POST UTME LASU 2024 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A consumer protection law requires businesses to provide a refund to customers who are not satisfied with a product. Which of the following is a type of consumer protection?
A. Product liability
B. Consumer rights
C. Consumer education
D. Consumer advocacy
Question 2
A firm's revenue is given by the equation ( R = 100x - 2x^2 ). If the firm produces 10 units, what is the marginal revenue?
A. ₦80
B. ₦90
C. ₦100
D. ₦110
Question 3
A company's insurance policy covers losses due to natural disasters. Which of the following is a type of insurance policy?
A. Liability insurance
B. Property insurance
C. Casualty insurance
D. Workers' compensation insurance
Question 4
A firm is considering purchasing insurance to protect against business risks. Which of the following is a key type of insurance that a firm may consider?
A. Liability insurance
B. Property insurance
C. Business interruption insurance
D. Workers' compensation insurance
Question 5
A sole trader's business is registered as a sole proprietorship. What is the primary advantage of this business structure?
A. Limited liability
B. Unlimited liability
C. Easy to set up
D. No tax benefits
Question 6
A firm is considering the introduction of a new product. The product's production cost is ₦500 per unit, and the selling price is ₦750 per unit. If the firm wants to make a profit of ₦100 per unit, what is the minimum number of units that should be produced?
A. 100
B. 200
C. 300
D. 400
Question 7
A firm's foreign trade involves importing goods from a foreign country. Which of the following is a benefit of importing goods?
A. It allows the firm to reduce its production costs
B. It allows the firm to increase its market share
C. It allows the firm to reduce its reliance on domestic suppliers
D. It allows the firm to increase its exports
Question 8
A consumer purchases a product online and pays with a credit card. The product is delivered to the consumer's address, but the consumer claims that it is defective. The seller offers a replacement or a refund. What is the consumer's right under the Consumer Protection Act?
A. The consumer has the right to a replacement or a refund.
B. The consumer has the right to a replacement, but not a refund.
C. The consumer has the right to a refund, but not a replacement.
D. The consumer has no right to a replacement or a refund.
Question 9
A firm is considering the introduction of a new product. The product's production cost is ₦600 per unit, and the selling price is ₦900 per unit. If the firm wants to make a profit of ₦200 per unit, what is the minimum number of units that should be produced?
A. 150
B. 200
C. 250
D. 300
Question 10
In a perfectly competitive market, the supply curve is upward-sloping because of the law of increasing
A. diminishing returns
B. marginal utility
C. opportunity cost
D. law of supply
Question 11
A firm is considering investing in a new warehouse. Which of the following is a key factor to consider when evaluating the feasibility of the investment?
A. Initial investment cost
B. Expected return on investment
C. Warehouse location
D. Market demand
Question 12
A company's financial statements show that its revenue has increased by 15% over the previous year, while its expenses have increased by 10%. What is the most likely explanation for this phenomenon?
A. The company has improved its pricing strategy.
B. The company has increased its sales volume.
C. The company has reduced its expenses.
D. The company has improved its cost management practices.
Question 13
A consumer protection agency receives a complaint from a customer who was sold a defective product. The agency investigates and finds that the product was indeed defective. What is the agency's next step?
A. Issue a warning to the manufacturer
B. Order the manufacturer to recall the product
C. Compensate the customer for the defective product
D. Close the case and take no further action
Question 14
A company is considering two marketing strategies to promote its new product. Strategy A involves a high upfront cost of ₦1,500,000 but is expected to generate ₦3,000,000 in revenue over the first year. Strategy B has a lower upfront cost of ₦500,000 but is expected to generate ₦2,000,000 in revenue over the first year. Which strategy should the company choose?
A. Strategy A
B. Strategy B
C. Both strategies are equally viable
D. Neither strategy is viable
Question 15
A company is considering expanding its operations to a new market. Which of the following is a key factor to consider when evaluating the feasibility of the expansion?
A. Market size and growth rate
B. Competitor analysis
C. Regulatory environment
D. Supply chain management

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