POST UTME KSU 2019 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
In a perfectly competitive market, the supply curve is a straight line, and the demand curve is downward-sloping. What is the equilibrium price and quantity of a commodity in this market?
A. ₦500, 100 units
B. ₦600, 80 units
C. ₦700, 60 units
D. ₦800, 40 units
Question 2
In a perfectly competitive market, the supply curve is downward sloping because of the law of increasing marginal opportunity cost. What is the primary reason for this downward slope?
A. The law of diminishing marginal utility
B. The law of increasing marginal opportunity cost
C. The law of supply and demand
D. The law of diminishing returns
Question 3
A company's marketing strategy involves creating a brand identity that is consistent across all its products and services. What is the primary goal of this strategy?
A. To increase market share
B. To create a unique selling proposition
C. To establish a strong brand identity
D. To reduce production costs
Question 4
A consumer purchases a product online and pays for it using a credit card. What type of risk is the consumer exposed to?
A. Credit risk
B. Liquidity risk
C. Operational risk
D. Market risk
Question 5
A firm's profit function is given by \pi = R - C. If the firm's current revenue and cost are R = 20 and C = 15, what is the profit?
A. 5
B. 10
C. 15
D. 20
Question 6
In a perfectly competitive market, what is the relationship between the marginal revenue product (MRP) and the marginal factor cost (MFC)?
A. MRP > MFC
B. MRP < MFC
C. MRP = MFC
D. MRP - MFC
Question 7
A firm's revenue function is given by R = 2Q^2 - 10Q + 20, where R is revenue and Q is output. If the firm produces 5 units of output, what is the revenue?
A. ₦50
B. ₦60
C. ₦70
D. ₦80
Question 8
A firm's production function is given by Q = 2L^(1/2)K^(1/2). If the firm's current inputs are L = 4 and K = 9, what is the marginal product of labor?
A. 1
B. 2
C. 3
D. 4
Question 9
A firm is producing a good with a marginal cost (MC) of ₦10 and a fixed cost of ₦500. If the firm produces 50 units of the good, what is the total cost of production?
A. ₦600
B. ₦650
C. ₦700
D. ₦750
Question 10
A firm is considering two advertising strategies: Strategy A, which involves a one-time payment of ₦200,000 for a 30-second commercial, and Strategy B, which involves a monthly payment of ₦50,000 for a series of 10 commercials. If the firm expects to reach 100,000 potential customers with each commercial, how much will Strategy B cost per customer?
A. ₦0.50 per customer
B. ₦0.75 per customer
C. ₦1.00 per customer
D. ₦1.25 per customer
Question 11
A consumer purchases a product online and is not satisfied with its quality. Which of the following is a right that the consumer has under the Consumer Protection Act?
A. The right to a full refund.
B. The right to a replacement product.
C. The right to compensation for damages.
D. The right to cancel the contract.
Question 12
A company is considering two different marketing strategies: product differentiation and market segmentation. Which strategy is more likely to increase the company's market share?
A. Product differentiation
B. Market segmentation
C. Both strategies are equally effective
D. Neither strategy is effective
Question 13
A company has two production lines, A and B, with production capacities of 5,000 units and 3,000 units, respectively. If the company expects to produce 8,000 units of product, how many units will be produced on Line A?
A. 3,000 units
B. 4,000 units
C. 5,000 units
D. 6,000 units
Question 14
A company's Memorandum of Association is a document that outlines the?
A. Objectives of the company
B. Rights and duties of shareholders
C. Rules and regulations for the management of the company
D. Procedure for the appointment of directors
Question 15
A firm's warehouse is designed to store goods in a way that minimizes the risk of damage. Which of the following is a key principle of warehouse design?
A. The use of shelving to maximize storage capacity.
B. The use of pallets to reduce handling costs.
C. The use of a first-in, first-out (FIFO) inventory system.
D. The use of a just-in-time (JIT) inventory system.

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