POST UTME ESUT 2024 Commerce | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's demand curve is given by Qd = 100 - 2P. If the price elasticity of demand is -2, what is the price at which the firm will sell 50 units?
Question 2
A sole trader is responsible for all the profits and losses of the business. Which of the following is a characteristic of a sole trader?
Question 3
A foreign trade agreement between two countries involves the exchange of goods worth 100 million for goods worth €80 million. If the exchange rate is 1 USD = 0.8 EUR, what is the value of the goods received by each country?
Question 4
A firm is considering two different marketing strategies: a push strategy and a pull strategy. The push strategy involves promoting the product to intermediaries, such as wholesalers and retailers, while the pull strategy involves promoting the product directly to the end consumer. Which of the following is a characteristic of the pull strategy?
Question 5
In a perfectly competitive market, the law of supply states that as the price of a good increases, the quantity supplied will also increase. However, this is not always the case. What is the name of the phenomenon that occurs when the quantity supplied decreases as the price increases?
Question 6
In a perfectly competitive market, the supply curve is upward-sloping because of the law of increasing
Question 7
A firm's cost function is given by C = 2L + 3H, where C is cost, L is labor, and H is capital. If the firm's labor and capital are increased by 20% and 15% respectively, what is the percentage change in cost?
Question 8
A firm specializes in producing only one product, which is a type of electronics. This is an example of
Question 9
A firm's cost function is given by C = 2L + 3K, where C is the total cost, L is labor, and K is capital. If the firm wants to minimize its total cost, what is the optimal combination of labor and capital?
Question 10
A bank offers a 5% interest rate on a 1-year fixed deposit. If the principal amount is ₦10,000, what is the interest earned?
Question 11
A consumer has a budget of ₦1,500 and a preference for two goods: X and Y. The prices of X and Y are ₦500 and ₦300 respectively. If the consumer spends all of their budget, what is the maximum number of units of good X that the consumer can buy?
Question 12
A company is considering forming a partnership with another company. The partnership will be a general partnership, where both companies will share the profits and losses equally. However, one of the companies has a higher credit rating than the other. Which of the following is a potential risk of the partnership?
Question 13
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 percentage change in output?
Question 14
A firm is considering investing in a new production facility. The facility will be used to produce a new product that has a high demand in the market. Which of the following is a characteristic of the new product?
Question 15
A consumer has a utility function given by U = 2X + 3Y, where X and Y are the quantities of two goods. If the consumer's income is ₦1,500 and the prices of X and Y are ₦500 and ₦300 respectively, what is the consumer's optimal bundle of goods?
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