POST UTME BOWEN UNIVERSITY 2018 Commerce | Objective
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Question 1
A company is considering two different production methods for its new product. Method A requires an initial investment of ₦1,500,000 and produces 10,000 units per year, while Method B requires an initial investment of ₦2,000,000 and produces 15,000 units per year. If the company expects to sell each unit for ₦500, what is the minimum number of years it must operate to break even using Method A?
Question 2
A bank offers a 5% interest rate on a savings account. If a customer deposits ₦10,000 into the account, how much interest will the customer earn in one year?
Question 3
A firm is considering two different advertising strategies for its new product. Strategy A involves a one-time payment of ₦500,000 to a popular celebrity to endorse the product, while Strategy B involves a series of 12 monthly payments of ₦50,000 to a popular social media influencer. If the firm expects to sell 10,000 units of the product per year, and each unit sells for ₦500, what is the total cost of Strategy A?
Question 4
A company is considering launching a new product in a foreign market. What are the key factors that the company should consider when deciding whether to enter the foreign market?
Question 5
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current inputs are L = 4 and K = 9, what is the marginal product of labor?
Question 6
A company is considering two different modes of transportation for its goods: road and rail. The cost of transporting goods by road is ₦500 per kilometer, while the cost of transporting goods by rail is ₦300 per kilometer. If the company expects to transport 10,000 kilometers of goods per year, what is the total cost of transportation using the road mode?
Question 7
A company is considering two different transportation modes to move its products from the factory to the warehouse. The cost of using a truck is ₦10,000 per trip, while the cost of using a train is ₦5,000 per trip. If the company needs to make 10 trips, what is the total cost of using the train?
Question 8
A firm's production function is given by Q = 2L^0.5 K^0.5. If the firm's capital (K) is fixed at 16 units, and labor (L) is increased from 4 units to 9 units, what is the percentage change in output?
Question 9
In a perfectly competitive market, the law of diminishing marginal utility implies that the demand curve for a firm's product will be:
Question 10
A consumer protection law requires that all businesses must provide a 30-day cooling-off period for customers to return goods. If a customer buys a product on the 29th of January and wants to return it, what is the latest date the customer can return the product?
Question 11
A company's sole trader has a business that is involved in the storage of goods. The company's sole trader uses a warehouse that has a capacity of 1,000 square meters. If the company's sole trader stores 500 square meters of goods in a day, what is the remaining capacity of the warehouse?
Question 12
A consumer's indifference curve is given by the equation u(x,y) = 2x + 3y. If the consumer's current consumption bundle is (x,y) = (2,3), what is the marginal rate of substitution?
Question 13
A firm's cost function is given by C = 2L + 3K. If the firm's labor and capital inputs are increased by 20% and 15% respectively, what is the percentage change in its total cost?
Question 14
A company is considering exporting its products to a foreign market. What are the key factors that the company should consider when deciding whether to export?
Question 15
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 20% and 15% respectively, what is the percentage change in output?
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