POST UTME UNIPORT 2020 Economics | Objective

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Question 1
A firm's demand function for a product is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm's marginal \cost is ₦50 per unit, find the profit-maximizing price and quantity.
A. P = ₦50, Q = 75
B. P = ₦75, Q = 50
C. P = ₦25, Q = 100
D. P = ₦100, Q = 0
Question 2
The demand for a product is given by Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. The supply of the product is given by Qs = 2P + 10, where Qs is the quantity supplied. What is the equilibrium price?
A. ₦20
B. ₦30
C. ₦40
D. ₦50
Question 3
Agricultural production in Nigeria is characterized by low productivity and limited access to credit. Which of the following policies would most likely increase agricultural productivity?
A. Providing subsidies to farmers
B. Increa\sing access to credit
C. Implementing a price support program
D. Reducing the size of farms
Question 4
The central bank of Nigeria has increased the reserve requirement for commercial banks from 10% to 15%. What is the effect of this policy on the money supply?
A. Increase
B. Decrease
C. No change
D. Uncertain
Question 5
A firm's 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, find the optimal level of labor and capital.
A. L = 100, K = 200
B. L = 200, K = 100
C. L = 50, K = 50
D. L = 0, K = 0
Question 6
A firm's supply function is given by Qs = 2P + 50, where Qs is the quantity supplied and P is the price. If the price is ₦20, what is the quantity supplied?
A. 70 units
B. 80 units
C. 90 units
D. 100 units
Question 7
A consumer's utility function is given by U(x, y) = 2x + 3y. If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦3 respectively, find the optimal bundle of x and y.
A. x = 20, y = 10
B. x = 15, y = 15
C. x = 10, y = 20
D. x = 5, y = 25
Question 8
A consumer's indifference curve is given by U(x, y) = 2x + 3y. If the consumer's income is ₦1000 and the prices of x and y are ₦5 and ₦3 respectively, find the optimal bundle of x and y.
A. x = 20, y = 10
B. x = 15, y = 15
C. x = 10, y = 20
D. x = 5, y = 25
Question 9
A consumer's utility function is given by U = 2x + 3y, where x and y are the quantities of two goods consumed. The budget constraint is given by 2x + 3y = ₦100. What is the consumer's optimal bundle?
A. x = 20, y = 10
B. x = 30, y = 20
C. x = 40, y = 30
D. x = 50, y = 40
Question 10
A firm has a production function Q = 2L + 3K, where L is labor and K is capital. If the firm's marginal product of labor is 2 and its marginal product of capital is 3, what is the firm's optimal input mix?
A. L = 10, K = 5
B. L = 5, K = 10
C. L = 15, K = 3
D. L = 20, K = 2
Question 11
A firm's total revenue (TR) is given by the equation TR = 100q - 2q^2, where q is the quantity sold. If the firm's marginal revenue (MR) is 80, find the value of q.
A. 10
B. 20
C. 30
D. 40
Question 12
Suppose the demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the supply of the product is given by the equation Qs = 2P - 20, where Qs is the quantity supplied, what is the equilibrium quantity?
A. 20
B. 30
C. 40
D. 50
Question 13
A firm's demand function is given by Q = 100 - 2P. If the firm's marginal revenue product (MRP) is 80, find the value of P.
A. ₦20
B. ₦30
C. ₦40
D. ₦50
Question 14
Consider a firm operating in a perfectly competitive market with a production function given by Q = 2L^0.5K^0.5. If the firm's current input prices are w = 10 and r = 20, and it is currently producing 4 units of output, what is the firm's current total \cost?
A. ₦400
B. ₦800
C. ₦1200
D. ₦1600
Question 15
Consider a firm operating in a perfectly competitive market with a production function given by Q = 2L^0.5K^0.5. If the firm's current input prices are w = 10 and r = 20, and it is currently producing 4 units of output, what is the firm's current marginal \cost?
A. ₦5
B. ₦10
C. ₦15
D. ₦20

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