Practice Post UTME UNILORIN commerce 2017 Past Questions

Question 1

A firm's production function is given by Q = 2L + 3K, where Q is the quantity produced, L is the number of labor units, and K is the number of capital units. If the firm has 5 labor units and 3 capital units, what is the maximum quantity it can produce?

A. 15

B. 20

C. 25

D. 30

Question 2

A production manager is considering two different production processes for a new product. Process A has a higher initial investment but produces the product at a lower cost per unit, while Process B has a lower initial investment but produces the product at a higher cost per unit. Which process is more profitable?

A. Process A

B. Process B

C. Both processes are equally profitable

D. Neither process is profitable

Question 3

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. move in the opposite direction

Question 4

A company's production function is given by Q = 100L^0.5K^0.5, where Q is the quantity produced, L is the labor input, and K is the capital input. If the company wants to increase its output by 20% while keeping labor input constant at 100 units, what percentage increase in capital input is required?

A. 10%

B. 20%

C. 30%

D. 40%

Question 5

In a perfectly competitive market, the law of supply states that as the price of a commodity increases, the quantity supplied will

A. decrease

B. increase

C. remain constant

D. move in the opposite direction

Question 6

A company's marketing strategy involves a 30% discount on all products for the first week of a new product launch. If the original price of the product is ₦15,000, what is the total revenue generated from the sale of 100 units of the product during the first week?

A. ₦1,350,000

B. ₦1,500,000

C. ₦1,800,000

D. ₦2,100,000

Question 7

A sole trader is a type of business ownership where one person owns and operates the business. What are the advantages of being a sole trader?

A. Limited liability, easy to set up, and flexible management structure

B. Unlimited liability, difficult to set up, and rigid management structure

C. Easy to manage, flexible ownership structure, and limited liability

D. Difficult to manage, rigid ownership structure, and unlimited liability

Question 8

A firm's supply function is given by Q = 2P^2 + 10P + 20, where Q is the quantity supplied and P is the price. If the price increases by 10%, by how much will the quantity supplied increase?

A. 5%

B. 10%

C. 15%

D. 20%

Question 9

A marketing manager is considering two different advertising campaigns for a new product. Campaign A has a budget of ₦1,000,000 and is expected to reach 100,000 people, while Campaign B has a budget of ₦500,000 and is expected to reach 50,000 people. Which campaign is more cost-effective?

A. Campaign A

B. Campaign B

C. Both campaigns are equally cost-effective

D. Neither campaign is cost-effective

Question 10

A firm's production function is given by Q = 2L^0.5K^0.5, where Q is the quantity produced, L is labor and K is capital. If the firm wants to produce 16 units of output, how many units of labor are needed if capital is 4?

A. 4

B. 8

C. 16

D. 32

Question 11

A company has a policy of offering a 10% discount to customers who pay their bills within 30 days of receipt. However, the company also charges a late payment fee of ₦500 if the bill is not paid within 30 days. What is the effective interest rate on this loan?

A. 5%

B. 10%

C. 15%

D. 20%

Question 12

The diagram below represents a production possibility frontier (PPF) for two countries, Nigeria and South Africa. Which of the following statements is true?

A. Nigeria has a comparative advantage in producing both goods

B. South Africa has a comparative advantage in producing both goods

C. Nigeria has a comparative advantage in producing good X and South Africa has a comparative advantage in producing good Y

D. South Africa has a comparative advantage in producing good X and Nigeria has a comparative advantage in producing good Y

Question 13

A company uses a third-party logistics provider to deliver its products to customers. The logistics provider is responsible for ensuring that the products are delivered on time and in good condition. However, the logistics provider fails to deliver the products on time and the company is sued by the customer for breach of contract. Which of the following is the most likely outcome of this case?

A. The court will rule that the company is liable for the breach of contract because it hired the logistics provider.

B. The court will rule that the logistics provider is liable for the breach of contract because it failed to deliver the products on time.

C. The court will rule that the company and the logistics provider are jointly and severally liable for the breach of contract.

D. The court will rule that the customer is not entitled to damages because the company and the logistics provider are not in a contractual relationship.

Question 14

A company engages in unfair trade practices and is sued by the Federal Trade Commission. Which of the following is a correct statement regarding the company's liability?

A. The company is liable for damages to consumers who were affected by the unfair trade practices.

B. The company is liable for a fine of up to ₦10 million.

C. The company is liable for a fine of up to ₦100 million and must also cease and desist from engaging in unfair trade practices.

D. The company is not liable for any damages or fines, as the Federal Trade Commission does not have jurisdiction over the company.

Question 15

A consumer protection agency has been established to regulate the activities of businesses in a particular industry. Which of the following is a primary responsibility of this agency?

A. To ensure that businesses comply with all relevant laws and regulations

B. To provide training and education to consumers on how to make informed purchasing decisions

C. To investigate and prosecute businesses that engage in unfair or deceptive practices

D. To provide financial assistance to consumers who have been victimized by businesses

POST UTME UNILORIN 2017 Commerce | Objective

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