POST UTME LASU 2019 Commerce | Objective

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Question 1
A firm's cost function is given by C(x) = 2x^2 + 10x, where x is the number of units produced. If the firm produces 10 units, what is the total cost?
A. 100
B. 200
C. 300
D. 400
Question 2
A foreign trade agreement is an agreement between two or more countries to _______.
A. Export Goods and Services
B. Import Goods and Services
C. Restrict the Movement of Goods and Services
D. Eliminate Tariffs and Quotas
Question 3
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. Which of the following is a correct example of comparative advantage?
A. Country A produces 100 units of wheat and 50 units of cloth, while Country B produces 50 units of wheat and 100 units of cloth.
B. Country A produces 100 units of wheat and 50 units of cloth, while Country B produces 50 units of wheat and 50 units of cloth.
C. Country A produces 100 units of cloth and 50 units of wheat, while Country B produces 50 units of cloth and 100 units of wheat.
D. Country A produces 100 units of wheat and 50 units of cloth, while Country B produces 100 units of wheat and 50 units of cloth.
Question 4
In a sole proprietorship, the owner's personal assets are not protected from business liabilities. What is the term for this lack of separation?
A. Limited Liability
B. Separate Entity
C. Unlimited Liability
D. Partnership
Question 5
A bank's primary function is to act as a financial intermediary between savers and borrowers. What is the term for the interest rate at which a bank borrows money from depositors?
A. Deposit Rate
B. Lending Rate
C. Reserve Requirement
D. Discount Rate
Question 6
A firm's revenue function is given by R(x) = 2x^2 + 10x, where x is the number of units sold. If the firm wants to maximize its revenue, what is the optimal number of units to sell?
A. 5 units
B. 10 units
C. 15 units
D. 20 units
Question 7
A firm's marketing mix consists of four Ps: product, price, promotion, and place. Which of the following is a correct example of a product strategy?
A. Product differentiation
B. Product standardization
C. Product adaptation
D. Product innovation
Question 8
A firm's demand function is given by p(x) = 100 - 2x, where p is the price per unit and x is the number of units sold. If the firm sells 5 units, what is the total revenue?
A. 375
B. 425
C. 475
D. 525
Question 9
A warehouse is a facility used for storing goods. Which of the following is a correct advantage of using a warehouse?
A. Reduced transportation costs
B. Increased storage capacity
C. Improved inventory management
D. All of the above
Question 10
A firm's supply function is given by Q = 2P + 10. If the firm wants to minimize its cost, what is the optimal price?
A. ₦10
B. ₦20
C. ₦30
D. ₦40
Question 11
A country's trade balance is given by TB = X - M, where TB is the trade balance, X is exports and M is imports. If the country's exports are ₦100 million and its imports are ₦80 million, what is the trade balance?
A. ₦10 million
B. ₦20 million
C. ₦30 million
D. ₦40 million
Question 12
A firm's insurance policy has a deductible of ₦50,000. If it files a claim of ₦100,000, what is the amount the firm will receive?
A. ₦50,000
B. ₦75,000
C. ₦90,000
D. ₦100,000
Question 13
An insurance policy provides financial protection against risks such as death, disability, or property damage. What is the term for the amount of money paid by the policyholder to purchase the policy?
A. Premium
B. Deductible
C. Coverage
D. Policy Limit
Question 14
A company's supply chain involves the transportation of goods from the factory to the warehouse. Which of the following is a type of transportation mode?
A. Air
B. Land
C. Sea
D. Rail
Question 15
A firm's cost function is given by C = 2L + 3K, where C is the total cost, L is labor and K is capital. If the firm hires 4 units of labor and 2 units of capital, what is the total cost?
A. ₦20
B. ₦30
C. ₦40
D. ₦50

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