POST UTME UNILORIN 2019 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm specializes in producing a particular product due to its comparative advantage. What is the opportunity cost of producing this product?
A. The opportunity cost is the next best alternative use of resources.
B. The opportunity cost is the cost of producing the product in another country.
C. The opportunity cost is the cost of producing the product in another industry.
D. The opportunity cost is the cost of producing the product in another firm.
Question 2
The main advantage of a sole trader is that it has complete control over the business
A. true
B. false
C. sometimes
D. it depends
Question 3
A firm specializes in producing a particular good because it has a comparative advantage in producing that good. What is the opportunity cost of producing this good?
A. The opportunity cost is the value of the next best alternative good that could have been produced
B. The opportunity cost is the value of the next best alternative good that could have been produced, but not the actual good
C. The opportunity cost is the value of the next best alternative good that could have been produced, but not the actual good, and also the value of the next best alternative good that could have been produced
D. The opportunity cost is the value of the next best alternative good that could have been produced, but not the actual good, and also the value of the next best alternative good that could have been produced, and also the value of the next best alternative good that could have been produced
Question 4
A company's cost function is given by C(x) = 2x^2 + 5x, where x is the number of units produced. If the company produces 5 units, what is the total cost?
A. 25
B. 30
C. 35
D. 40
Question 5
A company uses a warehouse management system (WMS) to manage its inventory. What is the primary benefit of this system?
A. Improved inventory accuracy
B. Increased storage capacity
C. Reduced labor costs
D. Improved supply chain visibility
Question 6
A consumer protection agency is responsible for enforcing consumer rights. What is the primary responsibility of this agency?
A. To regulate business practices
B. To provide consumer education
C. To investigate consumer complaints
D. To prosecute offenders
Question 7
A business can use various marketing strategies to increase its
A. revenue
B. profit
C. market share
D. all of the above
Question 8
A firm's profit function is given by P(x) = R(x) - C(x), where R(x) is the revenue function and C(x) is the cost function. If the firm sells 10 units and produces 5 units, what is the total profit?
A. 15
B. 20
C. 25
D. 30
Question 9
A firm's insurance policy covers losses up to ₦1,000,000. If the firm incurs a loss of ₦800,000, what is the amount paid by the insurer?
A. ₦800,000
B. ₦900,000
C. ₦1,000,000
D. ₦1,200,000
Question 10
A company's 'Banking and Financial Institutions' can be classified into which of the following categories?
A. Commercial Banks, Central Bank, Development Banks
B. Merchant Banks, Investment Banks, Commercial Banks
C. Central Bank, Development Banks, Merchant Banks
D. Commercial Banks, Development Banks, Investment Banks
Question 11
A consumer's willingness to pay for a product is influenced by its
A. price
B. quality
C. brand
D. all of the above
Question 12
A business can use various marketing strategies to increase its
A. revenue
B. profit
C. market share
D. all of the above
Question 13
The concept of 'caveat emptor' is most closely associated with which of the following principles of consumer protection?
A. Principle of Implied Warranty
B. Principle of Unfair Contract Terms
C. Principle of Consumer Redress
D. Principle of Disclosure
Question 14
A sole trader's business is not a separate legal entity from its owner, but it can be sued for its
A. assets
B. liabilities
C. profits
D. losses
Question 15
A company's production function is given by Q = 100L^0.5K^0.5, where Q is the quantity produced, L is the units of labor, and K is the units of capital. If the company increases labor by 20% and capital by 15%, what is the new production level?
A. 120 units
B. 140 units
C. 160 units
D. 180 units

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