POST UTME GREENFIELD UNIVERSITY 2023 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company uses a marketing mix of 4P's to promote its product. If the product's price is ₦500, the place is a supermarket, the promotion is through social media, and the product is a food item, what is the product?
A. Bread
B. Rice
C. Pasta
D. Pizza
Question 2
A company's production function is given by the equation Q = 100L^0.5K^0.5, where Q is the quantity produced, L is the labor input, and K is the capital input. If the company increases its labor input from 100 to 121 units, and its capital input from 100 to 121 units, by how many percentage points will the quantity produced increase?
A. 10%
B. 20%
C. 30%
D. 40%
Question 3
A company's Memorandum of Association is a document that outlines the company's
A. Objectives and Goals
B. Share Capital and Ownership
C. Business Operations and Management
D. Directors and Officers
Question 4
A firm is considering expanding its operations to a new market. The firm's management team has identified the following factors as critical to the success of the expansion:
A. Market size, competition, and government regulations
B. Market size, competition, and consumer behavior
C. Market size, competition, and production costs
D. Market size, competition, and distribution channels
Question 5
A firm's profit function is given by P(x) = R(x) - C(x), where R(x) is the revenue function and C(x) is the cost function. If the firm produces 50 units, what is the profit?
A. ₦1,500
B. ₦2,000
C. ₦2,500
D. ₦3,000
Question 6
A firm's cost function is given by C(x) = 2x^2 + 100x + 5000, where x is the number of units produced. If the firm produces 20 units, what is the total cost of production?
A. ₦10,500
B. ₦12,000
C. ₦13,500
D. ₦15,000
Question 7
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the labor input, and K is the capital input. If the firm's labor and capital inputs are 100 units each, what is the quantity produced?
A. 1000
B. 500
C. 2000
D. 3000
Question 8
A firm specializes in producing a single product, which is a variant of a product offered by a competitor. This strategy is an example of:
A. Product Differentiation
B. Product Diversification
C. Product Specialization
D. Product Standardization
Question 9
A warehouse's inventory management system uses a first-in-first-out (FIFO) method to track stock levels. What is the primary advantage of this method?
A. Reduced Stock Obsolescence
B. Improved Inventory Accuracy
C. Increased Storage Capacity
D. Enhanced Supply Chain Visibility
Question 10
A company has a portfolio of bonds with a yield to maturity of 6% and a duration of 5 years. If the market interest rate increases by 2%, what is the expected change in the bond's price?
A. 2%
B. 4%
C. 6%
D. 8%
Question 11
A company is considering investing in a new communication system. Which of the following is a key consideration for the company?
A. The company's profit margins.
B. The company's market share in the communication industry.
C. The communication system's security features.
D. The company's production costs.
Question 12
A company uses a marketing mix of 4P's to promote its product. If the product's price is ₦500, the place is a supermarket, the promotion is through social media, and the product is a food item, what is the product?
A. Bread
B. Rice
C. Pasta
D. Pizza
Question 13
A firm is considering adopting a new production technology that will increase its production capacity. However, the technology requires a significant investment in new equipment and training for the workforce. The firm's management team should consider the following factors when making a decision:
A. The cost of the new equipment, the cost of training the workforce, and the potential increase in production capacity
B. The cost of the new equipment, the cost of training the workforce, and the potential decrease in production costs
C. The cost of the new equipment, the cost of training the workforce, and the potential increase in market share
D. The cost of the new equipment, the cost of training the workforce, and the potential decrease in market share
Question 14
A sole trader's business is considered a separate legal entity from its owner. This is an example of which legal concept?
A. Separate Legal Entity
B. Limited Liability
C. Partnership
D. Sole Proprietorship
Question 15
A firm's cost function is given by C = 2L + 3K. If the firm's labor and capital inputs are increased by 10% and 20% respectively, what is the percentage change in total cost?
A. 10%
B. 20%
C. 30%
D. 40%

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