POST UTME LASU 2023 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A consumer purchases a product from a business and discovers that the product is not as described. The consumer returns the product to the business and demands a refund. The business refuses to refund the consumer. What is the consumer's next course of action?
A. File a complaint with the Lagos State Consumer Protection Agency.
B. Take the business to court.
C. Contact the business's customer service department.
D. Post a negative review on social media.
Question 2
A business is accused of violating the Consumer Protection Law by selling products that are not in compliance with the law. The Lagos State Consumer Protection Agency investigates the business and finds that the business is guilty of violating the law. What is the agency's next course of action?
A. Fine the business ₦100,000.
B. Order the business to stop selling the products.
C. Order the business to refund all the money it has collected from consumers.
D. Close down the business.
Question 3
A company's financial statements show that its current ratio is 2:1. What does this ratio indicate about the company's liquidity?
A. The company has a high level of liquidity
B. The company has a low level of liquidity
C. The company's liquidity is stable
D. The company's liquidity is decreasing
Question 4
A consumer purchases a product from a business and discovers that the product is defective. The consumer returns the product to the business and demands a refund. The business refuses to refund the consumer. What is the consumer's next course of action?
A. File a complaint with the Lagos State Consumer Protection Agency.
B. Take the business to court.
C. Contact the business's customer service department.
D. Post a negative review on social media.
Question 5
In a perfectly competitive market, the law of diminishing marginal utility implies that the demand curve for a firm's product is
A. inelastic
B. elastic
C. unit elastic
D. perfectly inelastic
Question 6
A firm has a budget constraint of 1000, with two goods, X and Y. The price of good X is 5, and the price of good Y is 10. If the firm chooses to consume 20 units of good X, how many units of good Y can it consume?
A. 10
B. 15
C. 20
D. 25
Question 7
In a perfectly competitive market, the supply curve is downward sloping because of the law of increasing marginal opportunity cost. What is the marginal opportunity cost?
A. Marginal Revenue
B. Marginal Cost
C. Average Variable Cost
D. Average Fixed Cost
Question 8
A bank is considering lending money to a firm. The bank's risk manager has estimated that the probability of the firm defaulting on the loan is 0.2. If the bank wants to minimize its risk, what is the maximum amount of money it should lend to the firm?
A. 1000
B. 2000
C. 3000
D. 4000
Question 9
A sole trader's business is considered a separate legal entity from its owner. True or False?
A. True
B. False
C. It depends on the jurisdiction
D. A sole trader's business is not a separate legal entity
Question 10
A company's articles of association can be amended by a simple majority vote of shareholders. True or False?
A. True
B. False
C. It depends on the company's constitution
D. A company's articles of association can only be amended by a special resolution
Question 11
A firm's revenue function is given by R = 2Q^2 + 3Q. If the firm's current output level is Q = 5, what is the total revenue?
A. 50
B. 75
C. 100
D. 125
Question 12
A firm's cost function is given by C = 2L + 3K. If the firm's current input levels are L = 4 and K = 9, what is the total cost?
A. 20
B. 30
C. 40
D. 50
Question 13
A company's directors have a fiduciary duty to act in the best interests of the company and its shareholders. True or False?
A. True
B. False
C. It depends on the company's constitution
D. A company's directors have a fiduciary duty to act in the best interests of the company's employees
Question 14
A sole trader's business is not required to hold an annual general meeting. True or False?
A. True
B. False
C. It depends on the size of the business
D. A sole trader's business is required to hold an annual general meeting
Question 15
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current labor and capital inputs are 16 and 25 respectively, what is the marginal product of labor?
A. 1.5
B. 2.5
C. 3.5
D. 4.5

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
Help others prepare! Share this practice hub: