POST UTME UNIPORT 2023 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
The demand for a good is given by the equation: Qd = 100 - 2P. The supply of the good is given by the equation: Qs = 2P - 10. What is the equilibrium price and quantity of the good?
A. Price: 20, Quantity: 40
B. Price: 30, Quantity: 50
C. Price: 40, Quantity: 60
D. Price: 50, Quantity: 70
Question 2
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is output, L is labor, and K is capital. If the firm's current labor and capital inputs are 16 and 9 respectively, what is the marginal product of capital?
A. 1
B. 2
C. 3
D. 4
Question 3
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \), where Q is output, L is labor, and K is capital. If the firm's labor and capital are fixed at 16 and 25 respectively, what is the firm's optimal level of output?
A. 16
B. 25
C. 32
D. 50
Question 4
A country's balance of payments is given by the equation BOP = X - M, where BOP is balance of payments, X is exports, and M is imports. If the country's exports are 100 and imports are 80, what is the balance of payments?
A. 10
B. 20
C. 30
D. 40
Question 5
A consumer's indifference curve is given by the equation 2x + 3y = 6, where x and y are the quantities of two goods consumed. If the consumer's budget constraint is 4x + 5y = 20, what is the consumer's optimal bundle of goods?
A. (2, 2)
B. (4, 0)
C. (0, 4)
D. (3, 3)
Question 6
The concept of utility refers to the satisfaction or pleasure derived from consuming a good or service. What is the law of diminishing marginal utility?
A. As the quantity of a good consumed increases, the marginal utility derived from each additional unit decreases.
B. As the quantity of a good consumed increases, the marginal utility derived from each additional unit remains cons\tant.
C. As the quantity of a good consumed increases, the marginal utility derived from each additional unit increases.
D. As the quantity of a good consumed increases, the marginal utility derived from each additional unit remains zero.
Question 7
The concept of elasticity of demand refers to the responsiveness of the quantity demanded of a good to changes in its price. What is the formula for calculating the price elasticity of demand?
A. % \\frac{\\Delta Q}{Q} \\div \\frac{\\Delta P}{P}
B. % \\frac{\\Delta Q}{P} \\div \\frac{\\Delta P}{Q}
C. % \frac{\Delta Q}{Q} \times \frac{\Delta P}{P}
D. % \frac{\Delta Q}{P} \times \frac{\Delta P}{Q}
Question 8
A firm's demand function for a good is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm's marginal revenue function is given by MR = 200 - 2Q, what is the firm's optimal price?
A. 20
B. 30
C. 40
D. 50
Question 9
The agricultural sector in Nigeria is a significant contributor to the country's GDP. What is the approximate percentage of Nigeria's GDP that comes from the agricultural sector?
A. 20%
B. 30%
C. 40%
D. 50%
Question 10
A monopolistically competitive firm faces the following demand curve: Q = 100 - 2P. The firm's marginal \cost curve is MC = ₦20. U\sing the concept of profit maximization, determine the firm's optimal price and quantity.
A. The firm's optimal price is ₦40, and the optimal quantity is 40 units.
B. The firm's optimal price is ₦50, and the optimal quantity is 50 units.
C. The firm's optimal price is ₦60, and the optimal quantity is 60 units.
D. The firm's optimal price is ₦70, and the optimal quantity is 70 units.
Question 11
A firm is producing a good with the following revenue function: R(q) = 20q - 0.5q^2. The firm is currently producing 10 units of the good. What is the marginal revenue of producing the 11th unit?
A. 15
B. 20
C. 25
D. 30
Question 12
A country's GDP is ₦100 billion, its imports are ₦20 billion, and its exports are ₦15 billion. What is its net foreign income?
A. ₦5 billion
B. ₦10 billion
C. ₦15 billion
D. ₦20 billion
Question 13
A country's GNP is ₦180 billion, its imports are ₦35 billion, and its exports are ₦30 billion. What is its net foreign income?
A. ₦5 billion
B. ₦10 billion
C. ₦15 billion
D. ₦20 billion
Question 14
A firm's demand function for a good is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm's marginal revenue function is given by MR = 200 - 2Q, what is the firm's optimal price?
A. 20
B. 30
C. 40
D. 50
Question 15
The demand for a good is given by the equation: Qd = 100 - 2P. The supply of the good is given by the equation: Qs = 2P - 10. What is the equilibrium price and quantity of the good?
A. Price: 20, Quantity: 40
B. Price: 30, Quantity: 50
C. Price: 40, Quantity: 60
D. Price: 50, Quantity: 70

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