POST UTME CHRISTOPHER UNIVERSITY 2019 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm's cost function is given by C = 50 + 10Q. If the firm's current output is 10 units, what is the firm's current cost?
A. ₦150
B. ₦160
C. ₦170
D. ₦180
Question 2
A bank's cash reserve ratio is the percentage of deposits that must be held in reserve rather than loaned out. If a bank has a cash reserve ratio of 20% and deposits of ₦10,000,000, how much can it loan out?
A. ₦8,000,000
B. ₦9,000,000
C. ₦10,000,000
D. ₦12,000,000
Question 3
A firm's production function is given by Q = 2L^0.5H^0.5, where Q is output, L is labor, and H is capital. If the firm's labor and capital are increased by 20% and 15% respectively, what is the new production level?
A. 1.44Q
B. 1.2Q
C. 1.5Q
D. 1.8Q
Question 4
A consumer has purchased a product that has a defect. Which of the following is a type of consumer protection?
A. Product liability
B. Consumer rights
C. Business regulation
D. Trade practices
Question 5
A company's marketing strategy involves a mix of advertising, sales promotions, and public relations. Which of the following is a key benefit of using a mix of these strategies?
A. Increased brand awareness
B. Improved customer loyalty
C. Enhanced product differentiation
D. Reduced marketing costs
Question 6
A firm's revenue function is given by R = 100Q - 2Q^2. If the firm's current price is ₦10 and the quantity sold is 10 units, what is the firm's current revenue?
A. ₦80
B. ₦100
C. ₦120
D. ₦140
Question 7
A consumer has purchased a product that has a defect. Which of the following is a type of consumer protection?
A. Product liability
B. Consumer rights
C. Business regulation
D. Trade practices
Question 8
A firm's accounts payable balance decreased by ₦150,000 during the year. If its beginning accounts payable balance was ₦400,000, what is its ending accounts payable balance?
A. ₦250,000
B. ₦350,000
C. ₦450,000
D. ₦550,000
Question 9
A company's sole trader has a business that is involved in the transportation of goods. Which of the following is a benefit of using a sole trader business structure?
A. Flexibility in decision-making
B. Limited liability
C. Ability to raise capital
D. Separation of ownership and management
Question 10
A bank's cash reserve ratio (CRR) is the percentage of customer deposits that it must hold in reserve. Which of the following is a key purpose of the CRR?
A. To reduce the risk of bank runs and maintain financial stability.
B. To increase the bank's lending capacity and stimulate economic growth.
C. To ensure that banks maintain a minimum level of liquidity and meet their payment obligations.
D. To reduce the bank's operating costs and improve its profitability.
Question 11
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is output, L is labor, and K is capital. If labor increases from 100 to 121, and capital remains constant at 400, what is the percentage increase in output?
A. 10%
B. 20%
C. 30%
D. 40%
Question 12
A bank offers a 5-year fixed deposit account with an interest rate of 12% per annum compounded annually. If a customer deposits ₦100,000 at the beginning of the first year, how much will the customer have in the account at the end of the fifth year?
A. ₦163,217.68
B. ₦163,217.68
C. ₦163,217.68
D. ₦163,217.68
Question 13
A company's marketing mix is given by the 4 Ps: product, price, promotion, and place. Which of the following is an example of a product strategy?
A. Offering a discount on a product
B. Introducing a new product feature
C. Changing the packaging of a product
D. Increasing the price of a product
Question 14
A company has a sole trader business structure. Which of the following is a characteristic of a sole trader?
A. Limited liability
B. Separation of ownership and management
C. Flexibility in decision-making
D. Ability to raise capital
Question 15
A firm's warehousing and stock control system involves a first-in-first-out (FIFO) inventory management policy. What is the primary advantage of this policy?
A. Reduced inventory costs
B. Improved product freshness
C. Enhanced customer satisfaction
D. Increased storage capacity

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