x - 4
C. -x^2 + 3x - 4
D. -x^2 - 3x + 4
Question 12
A firm faces a demand curve given by Q = 100 - 2P. If the price of the good is ₦50, calculate the quantity demanded.
A. 50 units
B. 75 units
C. 100 units
D. 125 units
Question 13
A monopolist faces a demand curve with the following equation: Qd = 100 - 2P. The monopolist's marginal \cost curve is given by MC = 10 + 2Q. What is the monopolist's profit-maximizing price and quantity?
A. The profit-maximizing price is $20 and the profit-maximizing quantity is 40 units.
B. The profit-maximizing price is $30 and the profit-maximizing quantity is 60 units.
C. The profit-maximizing price is $40 and the profit-maximizing quantity is 80 units.
D. The profit-maximizing price is $50 and the profit-maximizing quantity is 100 units.
Question 14
A consumer's indifference curve is downward sloping and convex to the origin. What is the implication of this shape on the consumer's willingness to trade off one good for another?
A. The consumer is willing to trade off one good for another at an increa\sing rate.
B. The consumer is willing to trade off one good for another at a decrea\sing rate.
C. The consumer is indifferent to trading off one good for another.
D. The consumer is unwilling to trade off one good for another.
Question 15
A consumer has a budget constraint given by the equation I = 100 - 2C, where I is income and C is consumption. If the consumer's income is ₦150, calculate the maximum amount the consumer can sp\end on consumption.
A. ₦50
B. ₦75
C. ₦100
D. ₦125

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