POST UTME UNIBEN 2022 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A production process in a manufacturing company involves which of the following?
A. Raw Materials
B. Work-in-Progress
C. Finished Goods
D. All of the above
Question 2
A firm has a production function Q = 2L^0.5 + 3K^0.5. If the firm's labor and capital inputs are 4 and 9, respectively, what is the firm's total product?
A. 10
B. 12
C. 15
D. 18
Question 3
A risk management strategy in an insurance company involves which of the following?
A. Diversification
B. Hedging
C. Speculation
D. All of the above
Question 4
A company's production function is given by the production function: Q = 10L^0.4K^0.6. If the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, and the company's budget constraint is given by 100L + 200K = ₦10000, find the optimal level of labor and capital that maximizes the company's output.
A. L = 10, K = 20
B. L = 20, K = 10
C. L = 15, K = 15
D. L = 25, K = 5
Question 5
A company specializes in producing and selling a unique brand of bottled water. The company's production process involves several stages, including sourcing, treatment, packaging, and distribution. Which of the following is NOT a characteristic of the company's production process?
A. Highly mechanized
B. Highly labor-intensive
C. Highly specialized
D. Highly standardized
Question 6
A company has a market value of ₦500,000 and a book value of ₦300,000. What is the company's rate of return on equity (ROE)?
A. 15%
B. 20%
C. 25%
D. 30%
Question 7
In a perfectly competitive market, the supply curve is upward-sloping because
A. Firms are willing to supply more of a good as its price increases.
B. Firms are willing to supply less of a good as its price increases.
C. Firms are willing to supply the same quantity of a good regardless of its price.
D. Firms are willing to supply more of a good as its price decreases.
Question 8
A company is considering the use of just-in-time (JIT) inventory management system. What is the primary benefit of JIT system?
A. Reduced inventory costs
B. Improved product quality
C. Increased production efficiency
D. Enhanced customer satisfaction
Question 9
A bank has a reserve requirement of 10% and a cash reserve of ₦1,000,000. If the bank's total deposits are ₦10,000,000, what is the bank's required reserve?
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 10
A consumer protection agency is investigating a complaint against a company that has been selling a product with a misleading label. The label claims that the product is '100% natural' when, in fact, it contains artificial ingredients. What is the primary responsibility of the consumer protection agency in this situation?
A. To investigate the complaint and take action against the company
B. To educate the consumer about the product's ingredients
C. To regulate the company's marketing practices
D. To certify the product as '100% natural'
Question 11
A bank offers a loan of ₦1 million to a customer at an annual interest rate of 12%. If the loan is repaid in 5 years, what is the total interest paid?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 12
A company has a policy of paying its employees a fixed salary of ₦50,000 per month, plus a bonus of 10% of their monthly sales. If the company's monthly sales are ₦1,000,000, what is the total amount paid to each employee?
A. ₦60,000
B. ₦62,500
C. ₦65,000
D. ₦67,500
Question 13
A sole trader is considering the formation of a partnership with another business owner. What is the primary advantage of forming a partnership?
A. Increased capital investment
B. Improved management skills
C. Enhanced reputation
D. Shared risk and responsibility
Question 14
A company produces two products, A and B, using two machines, M1 and M2. The production process for product A requires 2 hours on M1 and 3 hours on M2, while product B requires 3 hours on M1 and 2 hours on M2. If the company has 12 hours of machine time available on M1 and 15 hours available on M2, how many units of product A and product B can be produced?
A. 10 units of A and 15 units of B
B. 12 units of A and 10 units of B
C. 15 units of A and 12 units of B
D. 20 units of A and 5 units of B
Question 15
A company's production function is given by the Cobb-Douglas production function: Q = 10L^0.4K^0.6. If the price of labor is ₦100 per unit and the price of capital is ₦200 per unit, and the company's budget constraint is given by 100L + 200K = ₦10000, find the optimal level of labor and capital that maximizes the company's output.
A. L = 10, K = 20
B. L = 20, K = 10
C. L = 15, K = 15
D. L = 25, K = 5

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