POST UTME UNIOSUN 2022 Economics | Objective
Practice these randomly selected questions to test your readiness.
Question 1
The money supply in an economy is typically controlled by the central bank, which can use various tools to increase or decrease the money supply.
Question 2
A firm produces two goods, A and B. The production of Good A requires 2 units of labor and 1 unit of capital, while the production of Good B requires 1 unit of labor and 2 units of capital. If the firm has 10 units of labor and 8 units of capital, what is the opportunity \cost of producing 5 units of Good A?
Question 3
The Gross Domestic Product (GDP) of a country is a measure of the total value of all final goods and services produced within a country's borders during a specific time period.
Question 4
A firm's production function is given by \( Q = 2L^2 + 3K^2 \). If the firm's input prices are ₦10 per unit of labor and ₦20 per unit of capital, what is the \cost-minimizing input bundle?
Question 5
A firm's production function is given by Q = 3x^2y^2, where Q is output and x and y are inputs. If the firm's output increases by 20% due to an increase in input x, what is the percentage increase in input y?
Question 6
A country's balance of payments is given by the equation BOP = X - M + F - I. If the country's exports are ₦150 billion, imports are ₦100 billion, foreign aid is ₦50 billion, and investment income is ₦25 billion, what is the country's balance of payments?
Question 7
The concept of opportunity \cost is closely related to the concept of scarcity, as it refers to the value of the next best alternative that is given up when a choice is made.
Question 8
A firm is operating in a perfectly competitive market with a cons\tant returns to scale production function. If the market price of its product increases by 10%, what will be the percentage change in its total revenue?
Question 9
The concept of opportunity \cost is closely related to the concept of scarcity, as it refers to the value of the next best alternative that is given up when a choice is made.
Question 10
The government of a country is considering a new tax policy. The tax rate is 20% of the income, and the income is ₦100,000. If the government wants to collect ₦20,000 in tax revenue, what is the optimal tax rate?
Question 11
A country's GDP at market price is ₦1,500 billion, while its GDP at factor \cost is ₦1,400 billion. What is the net indirect tax?
Question 12
A firm is producing a good u\sing labor and capital. The production function is given by Q = 2L^0.5K^0.5. If the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, and the firm's budget constraint is 100L + 200K = 10000, find the optimal values of L and K.
Question 13
The concept of scarcity is a fundamental economic problem that arises because the production of one good is limited by the availability of resources, which can be used to produce other goods.
Question 14
A firm is producing a good u\sing a production function given by Q = 2L^2 + 3K. The firm's \cost function is C = 10L + 20K. What is the firm's marginal product of labor?
Question 15
A government is considering a tax on a firm's output. If the firm's supply curve is given by \( Q = 100 - 2P \) and the tax rate is ₦5 per unit of output, what is the new supply curve?
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