POST UTME UNIBEN 2024 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's output is 16 units and labor is 4 units, what is the value of capital?
A. 4
B. 8
C. 16
D. 32
Question 2
The ________ of a business refers to the process of managing and controlling the business's resources.
A. Finance
B. Marketing
C. Production
D. Human Resource Management
Question 3
A consumer protection agency has received a complaint from a customer who purchased a product online. The customer claims that the product was not as described and was defective. The agency has gathered evidence that the product was indeed defective and that the seller had made false claims about the product's features. Which of the following is the most appropriate action for the agency to take?
A. Issue a warning to the seller
B. Order the seller to refund the customer's money
C. Ban the seller from selling on the platform
D. Take no action
Question 4
A company's consumer protection policy involves a 30-day return period. If a customer buys a product on January 15th, what is the last date they can return it?
A. February 14th
B. February 15th
C. February 28th
D. March 1st
Question 5
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's output is 16 units and labor is 4 units, what is the value of capital?
A. 4
B. 8
C. 16
D. 32
Question 6
A country's trade balance is given by the equation TB = X - M, where X is the value of exports and M is the value of imports. If the value of exports is ₦1,000,000 and the value of imports is ₦800,000, what is the trade balance?
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 7
The ________ of a business refers to the process of managing and controlling the business's finances.
A. Finance
B. Marketing
C. Production
D. Human Resource Management
Question 8
A firm's revenue function is given by R = 2Q^2. If the firm is currently producing 4 units of output, what is the marginal revenue?
A. 8
B. 16
C. 32
D. 64
Question 9
The ________ of a business refers to the process of creating and maintaining a positive relationship with customers.
A. Marketing
B. Production
C. Finance
D. Human Resource Management
Question 10
A firm specializes in producing a particular good. This specialization leads to an increase in the firm's productivity. What is the term for this phenomenon?
A. Economies of scale
B. Division of labor
C. Comparative advantage
D. Opportunity cost
Question 11
A commercial bank's primary function is to act as a ________ between the surplus units and the deficit units in the economy.
A. Financial intermediary
B. Investment banker
C. Merchant banker
D. Development bank
Question 12
A bank's interest rate is 12% per annum. If a customer deposits ₦10,000 for 2 years, how much interest will they earn?
A. ₦2,400
B. ₦2,800
C. ₦3,200
D. ₦3,600
Question 13
A company's marketing strategy involves a mix of product, price, place, and promotion. Which of the following is NOT a key element of product?
A. Brand identity
B. Product features
C. Packaging
D. Product life cycle
Question 14
A bank's cash reserve ratio is 20%. If the bank has a total deposit of ₦1,000,000, how much cash must it reserve?
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 15
The ________ of a business refers to the process of creating and maintaining a positive image of the business.
A. Marketing
B. Production
C. Finance
D. Human Resource Management

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