POST UTME UNILORIN 2022 Economics | Objective

Are you preparing for POST UTME UNILORIN exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2022 Economics (Objective) questions designed to simulate the real exam environment.

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Question 1
A firm is operating in a perfectly competitive market with a demand curve given by Q = 100 - 2P and a supply curve given by Q = 10 + 3P. U\sing the concept of marginal revenue and marginal \cost, determine the equilibrium price and quantity.
A. P = 20, Q = 60
Correct B. P = 30, Q = 40
C. P = 40, Q = 20
D. P = 50, Q = 10

Correct Answer: B

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Question 2
A country's GDP is given by the equation Y = C + I + G + \( X - M \). If the country's consumption is 60% of its GDP, investment is 20% of its GDP, government sp\ending is 15% of its GDP, exports are 25% of its GDP, and imports are 10% of its GDP, calculate the country's GDP.
A. ₦1000
B. ₦1200
Correct C. ₦1500
D. ₦1800

Correct Answer: C

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Question 3
A monopolist faces a demand curve given by Q = 100 - 2P and a marginal revenue curve given by MR = 200 - 2Q. U\sing the concept of marginal revenue and marginal \cost, determine the monopolist's equilibrium price and quantity.
A. P = 30, Q = 40
B. P = 40, Q = 30
Correct C. P = 50, Q = 20
D. P = 60, Q = 10

Correct Answer: C

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Question 4
A firm is operating in a perfectly competitive market with a demand curve given by Q = 100 - 2P and a supply curve given by Q = 10 + 3P. U\sing the concept of consumer surplus and producer surplus, determine the total welfare of the market.
A. ₦1000
B. ₦1200
Correct C. ₦1500
D. ₦1800

Correct Answer: C

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Question 5
A country's GNP is given by the equation Y = C + I + G + \( X - M \). If the country's consumption is 60% of its GNP, investment is 20% of its GNP, government sp\ending is 15% of its GNP, exports are 25% of its GNP, and imports are 10% of its GNP, calculate the country's GNP.
A. ₦1000
B. ₦1200
Correct C. ₦1500
D. ₦1800

Correct Answer: C

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Question 6
A firm's demand curve 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, find the price at which the quantity demanded is 60 units.
A. ₦20
Correct B. ₦30
C. ₦40
D. ₦50

Correct Answer: B

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Question 7
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 income is ₦100 and the prices of the two goods are ₦10 and ₦20 respectively, find the optimal quantities of the two goods that maximize the consumer's utility.
Correct A. x = 5, y = 3
B. x = 3, y = 5
C. x = 4, y = 4
D. x = 2, y = 6

Correct Answer: A

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Question 8
A firm's \cost function is given by C(Q) = 100 + 2Q + 0.01Q^2, where Q is the quantity produced. If the firm produces 100 units, find the total \cost of production.
A. ₦1200
B. ₦1300
Correct C. ₦1400
D. ₦1500

Correct Answer: C

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Question 9
A firm's revenue function is given by R(P) = 200P - 0.05P^2, where P is the price. If the firm sells 100 units, find the total revenue.
A. ₦18000
B. ₦19000
Correct C. ₦20000
D. ₦21000

Correct Answer: C

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Question 10
A central bank uses the money multiplier to control the money supply in an economy. If the reserve requirement is 10% and the excess reserves are ₦100 million, find the money multiplier.
A. 10
Correct B. 20
C. 30
D. 40

Correct Answer: B

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Question 11
The government of a country decides to implement a policy of price control to reduce inflation. However, the policy leads to a shortage of essential goods. Which of the following is a consequence of the policy?
A. Increased production of essential goods
B. Reduced demand for essential goods
Correct C. Shortage of essential goods
D. Increased inflation

Correct Answer: C

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Question 12
A firm is producing a good with the following \cost and revenue functions: C(x) = 2x^2 + 10x + 5 and R(x) = 3x^2 - 2x + 1. Find the profit-maximizing level of output.
A. x = 1
Correct B. x = 2
C. x = 3
D. x = 4

Correct Answer: B

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Question 13
A country is experiencing a recession, and the government decides to implement a fiscal policy to stimulate economic growth. Which of the following is a possible consequence of the policy?
Correct A. Increased government sp\ending
B. Reduced government sp\ending
C. Increased taxation
D. Reduced taxation

Correct Answer: A

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Question 14
A firm is producing a good with the following demand and supply functions: D(p) = 100 - 2p and S(p) = 2p + 10. Find the equilibrium price and quantity.
A. p = 5, q = 20
Correct B. p = 10, q = 30
C. p = 15, q = 40
D. p = 20, q = 50

Correct Answer: B

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Question 15
A country is experiencing a trade deficit, and the government decides to implement a trade policy to reduce the deficit. Which of the following is a possible consequence of the policy?
A. Increased imports
Correct B. Reduced imports
C. Increased exports
D. Reduced exports

Correct Answer: B

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Question 16
The Marshall-Lerner condition states that a country's balance of payments will improve if the sum of the percentage changes in its export and import prices is greater than the percentage change in its exchange rate. Which of the following scenarios would lead to an improvement in the balance of payments?
A. An increase in export prices and a decrease in import prices
B. A decrease in export prices and an increase in import prices
Correct C. An increase in export prices and an increase in import prices
D. A decrease in export prices and a decrease in import prices

Correct Answer: C

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Question 17
A monopolistically competitive firm faces a demand curve that is downward sloping but has a cons\tant elasticity of -2. If the firm's marginal revenue is 100, what is its marginal \cost?
A. 50
Correct B. 75
C. 100
D. 125

Correct Answer: B

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Question 18
A consumer has a utility function given by U(x, y) = 2x + 3y. If the consumer's income is 100 and the prices of x and y are 5 and 10 respectively, what is the consumer's optimal bundle?
Correct A. x = 10, y = 5
B. x = 5, y = 10
C. x = 15, y = 0
D. x = 0, y = 15

Correct Answer: A

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Question 19
A government imposes a tax on a good, which causes the supply curve to shift to the left. What is the effect on the equilibrium price and quantity of the good?
Correct A. The equilibrium price increases and the equilibrium quantity decreases
B. The equilibrium price decreases and the equilibrium quantity increases
C. The equilibrium price remains the same and the equilibrium quantity decreases
D. The equilibrium price remains the same and the equilibrium quantity increases

Correct Answer: A

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Question 20
A firm has a production function given by Q = 2L^0.5K^0.5. If the firm's labor and capital are 4 and 9 respectively, what is the firm's output?
A. 8
B. 16
Correct C. 32
D. 64

Correct Answer: C

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Question 21
Consider a country with a GDP of ₦10 trillion and a GNP of ₦12 trillion. If the country's population is 200 million, calculate the per capita income in naira.
A. ₦50,000
Correct B. ₦60,000
C. ₦70,000
D. ₦80,000

Correct Answer: B

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Question 22
A firm's demand function is given by Q = 100 - 2P. If the price elasticity of demand is -2, calculate the change in quantity demanded when the price increases by 10%.
Correct A. -20%
B. -10%
C. 0%
D. 10%

Correct Answer: A

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Question 23
A country's balance of payments account shows a trade deficit of ₦500 billion and a current account deficit of ₦200 billion. If the capital account surplus is ₦300 billion, calculate the overall balance of payments deficit.
A. ₦200 billion
Correct B. ₦300 billion
C. ₦400 billion
D. ₦500 billion

Correct Answer: B

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Question 24
A government imposes a tax of 10% on a good. If the pre-tax price is ₦100, calculate the post-tax price and the tax revenue.
Correct A. ₦90, ₦10
B. ₦100, ₦0
C. ₦110, ₦10
D. ₦120, ₦20

Correct Answer: A

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Question 25
A firm's production function is given by Q = 100 + 2L - 3K. If the firm's labor and capital inputs are 50 and 20 respectively, calculate the marginal product of labor and the marginal product of capital.
Correct A. 2, 3
B. 3, 2
C. 4, 5
D. 5, 4

Correct Answer: A

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