POST UTME EKSU 2024 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A bank's core function is to act as a _______________ between its customers.
A. agent
B. broker
C. trustee
D. fiduciary
Question 2
A firm has the following cost function: C(q) = 100 + 10q + 0.5q^2. Determine the average cost function.
A. AC(q) = 100 + 10q + 0.5q^2
B. AC(q) = 100 + 10q
C. AC(q) = 100 + 0.5q^2
D. AC(q) = 100
Question 3
The _______________ is the primary means of transportation in Nigeria.
A. railway
B. road
C. waterway
D. airway
Question 4
A firm's foreign trade involves exporting goods worth ₦5,000,000 to a foreign country. If the exchange rate is 1 USD = ₦450, what is the value of the exported goods in USD?
A. 11,111.11
B. 11,111.11
C. 11,111.11
D. 11,111.11
Question 5
In a perfectly competitive market, the law of supply states that as the price of a good increases, the quantity supplied will
A. decrease
B. increase
C. remain constant
D. move in the opposite direction
Question 6
A company has a production capacity of 1,000 units per day. The company operates 5 days a week. What is the total production capacity per week?
A. 5,000 units
B. 4,000 units
C. 3,000 units
D. 2,000 units
Question 7
A firm's warehouse has a capacity of 10,000 units. If the current stock level is 8,000 units and the firm receives a new shipment of 2,000 units, what is the new stock level?
A. 6,000
B. 8,000
C. 10,000
D. 12,000
Question 8
A company's sole trader has a business income of ₦1,500,000 and business expenses of ₦800,000. What is the profit before tax?
A. ₦700,000
B. ₦1,000,000
C. ₦1,200,000
D. ₦1,500,000
Question 9
A company has a transportation cost of ₦100 per unit. The company receives an order for 1,000 units. What is the total transportation cost?
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 10
A company has the following cost function: C(q) = 10 + 2q + 0.5q^2. Determine the marginal cost function.
A. MC(q) = 2 + q
B. MC(q) = 2 + 0.5q
C. MC(q) = 10 + 2q + 0.5q^2
D. MC(q) = 10 + 2q
Question 11
A company is considering the implementation of a just-in-time (JIT) inventory system. What is the primary advantage of JIT inventory system?
A. Reduced inventory costs
B. Improved product quality
C. Increased production efficiency
D. Enhanced customer satisfaction
Question 12
A company is considering outsourcing its production to a foreign country. What are some of the potential advantages of this strategy?
A. Lower labor costs
B. Access to new markets
C. Improved quality control
D. All of the above
Question 13
The diagram below represents a simple circuit with a battery, a resistor, and a switch. If the switch is closed, what is the direction of the current flow?
A. From the battery to the resistor
B. From the resistor to the battery
C. In a circular motion around the circuit
D. No current flows
Question 14
A warehouse's primary function is to provide _______________ for goods.
A. security
B. storage
C. transportation
D. insurance
Question 15
A company's financial statements show that its revenue has increased by 15% and its cost of goods sold has increased by 10%. What is the new gross profit margin?
A. 5%
B. 10%
C. 15%
D. 20%

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