POST UTME UNIOSUN 2019 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm has a production function Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the number of labor hours, and K is the amount of capital. If the firm wants to produce 100 units of output, how many labor hours are required?
A. 10 hours
B. 20 hours
C. 30 hours
D. 40 hours
Question 2
A consumer purchases a product online and receives a defective item. What is the consumer's right under the Consumer Protection Act?
A. The right to a refund
B. The right to a replacement
C. The right to compensation
D. The right to sue the seller
Question 3
A firm is considering two transportation methods for a new product. Method A requires a fixed cost of ₦50,000 and a variable cost of ₦100 per unit. Method B requires a fixed cost of ₦30,000 and a variable cost of ₦120 per unit. If the selling price of the product is ₦200 per unit, what is the break-even point for each method?
A. Method A: 500 units, Method B: 250 units
B. Method A: 250 units, Method B: 500 units
C. Method A: 1,000 units, Method B: 1,500 units
D. Method A: 1,500 units, Method B: 1,000 units
Question 4
A company's articles of association can be amended by
A. a simple majority vote
B. a two-thirds majority vote
C. a unanimous vote
D. by a court order
Question 5
A firm is considering two production methods for a new product. Method A requires an initial investment of ₦1.5 million and produces 10,000 units per month. Method B requires an initial investment of ₦2 million and produces 15,000 units per month. If the selling price of the product is ₦500 per unit, what is the break-even point for each method?
A. Method A: 5,000 units, Method B: 10,000 units
B. Method A: 10,000 units, Method B: 5,000 units
C. Method A: 15,000 units, Method B: 20,000 units
D. Method A: 20,000 units, Method B: 15,000 units
Question 6
A sole trader's business is registered with the Corporate Affairs Commission (CAC). What is the legal implication of this?
A. The sole trader is exempt from paying taxes.
B. The sole trader is not liable for any business debts.
C. The sole trader's business is recognized by law.
D. The sole trader is not required to keep business records.
Question 7
A company imports goods from a foreign country and sells them in Nigeria. What type of trade is this?
A. Export
B. Import
C. Domestic trade
D. Foreign trade
Question 8
The Central Bank of Nigeria (CBN) uses the monetary policy instrument of Open Market Operations (OMO) to influence the money supply in the economy. Which of the following is a characteristic of OMO?
A. The CBN buys government securities from commercial banks
B. The CBN sells government securities to commercial banks
C. The CBN lends money to commercial banks at a fixed interest rate
D. The CBN borrows money from commercial banks at a fixed interest rate
Question 9
A consumer has a budget of ₦10,000 and a preference for two goods, X and Y. The prices of X and Y are ₦2,000 and ₦3,000 respectively. Using the budget constraint, what is the maximum quantity of good X that the consumer can buy?
A. 20 units
B. 25 units
C. 30 units
D. 35 units
Question 10
A company's insurance policy has a premium of ₦50,000 per year. The policy covers against fire, theft, and flood. However, the policy has a deductible clause of ₦20,000. If the company suffers a loss of ₦100,000, what is the total amount the company will receive from the insurance company?
A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000
Question 11
A company's warehouse is storing goods worth ₦5 million. The goods are insured against theft, fire, and flood. However, the insurance policy has a deductible clause of ₦200,000. If the goods are stolen, the insurance company will pay ₦4.8 million. What is the total amount the company will receive from the insurance company?
A. ₦4.8 million
B. ₦5 million
C. ₦5.2 million
D. ₦5.8 million
Question 12
A company uses the just-in-time (JIT) production system. What is the main advantage of this system?
A. Reduced inventory costs
B. Improved product quality
C. Increased production capacity
D. Reduced production time
Question 13
A firm has a marginal revenue function MR = 100 - 2Q, where Q is the quantity sold. If the firm wants to maximize its revenue, what is the optimal quantity to produce?
A. 20 units
B. 25 units
C. 30 units
D. 35 units
Question 14
A consumer purchases a product with a recommended retail price (RRP) of ₦5,000. If the consumer is offered a 10% discount, what is the amount the consumer pays?
A. ₦4,000
B. ₦4,500
C. ₦5,000
D. ₦5,500
Question 15
A bank's cash reserve ratio is 20%. If it has ₦100,000 in reserves, what is the total amount of deposits it can make?
A. ₦400,000
B. ₦500,000
C. ₦200,000
D. ₦300,000

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