POST UTME LAUTECH 2019 Commerce | Objective

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Question 1
A firm is considering two different types of marketing research methods: qualitative and quantitative. Explain the key differences between these two methods and provide an example of each.
A. Qualitative marketing research methods involve collecting and analyzing non-numerical data, such as customer opinions and attitudes, while quantitative marketing research methods involve collecting and analyzing numerical data, such as sales figures and market trends.
B. Quantitative marketing research methods involve collecting and analyzing non-numerical data, such as customer opinions and attitudes, while qualitative marketing research methods involve collecting and analyzing numerical data, such as sales figures and market trends.
C. Qualitative marketing research methods involve collecting and analyzing numerical data, such as sales figures and market trends, while quantitative marketing research methods involve collecting and analyzing non-numerical data, such as customer opinions and attitudes.
D. Quantitative marketing research methods involve collecting and analyzing customer opinions and attitudes, while qualitative marketing research methods involve collecting and analyzing sales figures and market trends.
Question 2
A bank's primary function is to act as a financial intermediary between savers and borrowers. Which of the following is a type of financial intermediary?
A. Commercial bank
B. Investment bank
C. Central bank
D. Merchant bank
Question 3
A firm's decision to export goods to a foreign market is influenced by several factors. Which of the following is NOT a factor that affects a firm's decision to export?
A. Government policies and regulations
B. Market demand and competition
C. Transportation costs and logistics
D. Language and cultural differences
Question 4
In a perfectly competitive market, the demand curve for a firm's product is its
A. marginal revenue curve
B. marginal cost curve
C. average revenue curve
D. average cost curve
Question 5
A firm's marketing mix involves creating a unique selling proposition (USP). Which of the following is a key element of a USP?
A. Product differentiation
B. Price competitiveness
C. Promotional activities
D. Distribution channels
Question 6
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm wants to produce 16 units of output, and the price of labor is ₦10 per unit, and the price of capital is ₦20 per unit, how much should the firm spend on labor?
A. ₦80
B. ₦160
C. ₦320
D. ₦640
Question 7
A consumer protection law aims to safeguard the interests of consumers by regulating the sale of goods and services. Which of the following is a type of consumer protection law?
A. Consumer credit law
B. Product liability law
C. Consumer safety law
D. Consumer rights law
Question 8
In a perfectly competitive market, the supply curve is typically represented by a
A. horizontal line
B. vertical line
C. downward sloping curve
D. upward sloping curve
Question 9
A firm's marketing strategy involves creating a new product line. Which of the following is a key consideration in the product development process?
A. Target market analysis
B. Competitor analysis
C. Product life cycle analysis
D. Supply chain management
Question 10
A firm's decision to invest in a new market is influenced by several factors. Which of the following is a type of market entry strategy?
A. Exporting
B. Licensing
C. Franchising
D. Joint venture
Question 11
A firm is considering two different modes of transportation for its goods: road and rail. The cost of transporting goods by road is ₦10 per kilometer, while the cost of transporting goods by rail is ₦8 per kilometer. If the firm needs to transport 1000 kilometers of goods, what is the total cost of transportation by road and rail?
A. ₦10,000
B. ₦8,000
C. ₦12,000
D. ₦16,000
Question 12
The diagram below shows a supply and demand curve for a product. If the price of the product increases, what will happen to the quantity supplied?
A. Increase
B. Decrease
C. Remain the same
D. No effect
Question 13
A consumer's indifference curve is given by the equation u(x, y) = 2x + 3y. If the consumer's current level of y is 3 units, what is the marginal utility of x?
A. 2
B. 3
C. 4
D. 5
Question 14
A firm is considering two different types of inventory management systems: just-in-time (JIT) and economic order quantity (EOQ). Explain the key differences between these two systems and provide an example of each.
A. JIT involves producing and stocking inventory just in time to meet customer demand, while EOQ involves producing and stocking a large quantity of inventory to meet customer demand.
B. EOQ involves producing and stocking inventory just in time to meet customer demand, while JIT involves producing and stocking a large quantity of inventory to meet customer demand.
C. JIT involves producing and stocking a large quantity of inventory to meet customer demand, while EOQ involves producing and stocking inventory just in time to meet customer demand.
D. EOQ involves producing and stocking inventory to meet customer demand, while JIT involves producing and stocking inventory to meet customer demand.
Question 15
A firm is considering two different marketing strategies for its product: push marketing and pull marketing. Explain the key differences between these two strategies and provide an example of each.
A. Push marketing involves promoting a product to intermediaries, such as wholesalers and retailers, while pull marketing involves promoting a product directly to consumers.
B. Pull marketing involves promoting a product to intermediaries, such as wholesalers and retailers, while push marketing involves promoting a product directly to consumers.
C. Push marketing involves promoting a product directly to consumers, while pull marketing involves promoting a product to intermediaries, such as wholesalers and retailers.
D. Pull marketing involves promoting a product to consumers through social media, while push marketing involves promoting a product through advertising.

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