POST UTME FUTO 2018 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm's demand function is given by P = 100 - 2Q, where P is the price and Q is the quantity demanded. If the firm's marginal revenue function is given by MR = 200 - 4Q, what is the firm's optimal quantity?
A. 10
B. 20
C. 30
D. 40
Question 2
A company's financial statements are audited annually by an independent auditor. Which of the following is a primary purpose of the audit?
A. To ensure compliance with tax laws
B. To verify the accuracy of financial statements
C. To provide consulting services to management
D. To conduct a forensic investigation
Question 3
A firm's production function is given by the equation
A. ( Q = 2L + 3K )
B. ( Q = 2L^2 + 3K )
C. ( Q = 2L^2 - 3K )
D. ( Q = 2L^2 + 5K )
Question 4
A company's financial statements are prepared using the accrual basis of accounting. Which of the following is a key characteristic of this method?
A. Matching principle
B. Materiality principle
C. Consistency principle
D. Going concern principle
Question 5
A company's revenue function is given by R = 100Q - 2Q^2, where R is the total revenue and Q is the quantity sold. If the company increases its price from ₦10 to ₦20, what is the new total revenue?
A. ₦1000
B. ₦2000
C. ₦3000
D. ₦4000
Question 6
A firm's demand curve is given by Qd = 100 - 2P. If the price is 5, what is the quantity demanded?
A. 20
B. 30
C. 40
D. 50
Question 7
In a perfectly competitive market, the supply curve is a
A. Horizontal line
B. Vertical line
C. U-shaped curve
D. L-shaped curve
Question 8
A firm's revenue is given by the equation R(x) = 2x^2 + 5x - 3, where x is the number of units sold. If the firm sells 10 units, what is the revenue?
A. ₦53
B. ₦57
C. ₦61
D. ₦65
Question 9
A consumer has a budget of ₦1000 and is faced with the following prices for two goods: good X costs ₦200 per unit, and good Y costs ₦300 per unit. If the consumer's indifference curves are such that the marginal rate of substitution is 2, how many units of good X will the consumer buy?
A. 2 units
B. 3 units
C. 4 units
D. 5 units
Question 10
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm wants to produce 16 units of output, and the price of labor is ₦100 per unit, and the price of capital is ₦200 per unit, how much will it cost the firm to produce 16 units of output?
A. ₦1600
B. ₦3200
C. ₦6400
D. ₦12800
Question 11
A company's marketing strategy involves targeting a specific segment of the market. Which of the following is a characteristic of this approach?
A. Mass marketing
B. Segmented marketing
C. Niche marketing
D. Target marketing
Question 12
The diagram below shows a
A. Titration setup
B. Distillation setup
C. Crystallization setup
D. Filtration setup
Question 13
The concept of comparative advantage in international trade is based on the idea that countries should specialize in producing goods for which they have a lower opportunity cost. Which of the following is a correct example of comparative advantage?
A. Country A produces 100 units of wheat and 50 units of cloth, while Country B produces 50 units of wheat and 100 units of cloth.
B. Country A produces 100 units of wheat and 50 units of cloth, while Country B produces 50 units of wheat and 150 units of cloth.
C. Country A produces 100 units of wheat and 50 units of cloth, while Country B produces 150 units of wheat and 50 units of cloth.
D. Country A produces 100 units of wheat and 50 units of cloth, while Country B produces 50 units of wheat and 50 units of cloth.
Question 14
A firm produces two products, A and B. Product A requires 2 hours of labor and 3 units of raw material, while product B requires 3 hours of labor and 2 units of raw material. If the firm has 120 hours of labor and 180 units of raw material available, how many units of product A and product B should the firm produce to maximize profit?
A. 10 units of A and 15 units of B
B. 15 units of A and 10 units of B
C. 20 units of A and 5 units of B
D. 5 units of A and 20 units of B
Question 15
A company's cost function is given by C = 2L + 3K, where C is the total cost, L is the labor input, and K is the capital input. If the company increases its labor input from 10 units to 20 units, and its capital input from 5 units to 10 units, what is the new total cost?
A. 50
B. 60
C. 80
D. 100

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