POST UTME UNN 2025 Economics | Objective

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Question 1 View Details
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \). If the firm's current input levels are L = 16 and K = 9, what is the marginal product of labor (MPL) at these input levels?
A. 1/4
Correct B. 1/2
C. 1
D. 2

Correct Answer: B

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Question 2 View Details
A consumer's utility function is given by U = 2x + 3y. If the consumer's budget constraint is 2x + 3y = 12, what is the consumer's optimal bundle of x and y?
Correct A. x = 2, y = 4
B. x = 4, y = 2
C. x = 6, y = 0
D. x = 0, y = 6

Correct Answer: A

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Question 3 View Details
A firm's revenue function is given by R = 2x^2 + 3x. If the firm's current output level is x = 4, what is the firm's marginal revenue (MR) at this output level?
Correct A. 13
B. 17
C. 21
D. 25

Correct Answer: A

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Question 4 View Details
A consumer's indifference curve is given by the equation U = 2x + 3y. If the consumer's current bundle is x = 2 and y = 4, what is the consumer's marginal rate of substitution (MRS) at this bundle?
Correct A. -2/3
B. -1/2
C. -1/3
D. -1/4

Correct Answer: A

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Question 5 View Details
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \). If the firm's current input levels are L = 16 and K = 9, what is the firm's total product (TP) at these input levels?
A. 24
B. 36
Correct C. 48
D. 60

Correct Answer: C

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Question 6 View Details
A firm's production function is given by Q = 100L^0.5K^0.5. If the price of labor (L) is ₦100 per unit and the price of capital (K) is ₦200 per unit, calculate the total \cost of producing 100 units of output, given that the firm uses 4 units of labor and 9 units of capital.
A. ₦2500
B. ₦3000
Correct C. ₦3500
D. ₦4000

Correct Answer: C

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Question 7 View Details
The government of Nigeria plans to increase the production of rice by 20% in the next fiscal year. If the current production level is 5 million metric tons, what will be the new production level?
A. 5.5 million metric tons
B. 6 million metric tons
Correct C. 6.5 million metric tons
D. 7 million metric tons

Correct Answer: C

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Question 8 View Details
A monopolistically competitive firm faces a demand curve given by Q = 100 - 2P. If the firm's marginal \cost is MC = 10, what is the optimal price and quantity that the firm should produce?
A. P = ₦50, Q = 50 units
Correct B. P = ₦40, Q = 60 units
C. P = ₦30, Q = 70 units
D. P = ₦20, Q = 80 units

Correct Answer: B

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Question 9 View Details
The Nigerian government has implemented a policy to increase the production of maize by 15% in the next fiscal year. If the current production level is 2.5 million metric tons, what will be the new production level?
A. 2.75 million metric tons
B. 3 million metric tons
Correct C. 3.25 million metric tons
D. 3.5 million metric tons

Correct Answer: C

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Question 10 View Details
A firm's production function is given by Q = 100L^0.5K^0.5. If the price of labor (L) is ₦100 per unit and the price of capital (K) is ₦200 per unit, calculate the total revenue of producing 100 units of output, given that the firm uses 4 units of labor and 9 units of capital.
A. ₦2500
B. ₦3000
Correct C. ₦3500
D. ₦4000

Correct Answer: C

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Question 11 View Details
Consider a firm operating in a perfectly competitive market with a downward-sloping demand curve. If the firm's marginal revenue (MR) is equal to its marginal \cost (MC), what is the implication for the firm's output and price?
Correct A. The firm is producing at its profit-maximizing level of output.
B. The firm is producing at its minimum point on the average total \cost (ATC) curve.
C. The firm is producing at its maximum point on the marginal revenue product (MRP) curve.
D. The firm is producing at its break-even point.

Correct Answer: A

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Question 12 View Details
A monopolistically competitive firm faces a downward-sloping demand curve. If the firm's marginal revenue (MR) is greater than its marginal \cost (MC), what is the implication for the firm's output and price?
Correct A. The firm is producing at its profit-maximizing level of output.
B. The firm is producing at its minimum point on the average total \cost (ATC) curve.
C. The firm is producing at its maximum point on the marginal revenue product (MRP) curve.
D. The firm is producing at its break-even point.

Correct Answer: A

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Question 13 View Details
A firm is considering two different production processes. Process A has a fixed \cost of ₦100,000 and a variable \cost of ₦50 per unit. Process B has a fixed \cost of ₦150,000 and a variable \cost of ₦30 per unit. If the firm produces 10,000 units, which process should it choose?
Correct A. Process A
B. Process B
C. Both processes are equally profitable.
D. Neither process is profitable.

Correct Answer: A

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Question 14 View Details
A country's GDP is ₦10 trillion, and its GNP is ₦12 trillion. What is the country's net factor income from abroad?
Correct A. ₦2 trillion
B. ₦1 trillion
C. ₦0.5 trillion
D. ₦0.2 trillion

Correct Answer: A

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Question 15 View Details
A government is considering a tax on a particular good. If the tax increases the price of the good by 20%, and the demand for the good is elastic, what is the likely effect on the government's revenue from the tax?
A. The government's revenue from the tax will increase.
Correct B. The government's revenue from the tax will decrease.
C. The government's revenue from the tax will remain the same.
D. The effect on the government's revenue is uncertain.

Correct Answer: B

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