POST UTME LASU 2020 Commerce | Objective

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Question 1 View Details
The concept of risk management in insurance is closely related to the idea of
Correct A. hedging
B. speculation
C. diversification
D. reinsurance

Correct Answer: A

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Question 2 View Details
The diagram below shows a typical example of a
A. bus
B. train
Correct C. car
D. airplane

Correct Answer: C

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Question 3 View Details
The formula for calculating the present value of a future sum of money is given by
Correct 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

Correct Answer: A

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Question 4 View Details
The diagram below shows a typical example of a
A. checking account
Correct B. savings account
C. credit card
D. loan

Correct Answer: B

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Question 5 View Details
The concept of consumer protection is closely related to the idea of
A. product liability
Correct B. consumer rights
C. product safety
D. product warranty

Correct Answer: B

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Question 6 View Details
In a sole proprietorship business, the owner's personal assets are protected from business liabilities through a legal concept known as _______.
A. Separate Entity
Correct B. Limited Liability
C. Joint Venture
D. Partnership

Correct Answer: B

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Question 7 View Details
A company's articles of association may be amended by a _______ majority of shareholders.
A. Simple
Correct B. Special
C. Ordinary
D. Extraordinary

Correct Answer: B

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Question 8 View Details
The _______ of a company refers to the process of buying back its own shares from the market.
A. Redemption
B. Reinstatement
C. Reconstruction
Correct D. Repurchase

Correct Answer: D

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Question 9 View Details
A _______ is a type of insurance policy that provides financial protection against the loss of income due to illness or injury.
A. Life Insurance
B. Health Insurance
Correct C. Disability Insurance
D. Accident Insurance

Correct Answer: C

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Question 10 View Details
The _______ of a contract refers to the agreement between two or more parties to perform certain obligations.
A. Consideration
B. Capacity
C. Intention
Correct D. Consent

Correct Answer: D

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Question 11 View Details
In a perfectly competitive market, the demand curve for a firm's product is its
Correct A. marginal revenue curve
B. marginal cost curve
C. average revenue curve
D. average cost curve

Correct Answer: A

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Question 12 View Details
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
Correct B. 36
C. 48
D. 64

Correct Answer: B

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Question 13 View Details
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?
Correct A. ₦360,000
B. ₦400,000
C. ₦450,000
D. ₦500,000

Correct Answer: A

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Question 14 View Details
A firm's cost function is given by C = 2L + 3K. If the firm's current labor is 6 units and capital is 8 units, what is the total cost?
A. 30
B. 40
Correct C. 50
D. 60

Correct Answer: C

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Question 15 View Details
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
Correct C. 120
D. 140

Correct Answer: C

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Question 16 View Details
In a perfectly competitive market, the law of supply states that as the price of a commodity increases, the quantity supplied will
A. decrease
Correct B. increase
C. remain constant
D. fluctuate

Correct Answer: B

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Question 17 View Details
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
Correct B. ₦50000
C. ₦500000
D. ₦5000000

Correct Answer: B

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Question 18 View Details
The diagram below shows a firm's supply curve. If the price of the commodity increases from ₦20 to ₦30, the quantity supplied will
Correct A. increase
B. decrease
C. remain constant
D. fluctuate

Correct Answer: A

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Question 19 View Details
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
Correct C. ₦1500
D. ₦2000

Correct Answer: C

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Question 20 View Details
The diagram below shows a firm's demand curve. If the price of the commodity decreases from ₦30 to ₦20, the quantity demanded will
Correct A. increase
B. decrease
C. remain constant
D. fluctuate

Correct Answer: A

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Question 21 View Details
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
Correct B. 64
C. 128
D. 256

Correct Answer: B

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Question 22 View Details
A company's marketing strategy involves a 20% discount on all products for the first 100 customers. If the original price of each product is ₦500, what is the total revenue for the first 100 customers?
A. ₦45,000
Correct B. ₦50,000
C. ₦55,000
D. ₦60,000

Correct Answer: B

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Question 23 View Details
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
Correct C. ₦45
D. ₦50

Correct Answer: C

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Question 24 View Details
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
Correct C. ₦200
D. ₦500

Correct Answer: C

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Question 25 View Details
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
Correct C. ₦50
D. ₦75

Correct Answer: C

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