POST UTME BSU 2018 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
The concept of 'consumer protection' in commerce refers to
A. the protection of consumers from unfair business practices
B. the protection of businesses from unfair consumer practices
C. the protection of employees from unfair labor practices
D. the protection of the environment from pollution
Question 2
The concept of 'business law' in commerce refers to
A. the law that governs business transactions
B. the law that governs consumer transactions
C. the law that governs employment relationships
D. the law that governs environmental protection
Question 3
A company's cost function is given by C = 100 + 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 cost while keeping labor input constant at 50 units, what should be the optimal capital input?
A. ₦150
B. ₦200
C. ₦250
D. ₦300
Question 4
A firm is considering investing in a new project. The project has a net present value (NPV) of ₦1,000,000 and a payback period of 5 years. What is the main advantage of this project?
A. High NPV
B. Short payback period
C. High return on investment (ROI)
D. Low risk
Question 5
A consumer purchases a product from a company that has a warranty period of 2 years. The product develops a fault after 1 year and 6 months. What is the consumer's entitlement under the Consumer Protection Act?
A. The consumer is entitled to a full refund
B. The consumer is entitled to a partial refund
C. The consumer is entitled to a replacement product
D. The consumer is not entitled to any refund or replacement
Question 6
A producer of goods has a production function given by Q = 2L^0.5 * K^0.5. If the producer wants to increase the output by 20% and the current level of capital is 100, what should be the new level of labor?
A. 50
B. 60
C. 70
D. 80
Question 7
A firm's production function is given by Q = 100L^0.5K^0.5, where Q is the quantity produced, L is the labor input, and K is the capital input. If the firm wants to increase its output by 20% while keeping labor input constant at 100 units, what should be the new capital input?
A. ₦150
B. ₦200
C. ₦250
D. ₦300
Question 8
A company has a fleet of 10 vehicles, each with an average fuel consumption of 10 liters per kilometer. If the company travels a total distance of 1,000 kilometers in a month, what is the total amount of fuel consumed?
A. 10,000 liters
B. 20,000 liters
C. 30,000 liters
D. 40,000 liters
Question 9
A company's Memorandum and Articles of Association are filed with the Corporate Affairs Commission. What is the purpose of this filing?
A. To register the company
B. To obtain a business license
C. To file the company's tax returns
D. To make the company's Memorandum and Articles of Association publicly available
Question 10
A firm's demand function is given by P = 100 - 2Q, where P is the price and Q is the quantity demanded. If the firm wants to increase its revenue by 20%, what price should it set?
A. ₦80
B. ₦90
C. ₦100
D. ₦110
Question 11
A company is considering exporting its products to a foreign market. What is the main advantage of exporting?
A. Increased market share
B. Reduced competition
C. Increased revenue
D. Reduced costs
Question 12
A company is considering two different modes of payment for its customers: cash and credit. If the company expects to receive ₦500,000 in cash and ₦200,000 in credit, what is the total amount received?
A. ₦700,000
B. ₦600,000
C. ₦500,000
D. ₦400,000
Question 13
A company has a capital of ₦1,000,000, divided into 100,000 shares of ₦10 each. If the company issues 20,000 shares at a premium of ₦5 per share, what is the total amount received from the issue of shares?
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 14
A company's production function is given by Q = 100L^0.5K^0.5, where Q is the quantity produced, L is the labor input, and K is the capital input. If the company wants to increase its output by 20% while keeping labor input constant at 100 units, what percentage increase in capital input is required?
A. 10%
B. 20%
C. 30%
D. 40%
Question 15
A consumer purchases a product with a recommended retail price of ₦5,000. The product is sold at a discount of 10% and a further 5% discount is applied to the discounted price. What is the final price paid by the consumer?
A. ₦4,250
B. ₦4,375
C. ₦4,500
D. ₦4,625

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