POST UTME CRAWFORD UNIVERSITY 2018 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's marketing strategy involves creating a brand identity that is unique and memorable. This approach is an example of
A. segmentation
B. positioning
C. branding
D. target marketing
Question 2
In a perfectly competitive market, the supply curve is typically upward-sloping because
A. firms are willing to supply more of a good at a higher price
B. firms are willing to supply less of a good at a higher price
C. firms are willing to supply the same quantity of a good at any price
D. firms are willing to supply more of a good at a lower price
Question 3
In a perfectly competitive market, the law of supply states that as the price of a good increases, the quantity supplied will
A. increase
B. decrease
C. remain constant
D. move in the opposite direction
Question 4
A company's sole trader has a business income of ₦1,500,000 and expenses of ₦800,000. What is the profit before tax?
A. ₦700,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦2,000,000
Question 5
In a sole trader business, what is the primary advantage of using a sole proprietorship structure?
A. Limited liability
B. Easy to set up
C. Flexibility in decision-making
D. No tax benefits
Question 6
A company's marketing strategy involves creating a new product line. The product line has a high perceived value, but the production costs are high. What type of marketing strategy is this?
A. Product differentiation
B. Market segmentation
C. Target marketing
D. Positioning
Question 7
A company is considering launching a new product in a market where there are already several similar products. What type of market structure is this?
A. Perfect competition, because there are many buyers and sellers.
B. Monopoly, because there is only one seller.
C. Oligopoly, because there are a few large sellers.
D. Monopolistic competition, because there are many sellers and each seller has some degree of market power.
Question 8
A consumer protection law requires that all businesses provide a 30-day cooling-off period for customers to return products. What type of consumer protection law is this?
A. Right of withdrawal
B. Right of redress
C. Right of compensation
D. Right of recourse
Question 9
A firm's demand function is given by Q = 100 - 2P. If the firm's current price is ₦50, what is the maximum amount of revenue it can generate?
A. ₦1000
B. ₦2000
C. ₦3000
D. ₦4000
Question 10
A firm's production function is given by Q = 2L^(1/2)K^(1/2). If the firm's current labor and capital inputs are L = 16 and K = 9, respectively, what is the firm's current output?
A. 32
B. 64
C. 128
D. 256
Question 11
A firm's profit function is given by P = R - C. If the firm's current revenue and cost functions are R = 100Q - 2Q^2 and C = 50 + 20L + 10K, respectively, what is the firm's current profit?
A. 50
B. 100
C. 150
D. 200
Question 12
A company's marketing strategy involves creating a new product line. The product line has a high perceived value, but the production costs are high. What type of marketing strategy is this?
A. Product differentiation
B. Market segmentation
C. Target marketing
D. Positioning
Question 13
A warehouse has a storage capacity of 1000 units. If 300 units are already stored, the remaining capacity is
A. 200
B. 300
C. 400
D. 500
Question 14
A consumer purchases a product with a price of ₦500 and a 10% discount. The amount of the discount is
A. ₦50
B. ₦100
C. ₦150
D. ₦200
Question 15
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current output is 4 units and the wage rate is ₦100 per hour, what is the minimum amount of capital it must hire to minimize its labor cost?
A. 4
B. 8
C. 16
D. 32

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