POST UTME LASU 2020 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm's revenue is the total amount of money received from the sale of its products or services. If a firm sells 100 units of a product at ₦50 each, its total revenue is
A. ₦5000
B. ₦50000
C. ₦500000
D. ₦5000000
Question 2
A firm's cost of production is the total amount of money spent in producing a product or service. If a firm spends ₦1000 on raw materials and ₦500 on labor, its total cost of production is
A. ₦500
B. ₦1000
C. ₦1500
D. ₦2000
Question 3
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current capital stock is 16 units and labor is 9 units, what is the maximum output?
A. 24
B. 36
C. 48
D. 64
Question 4
The formula for calculating the present value of a future sum of money is given by
A. PV = \frac{F}{(1 + r)^n}
B. PV = F - (1 + r)^n
C. PV = \frac{F}{(1 + r)^{-n}}
D. PV = F + (1 + r)^n
Question 5
In a perfectly competitive market, the law of supply states that as the price of a commodity increases, the quantity supplied will
A. decrease
B. increase
C. remain constant
D. fluctuate
Question 6
The diagram below shows a firm's demand curve. If the price of the commodity decreases from ₦30 to ₦20, the quantity demanded will
A. increase
B. decrease
C. remain constant
D. fluctuate
Question 7
A firm's cost function is given by C = 2L + 3K, where C is cost, L is labor, and K is capital. If the firm's labor and capital inputs are 10 and 5 units respectively, what is the firm's total cost?
A. ₦35
B. ₦40
C. ₦45
D. ₦50
Question 8
A company's revenue function is given by R = 2Q^2, where R is revenue and Q is output. If the firm's output is 5 units, what is the firm's revenue?
A. ₦50
B. ₦100
C. ₦200
D. ₦500
Question 9
The diagram below shows a typical example of a
A. bus
B. train
C. car
D. airplane
Question 10
The diagram below shows a typical example of a
A. checking account
B. savings account
C. credit card
D. loan
Question 11
A company's articles of association may be amended by a _______ majority of shareholders.
A. Simple
B. Special
C. Ordinary
D. Extraordinary
Question 12
A firm's production function is given by Q = 2L^(1/2)K^(1/2), where Q is output, L is labor, and K is capital. If the firm's labor and capital inputs are 16 and 9 units respectively, what is the firm's output?
A. 32
B. 64
C. 128
D. 256
Question 13
A firm's profit function is given by P = R - C, where P is profit, R is revenue, and C is cost. If the firm's revenue and cost are ₦100 and ₦50 respectively, what is the firm's profit?
A. ₦0
B. ₦25
C. ₦50
D. ₦75
Question 14
A company's profit function is given by π = 20Q - 2L - 3K. If the company's current output is 10 units, labor is 4 units, and capital is 6 units, what is the profit?
A. 80
B. 100
C. 120
D. 140
Question 15
A company has a market share of 30% in a particular industry. If the industry's total sales are ₦1,200,000, what is the company's revenue?
A. ₦360,000
B. ₦400,000
C. ₦450,000
D. ₦500,000

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