POST UTME AL-HIKMAH UNIVERSITY 2019 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A consumer protection agency has been established to regulate the activities of businesses in a particular industry. What is the primary goal of this agency?
A. To promote competition among businesses
B. To protect consumers from unfair business practices
C. To regulate the prices of goods and services
D. To promote economic growth
Question 2
A firm's marketing strategy involves the use of a unique selling proposition (USP) to differentiate its product from those of its competitors. What is the primary purpose of a USP?
A. To increase the product's price
B. To reduce the product's price
C. To differentiate the product from those of its competitors
D. To increase the product's quality
Question 3
A firm is considering two different marketing strategies for promoting a certain commodity. Strategy A involves a one-time payment of ₦50,000 to a marketing firm, while Strategy B involves a monthly payment of ₦10,000 to the same marketing firm. If the firm chooses Strategy A, how much will it save compared to Strategy B over a period of 6 months?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 4
A company's consumer protection policy includes a 30-day money-back guarantee. If a customer purchases a product on January 15th and returns it on February 10th, is the customer eligible for a refund?
A. Yes
B. No
C. Maybe
D. Depends on the product
Question 5
A consumer is considering purchasing a certain commodity that costs ₦200 per unit. The consumer has a budget of ₦1,000 and has already spent ₦300 on other commodities. What is the maximum number of units of the commodity that the consumer can purchase?
A. 2 units
B. 3 units
C. 4 units
D. 5 units
Question 6
A firm is considering two different pricing strategies. Strategy A involves charging a price of ₦100 per unit, while Strategy B involves charging a price of ₦120 per unit. If the firm sells 1,000 units, what is the total revenue under each strategy?
A. Strategy A: ₦100,000, Strategy B: ₦120,000
B. Strategy A: ₦120,000, Strategy B: ₦100,000
C. Strategy A: ₦150,000, Strategy B: ₦150,000
D. Strategy A: ₦180,000, Strategy B: ₦180,000
Question 7
A production process that involves creating a product from raw materials is known as?
A. Manufacturing
B. Crafting
C. Assembly
D. Packaging
Question 8
A risk management strategy that involves transferring risk to a third party is known as?
A. Risk Avoidance
B. Risk Mitigation
C. Risk Transfer
D. Risk Retention
Question 9
A firm's marketing mix can be described as the combination of the following elements:
A. Product, Price, Place, and Promotion
B. Product, Price, Place, and People
C. Product, Price, Place, and Process
D. Product, Price, Place, and Physical Environment
Question 10
A company's marketing strategy involves creating a sense of urgency among customers to purchase its products. This is an example of which marketing technique?
A. Scarcity
B. Limited-time offer
C. Loss leader
D. Upselling
Question 11
A company has a cost function C = 2L + 3K, where C is the total cost, L is the labor input, and K is the capital input. If the company wants to minimize its costs, what is the optimal combination of labor and capital inputs?
A. L = 10, K = 20
B. L = 20, K = 10
C. L = 30, K = 30
D. L = 40, K = 40
Question 12
In a perfectly competitive market, the law of supply states that as the price of a commodity increases, the quantity supplied will also increase. However, this increase in quantity supplied is not necessarily due to an increase in the production of the commodity, but rather due to an increase in the number of producers willing to supply the commodity at the higher price. What is the term for this increase in the number of producers willing to supply the commodity at the higher price?
A. Entry of new firms
B. Exit of existing firms
C. Increase in production
D. Decrease in production
Question 13
A consumer is considering purchasing a certain commodity that costs ₦100 per unit. The consumer has a budget of ₦500 and has already spent ₦200 on other commodities. What is the maximum number of units of the commodity that the consumer can purchase?
A. 2 units
B. 3 units
C. 4 units
D. 5 units
Question 14
A marketing strategy that focuses on creating a unique selling proposition (USP) to differentiate a product from competitors is known as?
A. Segmentation
B. Targeting
C. Positioning
D. Differentiation
Question 15
A company's warehouse is designed to store goods in a way that minimizes the risk of damage and loss. What is the name of this storage system?
A. First-in, first-out (FIFO)
B. Last-in, first-out (LIFO)
C. Least-cost method
D. Economic order quantity (EOQ)

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