POST UTME ESUT 2021 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A consumer is considering filing a complaint against a company for a defective product. Which of the following is a key step in the complaint process?
A. Contacting the company's customer service department
B. Filing a lawsuit
C. Seeking mediation
D. Posting a negative review online
Question 2
A firm's demand function is given by Q = 100 - 2P. If the firm's current price is P = 20, what is the firm's consumer surplus?
A. ₦1,000
B. ₦2,000
C. ₦3,000
D. ₦4,000
Question 3
A company's cash flow statement shows a net income of ₦1,000,000, depreciation of ₦200,000, and a change in working capital of ₦300,000. What is the company's operating cash flow?
A. ₦1,200,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 4
A company uses a warehouse management system to manage its inventory. If the company has 500 units of a product in stock and receives an order for 200 units, what is the inventory level after receiving the order?
A. 300 units
B. 400 units
C. 500 units
D. 600 units
Question 5
A company is considering the introduction of a new product line. The product line has a high initial investment cost of ₦5 million but has a potential market size of 100,000 units. The company estimates that the production cost per unit will be ₦2,500. If the company wants to achieve a profit margin of 20%, what should be the selling price of each unit?
A. ₦3,500
B. ₦3,800
C. ₦4,200
D. ₦4,500
Question 6
The concept of risk management in commerce involves identifying, assessing, and mitigating potential losses. Which of the following is a key characteristic of a risk management strategy?
A. It involves transferring risk to a third party.
B. It involves diversifying investments to reduce risk.
C. It involves identifying and assessing potential losses.
D. It involves ignoring potential losses.
Question 7
A company uses a just-in-time (JIT) inventory system to manage its inventory. If the company orders 100 units of a product and receives 120 units, what is the inventory level after receiving the order?
A. 80 units
B. 100 units
C. 120 units
D. 140 units
Question 8
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. shift to the left
Question 9
A consumer has a utility function given by U = 2x^2 + 3y^2, where x and y are the quantities of two different goods. If the price of good x is ₦50 per unit and the price of good y is ₦100 per unit, and the consumer's income is ₦1000, what is the optimal bundle of goods (x, y) that maximizes the consumer's utility?
A. x = 10, y = 5
B. x = 5, y = 10
C. x = 20, y = 0
D. x = 0, y = 20
Question 10
A company is considering exporting its products to a foreign market. Which of the following is a key advantage of exporting?
A. Increased competition
B. Reduced market share
C. Access to new customers
D. Lower production costs
Question 11
The concept of 'market segmentation' in marketing refers to the process of dividing a market into distinct groups of consumers with similar needs, preferences, or behaviors. Which of the following is NOT a common method of market segmentation?
A. Demographic segmentation
B. Geographic segmentation
C. Psychographic segmentation
D. Product-based segmentation
Question 12
A company is considering investing in a new transport system. Which of the following is a key factor to consider when determining the feasibility of this decision?
A. The cost of the new system.
B. The potential return on investment.
C. The impact on the environment.
D. The impact on the company's reputation.
Question 13
A company's marketing strategy involves creating a new product to appeal to a specific demographic. The company conducts market research to identify the target audience and develops a marketing campaign to reach them. What is the primary goal of this marketing strategy?
A. To increase sales revenue.
B. To expand the company's market share.
C. To create brand awareness among the target audience.
D. To reduce production costs.
Question 14
A company is considering the introduction of a new product line. The product line has a high initial investment cost of ₦5 million but has a potential market size of 100,000 units. The company estimates that the production cost per unit will be ₦2,500. If the company wants to achieve a profit margin of 20%, what should be the selling price of each unit?
A. ₦3,500
B. ₦3,800
C. ₦4,200
D. ₦4,500
Question 15
A firm specializes in producing a single product, which is a type of commodity. The production process involves a series of stages, each with its own set of inputs and outputs. If the firm's production function is given by the equation ( Q = 2L^2 + 5K ), where Q is the quantity produced, L is the labor input, and K is the capital input, what is the marginal product of labor (MPL) when L = 4 and K = 3?
A. 8
B. 12
C. 16
D. 20

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