Practice Post UTME GREENFIELD UNIVERSITY commerce 2024 Past Questions

Question 1

In a perfectly competitive market, the supply curve is upward-sloping because

A. Firms are risk-averse and want to earn higher profits

Correct B. Firms are willing to supply more at a higher price

C. Firms are willing to supply less at a lower price

D. Firms are willing to supply more at a lower price

Correct Answer: B

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Question 2

A company has a 10% dividend yield and a current stock price of ₦100. What is the expected dividend per share?

Correct A. ₦10

B. ₦12

C. ₦15

D. ₦20

Correct Answer: A

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Question 3

A firm has a cost function of C(x) = 2x^2 + 5x + 10. What is the marginal cost at x = 5?

A. ₦15

B. ₦20

Correct C. ₦25

D. ₦30

Correct Answer: C

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Question 4

A company is considering two investment projects. Project A has a 10% chance of success and a 90% chance of failure, with a payoff of ₦100,000 if successful. Project B has a 20% chance of success and an 80% chance of failure, with a payoff of ₦50,000 if successful. Which project should the company choose?

A. Project A

Correct B. Project B

C. Both projects are equally attractive

D. Neither project is attractive

Correct Answer: B

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Question 5

A firm has a production function of Q = 2L^2 + 5L + 10. If the firm wants to produce 20 units of output, how many workers should it hire?

A. 5 workers

Correct B. 10 workers

C. 15 workers

D. 20 workers

Correct Answer: B

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Question 6

In a perfectly competitive market, the demand curve for a firm's product is its

Correct A. marginal revenue curve

B. marginal cost curve

C. average revenue curve

D. average cost curve

Correct Answer: A

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Question 7

A company's marketing strategy involves creating a brand identity that is

Correct A. unique and memorable

B. similar to its competitors

C. based on customer feedback

D. dependent on seasonal trends

Correct Answer: A

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Question 8

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 10 per unit, and the price of capital is 20 per unit, what is the minimum cost of production?

A. 160

Correct B. 240

C. 320

D. 400

Correct Answer: B

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Question 9

A consumer has a budget of 100 and is considering purchasing two goods, A and B. The price of good A is 20 and the price of good B is 30. If the consumer's utility function is given by U = 2A + 3B, what is the maximum amount of utility the consumer can achieve?

A. 60

B. 80

Correct C. 100

D. 120

Correct Answer: C

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Question 10

A firm is considering exporting its product to a foreign market. The firm's cost function is given by C = 2Q + 10, and the firm's revenue function is given by R = 3Q. If the firm wants to maximize its profit, what is the optimal level of output?

A. 10

Correct B. 20

C. 30

D. 40

Correct Answer: B

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Question 11

In a market economy, the law of diminishing marginal utility states that as the quantity of a good consumed increases, the marginal utility derived from each additional unit decreases. Which of the following is a consequence of this law?

A. Increased consumer surplus

Correct B. Decreased consumer surplus

C. Increased producer surplus

D. Decreased producer surplus

Correct Answer: B

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Question 12

A company produces two goods, X and Y, using two inputs, labor and capital. The production function for good X is given by Q_X = 2L^0.5K^0.5, where Q_X is the quantity of good X produced, L is the amount of labor used, and K is the amount of capital used. The production function for good Y is given by Q_Y = 3L^0.2K^0.8. If the company uses 100 units of labor and 200 units of capital, how many units of good X and good Y will be produced?

Correct A. Q_X = 10, Q_Y = 20

B. Q_X = 20, Q_Y = 10

C. Q_X = 15, Q_Y = 25

D. Q_X = 25, Q_Y = 15

Correct Answer: A

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Question 13

A consumer has an income of ₦10,000 and faces the following prices for two goods: good X costs ₦2,000 per unit and good Y costs ₦1,500 per unit. The consumer's indifference curves are given by the equation U = 2X^0.5Y^0.5. What is the consumer's optimal bundle of goods X and Y?

Correct A. X = 2, Y = 4

B. X = 4, Y = 2

C. X = 3, Y = 3

D. X = 5, Y = 1

Correct Answer: A

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Question 14

A company has a production function given by Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the amount of labor used, and K is the amount of capital used. If the company uses 100 units of labor and 200 units of capital, what is the marginal product of labor?

A. 2

Correct B. 4

C. 6

D. 8

Correct Answer: B

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Question 15

A consumer has an income of ₦10,000 and faces the following prices for two goods: good X costs ₦2,000 per unit and good Y costs ₦1,500 per unit. The consumer's indifference curves are given by the equation U = 2X^0.5Y^0.5. What is the consumer's optimal bundle of goods X and Y?

Correct A. X = 2, Y = 4

B. X = 4, Y = 2

C. X = 3, Y = 3

D. X = 5, Y = 1

Correct Answer: A

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Question 16

A company has a production function given by Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the amount of labor used, and K is the amount of capital used. If the company uses 100 units of labor and 200 units of capital, what is the marginal product of capital?

A. 2

Correct B. 4

C. 6

D. 8

Correct Answer: B

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Question 17

A consumer has an income of ₦10,000 and faces the following prices for two goods: good X costs ₦2,000 per unit and good Y costs ₦1,500 per unit. The consumer's indifference curves are given by the equation U = 2X^0.5Y^0.5. What is the consumer's optimal bundle of goods X and Y?

Correct A. X = 2, Y = 4

B. X = 4, Y = 2

C. X = 3, Y = 3

D. X = 5, Y = 1

Correct Answer: A

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Question 18

A company has a production function given by Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the amount of labor used, and K is the amount of capital used. If the company uses 100 units of labor and 200 units of capital, what is the total product of labor?

A. 200

Correct B. 400

C. 600

D. 800

Correct Answer: B

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Question 19

In a just-in-time (JIT) inventory system, what is the primary goal of the reorder point?

A. To minimize inventory costs

B. To maximize inventory turnover

C. To reduce lead time

Correct D. To minimize stockouts

Correct Answer: D

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Question 20

A company uses the Economic Order Quantity (EOQ) model to determine its inventory levels. If the ordering cost is ₦1200, the holding cost is ₦150 per unit, and the annual demand is 10,000 units, what is the optimal order quantity?

A. 1000

B. 2000

Correct C. 5000

D. 10000

Correct Answer: C

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Question 21

A marketing manager is developing a new product launch campaign. Which of the following marketing mix elements is most relevant to the product's life cycle stage?

A. Product

B. Price

Correct C. Promotion

D. Place

Correct Answer: C

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Question 22

A company's supply chain is disrupted due to a natural disaster. Which of the following risk management strategies would be most effective in mitigating the impact?

A. Diversification

B. Hedging

C. Insurance

Correct D. Contingency planning

Correct Answer: D

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Question 23

A logistics company uses a transportation mode that involves the movement of goods by land, sea, and air. What is the primary advantage of this mode?

A. Flexibility

B. Speed

Correct C. Cost-effectiveness

D. Reliability

Correct Answer: C

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Question 24

The Consumer Protection Act of 1999 provides for the protection of consumers from unfair trade practices. Which of the following is a key provision of the Act?

A. The Act provides for the establishment of a Consumer Protection Council

Correct B. The Act provides for the protection of consumers from unfair trade practices

C. The Act provides for the establishment of a Consumer Protection Agency

D. The Act provides for the protection of consumers from defective products

Correct Answer: B

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Question 25

A company is considering launching a new product in the Nigerian market. Which of the following marketing strategies would be most appropriate for the company?

A. Product differentiation

B. Market segmentation

Correct C. Positioning

D. Brand extension

Correct Answer: C

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