POST UTME REDEEMERS UNIVERSITY 2019 Commerce | Objective
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Question 1
The Consumer Protection Act of 1999 provides for the establishment of the National Consumer Protection Agency. Which of the following is a primary function of the Agency?
Question 2
A company's memorandum of association is a document that outlines the company's
Question 3
A company is considering the purchase of a new machine that will increase production efficiency by 20%. However, the machine costs ₦1,500,000 and will require an additional ₦300,000 per year for maintenance. What is the minimum annual sales required to justify the purchase of the machine?
Question 4
A sole trader's business is affected by the following factors: market demand, competition, and government regulations. Which of the following is a key characteristic of a sole trader's business?
Question 5
A firm's cost function is given by C(x) = 2x^2 + 5x + 10. What is the marginal cost function?
Question 6
A consumer protection law that prohibits unfair contract terms is the
Question 7
A company's financial statements include the following: balance sheet, income statement, and cash flow statement. Which of the following is a key purpose of the balance sheet?
Question 8
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 L = 16 and K = 9, respectively, what is the firm's current output?
Question 9
A consumer purchases a product from a retailer, but upon using it, discovers that it is defective. The consumer seeks compensation from the retailer, but the retailer refuses, citing that the product was sold as-is. What type of law is being applied in this scenario?
Question 10
A company has a warehouse with a capacity of 10,000 units. If the company receives an order for 5,000 units, what is the percentage of the warehouse capacity utilized?
Question 11
A firm's revenue function is given by R(x) = 3x^2 - 2x + 10. What is the marginal revenue function?
Question 12
A foreign trade agreement that aims to reduce tariffs and other trade barriers is
Question 13
In a perfectly competitive market, the law of diminishing marginal utility is most relevant to the production of which of the following goods?
Question 14
A firm specializes in producing a single product, which is a type of consumer good. The production process involves a series of complex steps, including material selection, processing, and assembly. What type of production is this firm engaging in?
Question 15
A bank offers a 5-year fixed deposit account with an interest rate of 12% per annum compounded annually. If a customer deposits ₦10,000 at the beginning of the first year, what is the amount in the account at the end of the fifth year?
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