POST UTME KSU 2024 Commerce | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's marketing mix can be described as the combination of:
Question 2
A consumer's indifference curve is given by U = 2X + 3Y. If the consumer's current consumption bundle is (X, Y) = (2, 3), what is the consumer's current utility?
Question 3
A firm has a production function Q = f(L, K) = 2L^0.5K^0.5. The firm's cost function is given by C(L, K) = 100L + 200K. If the firm produces 100 units of the product, what is the total cost of production?
Question 4
A company's cost function is given by C(x) = 50 + 10x + 2x^2, where x is the number of units produced. If the company produces 20 units, what is its total cost?
Question 5
The concept of 'Gresham's Law' in international trade suggests that:
Question 6
A firm's production function is given by Q = 2L^(1/2)K^(1/2). If the firm's labor and capital inputs are 4 and 9 respectively, what is the firm's output?
Question 7
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 sells 15 units, what is its profit?
Question 8
The concept of 'Supply and Demand' in economics suggests that:
Question 9
A company's production function is given by the equation Q = 2L^0.5 * K^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 units to 9 units, and its capital input from 9 units to 16 units, by how many percentage points will its quantity produced increase?
Question 10
A firm has a production cost function given by C(x) = 2x^2 + 5x + 10, where x is the number of units produced. If the firm produces 10 units, what is the total cost of production?
Question 11
A consumer has a budget of ₦10,000 and a preference for two goods, X and Y. The prices of the goods are ₦2,000 and ₦3,000 respectively. The consumer's indifference curves are given by U = 2X^0.5Y^0.5. What is the consumer's optimal bundle of goods?
Question 12
A firm has a production function Q = f(L, K) = 2L^0.5K^0.5. The firm's cost function is given by C(L, K) = 100L + 200K. If the firm produces 100 units of the product, what is the marginal cost of production?
Question 13
A consumer's budget constraint is given by P1Q1 + P2Q2 = 100. If the prices of goods 1 and 2 are P1 = 10 and P2 = 20, respectively, and the consumer spends 80 on good 1, how much does the consumer spend on good 2?
Question 14
A consumer has a budget of ₦10,000 and a preference for two goods, X and Y. The prices of the goods are ₦2,000 and ₦3,000 respectively. The consumer's indifference curves are given by U = 2X^0.5Y^0.5. What is the consumer's optimal bundle of goods?
Question 15
A firm specializes in producing a single product, which is a type of electronic device. The production process involves several stages, including design, prototyping, testing, and manufacturing. The firm uses a just-in-time (JIT) inventory system to manage its inventory levels. What is the primary advantage of using a JIT inventory system in this context?
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