POST UTME IMS U 2017 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm's production function is given by the Cobb-Douglas production function: Q = 2L^0.4K^0.6. If the firm's output is 100 units and the wage rate is ₦100 per hour, what is the optimal level of capital (K) if the firm's labor (L) is 10 units?
A. 5 units
B. 10 units
C. 20 units
D. 50 units
Question 2
A firm has a warehouse with a capacity of 500 units. The firm has 300 units of stock. If it wants to store the stock in the warehouse, what is the maximum number of units that can be stored?
A. 300 units
B. 500 units
C. 700 units
D. 800 units
Question 3
A bank's cash reserve ratio is 20%. If the bank has a cash reserve of ₦100,000, what is the maximum amount it can lend?
A. ₦400,000
B. ₦500,000
C. ₦600,000
D. ₦800,000
Question 4
A company uses a marketing strategy that involves creating a sense of urgency to encourage customers to make a purchase. This is an example of which type of marketing tactic?
A. Scarcity marketing
B. Upselling
C. Cross-selling
D. Loss aversion
Question 5
Under the Consumer Protection Act, what is the primary responsibility of the Consumer Protection Council?
A. To investigate consumer complaints and provide compensation to affected consumers
B. To regulate the activities of businesses and ensure compliance with consumer protection laws
C. To educate consumers on their rights and responsibilities under consumer protection laws
D. To provide legal representation to consumers in court
Question 6
A company uses a transportation mode that involves the movement of goods by land, sea, or air. This is an example of which type of transportation?
A. Land transportation
B. Sea transportation
C. Air transportation
D. Multimodal transportation
Question 7
A foreign trade agreement between two countries involves the exchange of goods worth 100,000. If the exchange rate is 1 USD = 360 Naira, what is the equivalent value in Naira?
A. ₦36,000,000
B. ₦36,100,000
C. ₦36,200,000
D. ₦36,300,000
Question 8
A consumer protection agency receives a complaint from a customer who was sold a defective product. The agency finds that the product was indeed defective and that the seller had knowledge of the defect. What is the agency's next course of action?
A. Issue a warning to the seller
B. Impose a fine on the seller
C. Compensate the customer for the defective product
D. Close the seller's business
Question 9
A company specializes in producing high-quality textiles. It has two production lines: one for cotton fabrics and the other for synthetic fabrics. The company uses the following production costs per unit:
A. ₦1500 for cotton fabrics and ₦1200 for synthetic fabrics
B. ₦1200 for cotton fabrics and ₦1500 for synthetic fabrics
C. ₦1800 for cotton fabrics and ₦1000 for synthetic fabrics
D. ₦1000 for cotton fabrics and ₦1800 for synthetic fabrics
Question 10
A sole trader's business is registered under which of the following?
A. Partnership
B. Limited Liability Company
C. Sole Proprietorship
D. Cooperative Society
Question 11
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 compared to other countries. Which of the following is a correct example of comparative advantage?
A. Nigeria producing cotton and importing textiles
B. Nigeria producing textiles and importing cotton
C. Nigeria producing both cotton and textiles
D. Nigeria importing both cotton and textiles
Question 12
A company's financial year ends on 31st December. What is the accounting period?
A. 1st January to 31st December
B. 1st January to 31st March
C. 1st April to 31st March
D. 1st June to 31st May
Question 13
A firm's production function is given by the Cobb-Douglas production function: Q = 2L^0.4K^0.6. If the firm's output is 100 units and the wage rate is ₦100 per hour, what is the optimal level of labor (L) if the firm's capital (K) is 10 units?
A. 5 units
B. 10 units
C. 20 units
D. 50 units
Question 14
A country has a trade deficit of 100 million and an exchange rate of 1 USD = 150 Naira. If the country's central bank wants to reduce the trade deficit by 20%, what is the new exchange rate?
A. 1 USD = 120 Naira
B. 1 USD = 130 Naira
C. 1 USD = 140 Naira
D. 1 USD = 150 Naira
Question 15
A marketing strategy involves creating a unique selling proposition (USP) to differentiate a product from competitors. What is the primary goal of this strategy?
A. Increase market share
B. Reduce production costs
C. Improve product quality
D. Differentiate the product from competitors

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub: