POST UTME NOUN 2020 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm has two factories, A and B. Factory A produces 50% of the firm's total output, while factory B produces 50%. If the total output of the firm is 10,000 units, how many units does factory A produce?
A. 5,000
B. 6,000
C. 7,000
D. 8,000
Question 2
What is the primary function of the Federal Road Safety Corps (FRSC) in Nigeria?
A. To regulate traffic flow
B. To enforce traffic laws
C. To provide emergency services
D. To maintain road infrastructure
Question 3
A consumer purchases a product for ₦2,000 and sells it for ₦3,000. What is the profit made on the sale?
A. ₦1,000
B. ₦1,500
C. ₦2,000
D. ₦3,000
Question 4
In a perfectly competitive market, the supply curve is upward-sloping and the demand curve is downward-sloping. What is the effect of an increase in the price of a commodity on the quantity supplied?
A. The quantity supplied increases
B. The quantity supplied decreases
C. The quantity supplied remains unchanged
D. The quantity supplied increases and then decreases
Question 5
A firm specializes in producing only one product. This specialization allows the firm to _______ its production costs.
A. reduce
B. increase
C. minimize
D. maximize
Question 6
A company's assets are valued at ₦1.5 million, liabilities are ₦800,000, and equity is ₦700,000. What is the company's debt-to-equity ratio?
A. 1:1
B. 1:2
C. 2:1
D. 3:1
Question 7
A consumer has a budget of ₦1000 and faces the following prices: Q1 = ₦200, Q2 = ₦300, and Q3 = ₦400. If the consumer spends all their budget on Q1 and Q2, what is the maximum amount they can spend on Q3?
A. ₦100
B. ₦200
C. ₦300
D. ₦400
Question 8
A company has a warehouse with a capacity of 10,000 units. The warehouse is currently 60% full. If the company receives a new shipment of 3,000 units, what is the new percentage of the warehouse that is full?
A. 65%
B. 70%
C. 75%
D. 80%
Question 9
A consumer has a utility function given by U = 2Q1 + 3Q2, where Q1 and Q2 are the quantities of two goods consumed. If the prices of Q1 and Q2 are ₦200 and ₦300 respectively, and the consumer's income is ₦1000, what is the maximum amount they can spend on Q2?
A. ₦300
B. ₦400
C. ₦500
D. ₦600
Question 10
A firm's cost function is given by C = 2L + 3K, where C is the total cost, L is the labor input, and K is the capital input. If the price of labor is ₦100 and the price of capital is ₦200, what is the total cost of producing 100 units of output?
A. ₦5000
B. ₦6000
C. ₦7000
D. ₦8000
Question 11
A company has a policy of paying its employees a 15% bonus on their annual salary. If an employee's annual salary is ₦150,000, how much is the bonus?
A. ₦22,500
B. ₦25,000
C. ₦27,500
D. ₦30,000
Question 12
A firm's production function is given by Q = 2L^(1/2)K^(1/2), where Q is the quantity produced, L is the labor input, and K is the capital input. If the price of labor increases by 20%, and the price of capital remains constant, what is the effect on the firm's output?
A. The output increases by 10%
B. The output decreases by 10%
C. The output remains unchanged
D. The output increases by 20%
Question 13
A company uses the following cost function: C(x) = 2x^2 + 5x + 10. If the company produces 10 units, what is the total cost?
A. ₦150
B. ₦200
C. ₦250
D. ₦300
Question 14
In a perfectly competitive market, the supply curve is a straight line that intersects the demand curve at the equilibrium price and quantity. What is the name of this equilibrium price?
A. Equilibrium Price
B. Market Price
C. Supply Price
D. Demand Price
Question 15
A company has a warehouse with a capacity of 10,000 units. The warehouse is currently 70% full. If the company receives a new shipment of 5,000 units, what is the new percentage of the warehouse that is full?
A. 60%
B. 70%
C. 80%
D. 90%

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