POST UTME GREENFIELD UNIVERSITY 2017 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
In a perfectly competitive market, the supply curve is typically represented by the marginal cost curve. What is the relationship between the marginal revenue product of labor (MRPL) and the marginal factor cost (MFC) in the short run?
A. MRPL > MFC
B. MRPL < MFC
C. MRPL = MFC
D. MRPL and MFC are unrelated
Question 2
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is output, L is labor, and K is capital. If the firm wants to produce 100 units of output, how many units of labor are required if K = 16?
A. 10
B. 20
C. 30
D. 40
Question 3
A company's foreign exchange exposure arises from its transactions in foreign currencies. Which of the following is a method of managing foreign exchange risk?
A. Hedging
B. Speculation
C. Diversification
D. Exporting
Question 4
The formula for the area of a circle is given by:
A. \pi r^2
B. \pi r
C. \pi r^3
D. \pi r^4
Question 5
A firm's marketing strategy involves a mix of promotional activities to create awareness and stimulate demand for its products. Which of the following is a characteristic of a promotional mix?
A. Advertising
B. Personal Selling
C. Sales Promotion
D. Public Relations
Question 6
A firm's demand curve is given by Qd = 100 - 2P. If the price elasticity of demand is constant, what is the price elasticity of demand?
A. 0.5
B. 1.0
C. 2.0
D. -1.0
Question 7
The formula for the volume of a sphere is given by:
A. \frac{4}{3}\pi r^3
B. \frac{1}{3}\pi r^3
C. \frac{4}{3}\pi r^2
D. \frac{1}{3}\pi r^2
Question 8
The concept of 'scarcity' in economics refers to the:
A. Inability to produce a good or service
B. Inability to meet the demand for a good or service
C. The cost of producing a good or service
D. The benefit of producing a good or service
Question 9
A company is considering two different marketing strategies: a high-low pricing strategy and a penetration pricing strategy. Which strategy is more likely to increase market share in the short run?
A. High-low pricing strategy
B. Penetration pricing strategy
C. Both strategies are equally effective
D. Neither strategy is effective
Question 10
A firm's cost function is given by C = 2L + 3K, where C is cost, L is labor, and K is capital. If the firm wants to minimize its cost, how many units of labor should it hire if K = 10?
A. 5
B. 10
C. 15
D. 20
Question 11
A firm's demand curve is given by Qd = 100 - 2P. If the price elasticity of demand is constant, what is the price elasticity of demand?
A. 0.5
B. 1.0
C. 2.0
D. -1.0
Question 12
A company's foreign exchange exposure arises from its transactions in foreign currencies. Which of the following is a method of managing foreign exchange risk?
A. Hedging
B. Speculation
C. Diversification
D. Exporting
Question 13
The diagram below represents a:
A. Series circuit
B. Parallel circuit
C. Resistor circuit
D. Capacitor circuit
Question 14
A consumer has a budget constraint of 100 and a preference for two goods: x and y. The consumer's indifference curves are given by U(x,y) = xy. If the price of good x is 10 and the price of good y is 20, what is the consumer's optimal consumption bundle?
A. (5,5)
B. (10,5)
C. (5,10)
D. (10,10)
Question 15
A firm's cost function is given by C = 2L + 3K, where C is cost, L is labor, and K is capital. If the firm wants to minimize its cost, how many units of labor should it hire if K = 20?
A. 10
B. 15
C. 20
D. 25

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