POST UTME CRAWFORD UNIVERSITY 2021 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm's revenue function is given by R = 100Q - 2Q^2. If the firm's output is 6 units, what is the firm's revenue?
A. ₦480
B. ₦520
C. ₦560
D. ₦600
Question 2
A firm's production function is given by Q = 2L^(1/2)K^(1/2), where Q is output, L is labor, and K is capital. If the firm wants to increase its output by 20% while keeping labor constant, what percentage increase in capital is required?
A. 10%
B. 20%
C. 30%
D. 40%
Question 3
In a perfectly competitive market, the supply curve is typically represented by the?
A. Demand Curve
B. Supply Curve
C. Equilibrium Price
D. Market Equilibrium
Question 4
A firm has a policy of paying its employees a bonus of 10% of their salary if they meet their targets. If an employee earns a salary of ₦50,000 and meets their targets, what is the bonus the employee will receive?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 5
A company is considering two different marketing strategies: Strategy A and Strategy B. Strategy A involves a one-time investment of ₦100,000 and generates a revenue of ₦150,000 per year. Strategy B involves a one-time investment of ₦200,000 and generates a revenue of ₦250,000 per year. If the company wants to maximize its revenue, which strategy should it choose?
A. Strategy A
B. Strategy B
C. Both strategies are equally profitable
D. Neither strategy is profitable
Question 6
A firm exports goods worth ₦1,000,000 to a foreign country. If the exchange rate is 1 USD = ₦500, what is the value of the exports in USD?
A. ₦2,000,000
B. ₦1,500,000
C. ₦1,000,000
D. ₦500,000
Question 7
A firm's cost function is given by C(x) = 2x^2 + 5x - 3, where x is the number of units produced. If the firm wants to minimize its cost, what is the critical point of the function?
A. (-5/4, 0)
B. (1/2, 0)
C. (5/4, 0)
D. (1, 0)
Question 8
A diagram showing the relationship between the price of a product and the quantity demanded is known as?
A. Supply Curve
B. Demand Curve
C. Equilibrium Price
D. Market Equilibrium
Question 9
A firm's inventory is valued at ₦1,000,000. If the inventory is 20% of the total assets, what is the total value of the firm's assets?
A. ₦5,000,000
B. ₦4,000,000
C. ₦3,000,000
D. ₦2,000,000
Question 10
A company's financial statements can be used to evaluate its?
A. Financial Performance
B. Market Value
C. Return on Investment
D. Break-Even Point
Question 11
A firm's marginal cost function is given by MC = 2 + 0.5Q. If the firm's output is 10 units, what is the firm's marginal cost?
A. ₦6
B. ₦7
C. ₦8
D. ₦9
Question 12
A firm's demand function is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the price increases by 20%, what is the new quantity demanded?
A. 80
B. 70
C. 60
D. 50
Question 13
A firm's consumer protection policy includes a 30-day money-back guarantee. This is an example of:
A. Product liability
B. Consumer protection
C. Warranty
D. Return policy
Question 14
A company has two production plants, A and B. Plant A produces 100 units of a product per day, while plant B produces 80 units per day. If the company wants to increase its total production by 20%, what is the minimum number of days it needs to operate plant B?
A. 5 days
B. 6 days
C. 7 days
D. 8 days
Question 15
A company's financial statements show a net income of ₦100,000. If the company's tax rate is 25%, what is the amount of taxes paid?
A. ₦25,000
B. ₦50,000
C. ₦75,000
D. ₦100,000

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