POST UTME UNN 2024 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A country's GNP is ₦11 trillion and its GDP is ₦10 trillion. What is the value of net factor income from abroad?
A. ₦1 trillion
B. ₦2 trillion
C. ₦3 trillion
D. ₦4 trillion
Question 2
A country's balance of payments is in equilibrium when the current account is balanced and the capital account is also balanced. Which of the following statements is true about the balance of payments equilibrium?
A. The country's exchange rate is fixed.
B. The country's exchange rate is flexible.
C. The country's trade deficit is zero.
D. The country's trade surplus is zero.
Question 3
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 budget constraint is 2x + 3y = 12, find the optimal quantities of x and y that maximize the consumer's utility.
A. x = 2, y = 4
B. x = 3, y = 3
C. x = 4, y = 2
D. x = 5, y = 1
Question 4
A country's GDP is ₦100 billion, and its GNP is ₦120 billion. What is the value of net factor income from abroad?
A. ₦20 billion
B. ₦10 billion
C. ₦5 billion
D. ₦15 billion
Question 5
A country's GDP is ₦100 billion, and its GNP is ₦120 billion. What is the value of net factor income from abroad?
A. ₦20 billion
B. ₦10 billion
C. ₦5 billion
D. ₦15 billion
Question 6
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's labor and capital inputs are increased by 10% and 20% respectively, what is the percentage change in output?
A. 5%
B. 10%
C. 15%
D. 20%
Question 7
A firm's supply curve is given by Q = 2P + 10, where Q is the quantity supplied and P is the price. If the firm's marginal \cost function is MC(P) = 2P + 5, find the price at which the firm's marginal revenue equals its marginal \cost.
A. ₦15
B. ₦20
C. ₦25
D. ₦30
Question 8
A monopolistically competitive firm faces a demand curve with a cons\tant elasticity of -2. If the firm's marginal revenue (MR) curve is given by MR = 100 - 2Q, find the firm's optimal output level.
A. 20 units
B. 30 units
C. 40 units
D. 50 units
Question 9
A firm faces a demand curve given by Q = 100 - 2P and a \cost function C(Q) = 2Q^2 + 10Q. Find the elasticity of demand at a price of ₦50.
A. 0.5
B. 1
C. 1.5
D. 2
Question 10
A firm is operating under a perfectly competitive market structure. If the firm's marginal revenue (MR) is greater than its marginal \cost (MC), what will be the effect on the firm's output?
A. The firm will reduce its output.
B. The firm will increase its output.
C. The firm's output will remain unchanged.
D. The firm will exit the market.
Question 11
A country's economic planning involves the use of a five-year development plan. Which of the following is a key feature of this plan?
A. It is a short-term plan.
B. It is a long-term plan.
C. It is a flexible plan.
D. It is a rigid plan.
Question 12
Consider a perfectly competitive market with n firms, each producing a homogeneous product. If the market demand curve is downward sloping and the firms are price takers, what is the equilibrium price and quantity of the product?
A. \( P = MC \)
B. \( P = MR \)
C. \( P = MC = MR \)
D. \( P > MC \)
Question 13
A country's GDP is ₦10 trillion and its GNP is ₦11 trillion. What is the value of net factor income from abroad?
A. ₦1 trillion
B. ₦2 trillion
C. ₦3 trillion
D. ₦4 trillion
Question 14
A consumer's demand curve is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the consumer's income is ₦1000, find the price at which the consumer's demand is elastic.
A. ₦20
B. ₦30
C. ₦40
D. ₦50
Question 15
A firm's production function is given by Q = 2L^2 + 3K. If the firm's \cost function is given by C(L, K) = 10L + 20K, find the firm's optimal input levels.
A. L = 2, K = 3
B. L = 3, K = 4
C. L = 4, K = 5
D. L = 5, K = 6

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