POST UTME OAU 2020 Commerce | Objective
Practice these randomly selected questions to test your readiness.
Question 1
In a perfectly competitive market, the law of diminishing marginal utility implies that the demand curve for a firm's product is likely to be:
Question 2
A firm has a market share of 20% in a particular industry. If the industry's total market size is ₦150 million, what is the firm's revenue?
Question 3
A company has two production plants, A and B. Plant A produces 100 units of a product per day, while plant B produces 150 units per day. If the total demand for the product is 250 units per day, what is the probability that plant A will produce more than 50% of the total demand?
Question 4
A firm's revenue function is given by R = 2Q^2 + 3Q, where R is revenue and Q is output. If the firm produces 5 units of output, what will be its revenue?
Question 5
The demand for a product is given by the equation Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the price elasticity of demand is 0.5, find the price at which the quantity demanded is 50 units.
Question 6
A company's financial statements include a balance sheet, income statement, and cash flow statement. Which of the following is a primary purpose of the income statement?
Question 7
A country's trade balance is given by the equation TB = X - M, where TB is the trade balance, X is the value of exports, and M is the value of imports. If the country's exports are ₦100 billion and its imports are ₦120 billion, what is the trade balance?
Question 8
A company's marketing strategy involves creating a brand image that appeals to a specific demographic. This approach is an example of which of the following marketing concepts?
Question 9
A firm has a production cost of ₦5,000 per unit and a selling price of ₦7,000 per unit. If the firm sells 1,000 units, what is the profit?
Question 10
A consumer protection agency receives a complaint about a product that has a defect. The agency decides to investigate the matter. What is the primary goal of the investigation?
Question 11
A firm's production function is given by Q = 2L^(1/2)K^(1/2). If the firm's current labor and capital inputs are 4 and 9 respectively, what is the marginal product of labor?
Question 12
A company is considering launching a new product in the Nigerian market. Which of the following marketing strategies would be most effective in reaching the target audience?
Question 13
A company has a profit of ₦50,000 and a total revenue of ₦200,000. If the company's cost of goods sold is ₦100,000, what is its gross margin?
Question 14
A firm's profit function is given by π = R - C. If the firm's revenue and cost functions are R = 100Q - 2Q^2 and C = 50 + 10L + 2K respectively, what is the firm's profit when Q = 10, L = 5 and K = 8?
Question 15
A company's marketing strategy involves creating a brand image that appeals to a specific demographic. This approach is an example of which of the following marketing concepts?
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