POST UTME RHEMA UNIVERSITY 2024 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
Under the Consumer Protection Act, what is the primary responsibility of a consumer in a dispute with a trader?
A. To prove that the trader was negligent
B. To prove that the trader was in breach of contract
C. To prove that the trader was in breach of the Consumer Protection Act
D. To prove that the trader was not responsible for the damage
Question 2
A firm's demand function is given by Q = 100 - 2P, where Q is quantity demanded and P is price. If the firm wants to increase revenue by 20%, what percentage increase in price is required?
A. 10%
B. 20%
C. 30%
D. 40%
Question 3
A company's marketing strategy involves creating a new product line to target a specific demographic. Which of the following marketing mix elements is most relevant to this strategy?
A. Product
B. Price
C. Promotion
D. Place
Question 4
A marketing strategy is a plan of action designed to promote a product or service. What is the main goal of a marketing strategy?
A. To increase sales
B. To promote the product or service
C. To build brand awareness
D. To reduce costs
Question 5
A firm's revenue function is given by R(x) = 2x^2 + 3x - 5. If the firm's current price and quantity sold are x = 5 and p = 10, respectively, what is the firm's current revenue?
A. 50
B. 60
C. 70
D. 80
Question 6
In a perfectly competitive market, the law of supply states that as the price of a good increases, the quantity supplied will __________.
A. increase
B. decrease
C. remain constant
D. shift to the left
Question 7
A firm's production function is given by Q = 2L^(1/2)K^(1/2). If the firm's labor and capital inputs are increased by 20% and 15% respectively, what is the percentage change in output?
A. 5%
B. 10%
C. 15%
D. 20%
Question 8
A company is considering exporting its products to a foreign country. What is the primary advantage of exporting?
A. Increased revenue
B. Improved market share
C. Reduced competition
D. Increased market size
Question 9
A firm's demand function is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm's marginal revenue function is MR = 200 - 4Q, what is the firm's optimal price?
A. ₦20
B. ₦30
C. ₦40
D. ₦50
Question 10
A trader is accused of making false and misleading advertisements. What is the primary responsibility of the trader?
A. To prove that the advertisement was true
B. To prove that the advertisement was not misleading
C. To prove that the advertisement was not false
D. To prove that the advertisement was not in breach of the Consumer Protection Act
Question 11
A company imports goods from a foreign country. What is the primary responsibility of the company's export manager?
A. Negotiating prices with suppliers
B. Coordinating logistics with shipping companies
C. Ensuring compliance with export regulations
D. Managing customer relationships
Question 12
A consumer protection law requires that all products sold in a particular market must have a minimum shelf life of 12 months. A company produces a product with a shelf life of 10 months. What is the company's liability under this law?
A. The company is liable for any damages caused by the product.
B. The company is not liable as the product meets the minimum shelf life requirement.
C. The company is liable for a fine of ₦1000.
D. The company is liable for a fine of ₦5000.
Question 13
A company is considering two different transportation modes to ship its products from a warehouse to a customer. Mode A costs 100 per unit and has a fixed cost of 5000, while Mode B costs 120 per unit and has a fixed cost of 3000. If the company ships 100 units, what is the total cost of shipping using Mode A?
A. 15,000
B. 16,000
C. 17,000
D. 18,000
Question 14
In a perfectly competitive market, the law of supply states that as the price of a commodity increases, the quantity supplied will
A. increase
B. decrease
C. remain constant
D. shift to the left
Question 15
A consumer protection law is a type of law that protects consumers from unfair or deceptive business practices. What is the main purpose of consumer protection laws?
A. To promote competition
B. To protect consumers from unfair business practices
C. To regulate business activities
D. To promote economic growth

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