POST UTME UNN 2021 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
Consider a consumer with the following utility function: U = 2x + 3y. If the consumer's budget constraint is given by 2x + 3y = ₦100, and the prices of x and y are ₦5 and ₦10 respectively, what is the consumer's optimal bundle?
A. (10, 20)
B. (20, 10)
C. (15, 15)
D. (30, 5)
Question 2
A firm's marginal revenue product is given by MRP = 2Q. If the firm's marginal resource \cost is given by MRC = 1, find the profit-maximizing quantity.
A. 10
B. 20
C. 30
D. 40
Question 3
A firm's \cost function is given by C = 100 + 2L + 3K. If the firm increases its labor from 50 to 100, and capital from 50 to 100, what is the percentage increase in \cost?
A. 25%
B. 50%
C. 75%
D. 100%
Question 4
A consumer's utility function is given by U = x^2 + 2y^2. 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?
A. x = 10, y = 5
B. x = 5, y = 10
C. x = 15, y = 3
D. x = 20, y = 2
Question 5
A consumer's indifference curve is given by U = 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?
A. x = 10, y = 5
B. x = 5, y = 10
C. x = 15, y = 3
D. x = 20, y = 2
Question 6
Consider a country with a fixed exchange rate regime. If the country's central bank decides to increase the money supply by 10%, what will be the effect on the balance of payments?
A. The balance of payments will improve due to increased exports.
B. The balance of payments will worsen due to increased imports.
C. The balance of payments will remain unchanged.
D. The balance of payments will improve due to increased imports.
Question 7
A monopolistically competitive firm faces a demand curve with the following equation: Q = 100 - 2P. If the firm's marginal revenue curve is given by MR = 50 - 2Q, what is the firm's optimal price?
A. ₦20
B. ₦30
C. ₦40
D. ₦50
Question 8
A firm's demand function is given by Q = 100 - 2P + 3Y. If the price elasticity of demand is measured at the point where Q = 50 and Y = 100, what is the price elasticity of demand?
A. 0.5
B. -0.5
C. 1.5
D. 2.5
Question 9
A monopolist faces a demand curve given by Q = 100 - 2P and a marginal revenue curve given by MR = 2P - 20. Find the profit-maximizing price and quantity.
A. ₦30
B. ₦40
C. ₦50
D. ₦60
Question 10
A country's balance of payments (BOP) accounts include the current account and the capital account. The current account includes transactions related to goods and services, while the capital account includes transactions related to investments and loans. What is the primary purpose of the BOP accounts?
A. To measure a country's economic growth.
B. To measure a country's trade deficit or surplus.
C. To measure a country's foreign exchange reserves.
D. To measure a country's overall economic performance.
Question 11
Consider a firm operating in a perfectly competitive market. If the firm's marginal revenue (MR) curve intersects its marginal \cost (MC) curve at point E, where MR = MC, and the firm is producing at its profit-maximizing level of output, what is the implication of this intersection point for the firm's short-run supply curve?
A. The firm's short-run supply curve is upward-sloping.
B. The firm's short-run supply curve is horizontal.
C. The firm's short-run supply curve is vertical.
D. The firm's short-run supply curve is downward-sloping.
Question 12
A consumer has a budget of ₦10,000 and a utility function given by U(x,y) = 2x + 3y. If the prices of x and y are ₦5 and ₦3 respectively, what is the optimal bundle of x and y that the consumer will choose?
A. (x,y) = (1,2)
B. (x,y) = (2,1)
C. (x,y) = (3,0)
D. (x,y) = (0,3)
Question 13
Suppose a firm is producing a good with a cons\tant elasticity of demand of -2. If the price of the good increases by 10%, what is the percentage change in the quantity demanded?
A. -20%
B. -10%
C. 0%
D. +10%
Question 14
The national income of a country is given by Y = C + I + G. If C = 100, I = 200, and G = 300, find the national income.
A. ₦600
B. ₦700
C. ₦800
D. ₦900
Question 15
Consider a firm operating in a perfectly competitive market. If the firm's average \cost curve intersects the demand curve at a point where the quantity supplied is 100 units, and the price is ₦100 per unit, what is the firm's total revenue?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000

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