POST UTME KSU 2021 Commerce | Objective

Are you preparing for POST UTME KSU exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2021 Commerce (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1

In a perfectly competitive market, the law of supply states that as the price of a good increases, the quantity supplied will

A. increase

Correct B. decrease

C. remain constant

D. shift to the left

Correct Answer: B

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Question 2

A company'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 company increases its labor input from 4 to 9 units, and its capital input from 9 to 16 units, by how much will the quantity produced increase?

A. 10%

B. 20%

Correct C. 30%

D. 40%

Correct Answer: C

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Question 3

A firm's cost function is given by C = 2L + 3K, where C is the total cost, L is the labor input, and K is the capital input. If the firm increases its labor input from 3 to 6 units, and its capital input from 6 to 9 units, by how much will the total cost increase?

A. 10%

Correct B. 20%

C. 30%

D. 40%

Correct Answer: B

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Question 4

A company's revenue function is given by R = 2Q^2, where R is the total revenue and Q is the quantity sold. If the company increases its price from ₦10 to ₦15 per unit, by how much will the total revenue increase?

A. 10%

B. 20%

Correct C. 30%

D. 40%

Correct Answer: C

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Question 5

A firm's profit function is given by π = R - C, where π is the profit, R is the total revenue, and C is the total cost. If the firm increases its price from ₦10 to ₦15 per unit, and its total cost from ₦100 to ₦150, by how much will the profit increase?

A. 10%

B. 20%

Correct C. 30%

D. 40%

Correct Answer: C

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