POST UTME VERITAS UNIVERSITY 2017 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A consumer is considering purchasing a product from a company. Which of the following is a key consideration for the consumer?
A. The price of the product
B. The quality of the product
C. The reputation of the company
D. The availability of the product
Question 2
A firm's demand function is given by the equation ( P = 100 - 2Q ), where P is the price and Q is the quantity demanded. If the firm increases the price by 10%, what is the percentage change in the quantity demanded?
A. 5%
B. 10%
C. 15%
D. 20%
Question 3
A company is considering expanding its operations to a new market. Which of the following is a key consideration for the company?
A. The size of the market
B. The competition in the market
C. The regulatory environment
D. The cultural differences
Question 4
A company uses a just-in-time inventory system to manage its stock levels. Which of the following is a benefit of this system?
A. Reduced storage costs
B. Improved customer satisfaction
C. Increased efficiency in production
D. Reduced risk of stockouts
Question 5
In a sole trade business, what is the primary advantage of using a sole trader structure?
A. Limited liability
B. Easy to set up
C. Flexibility in decision-making
D. No tax benefits
Question 6
A consumer is considering purchasing a product that has a 2-year warranty. What is the main advantage of this warranty?
A. Increased product lifespan
B. Improved product quality
C. Reduced maintenance costs
D. Increased customer satisfaction
Question 7
A company is considering importing goods from a foreign country. What is the main advantage of this strategy?
A. Reduced costs
B. Increased revenue
C. Improved brand recognition
D. Access to new markets
Question 8
A company is considering launching a new product in a foreign market. Which of the following is a factor that the company should consider when making this decision?
A. The company's current market share
B. The company's production costs
C. The company's target market size
D. The company's marketing budget
Question 9
A company is considering implementing a new inventory management system. What is the main advantage of this system?
A. Improved stock control
B. Reduced inventory costs
C. Increased sales
D. Improved customer satisfaction
Question 10
A firm's revenue function is given by R = 2x^2 + 3x - 4. If the firm's current output is x = 2, what is the firm's current revenue?
A. 8
B. 10
C. 12
D. 14
Question 11
A business has a stock of 500 units of a product, with a selling price of ₦200 per unit. If the business sells 200 units, what is the total revenue generated?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 12
A company specializes in producing and marketing a single product. The production process involves several stages, including raw material procurement, manufacturing, packaging, and distribution. Which of the following is a characteristic of a sole trader?
A. A sole trader is a business owned and managed by one person.
B. A sole trader is a business owned and managed by two or more people.
C. A sole trader is a business owned and managed by a partnership of people.
D. A sole trader is a business owned and managed by a company.
Question 13
A firm's demand function is given by Q = 100 - 2P. If the firm's marginal revenue is 50, what is the price elasticity of demand?
A. 0.5
B. 1
C. 2
D. 4
Question 14
A company is considering investing in a new production process. Which of the following is a key consideration for the company?
A. The cost of the new process
B. The potential return on investment
C. The impact on the environment
D. The impact on the company's reputation
Question 15
A firm's revenue function is given by the equation ( R = 100Q - 2Q^2 ), where R is the total revenue and Q is the quantity sold. If the firm increases the price by 10%, what is the percentage change in the total revenue?
A. 5%
B. 10%
C. 15%
D. 20%

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