POST UTME WELLSPRING UNIVERSITY 2018 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm's cost function is given by C = 2L + 3K, where L is labor and K is capital. If the firm wants to minimize its cost while producing 100 units, what is the optimal combination of labor and capital?
A. L = 20, K = 30
B. L = 30, K = 20
C. L = 40, K = 10
D. L = 10, K = 40
Question 2
A company is considering two different marketing strategies for promoting a new product. Strategy A involves a ₦100,000 advertising campaign and a ₦50,000 promotional campaign. Strategy B involves a ₦150,000 advertising campaign and a ₦30,000 promotional campaign. If the company wants to allocate a total of ₦250,000 for marketing, what is the optimal strategy?
A. Strategy A
B. Strategy B
C. Both strategies are equally effective
D. Neither strategy is effective
Question 3
A company's sole trader has an annual turnover of ₦5,000,000. Assuming a tax rate of 20% and a profit margin of 15%, calculate the sole trader's tax liability.
A. ₦750,000
B. ₦1,000,000
C. ₦1,250,000
D. ₦1,500,000
Question 4
A consumer has a budget of ₦1000 and a preference for two goods, A and B. The prices of the goods are ₦200 and ₦300 respectively. If the consumer allocates ₦500 to good A, how much will be left for good B?
A. ₦200
B. ₦300
C. ₦400
D. ₦500
Question 5
A sole trader's business is not a separate legal entity from its owner. What is the implication of this for the sole trader's liability?
A. The sole trader's liability is limited to the business's assets
B. The sole trader's liability is unlimited
C. The sole trader's liability is limited to the business's debts
D. The sole trader's liability is limited to the business's profits
Question 6
A firm's 'SWOT Analysis' involves identifying its
A. Strengths, Weaknesses, Opportunities, and Threats
B. Strengths and Weaknesses
C. Opportunities and Threats
D. Only Strengths
Question 7
The 'Theory of Planned Behaviour' suggests that an individual's intention to perform a behaviour is influenced by
A. Attitude, Subjective Norm, and Perceived Behavioural Control
B. Attitude and Subjective Norm
C. Perceived Behavioural Control and Subjective Norm
D. Attitude and Perceived Behavioural Control
Question 8
A company is considering exporting its products to a foreign market. Which of the following is a key consideration in the decision-making process?
A. Market size and growth rate
B. Competition from local producers
C. Trade barriers and regulations
D. Currency exchange rates
Question 9
A company has a warehouse with a capacity of 10,000 units. If the company receives a shipment of 5,000 units, what is the percentage of the warehouse capacity utilized?
A. 50%
B. 60%
C. 70%
D. 80%
Question 10
A firm's revenue function is given by R(x) = 2x^2 + 5x - 3, where x is the number of units sold. If the firm sells 10 units, what is its revenue?
A. ₦127
B. ₦137
C. ₦147
D. ₦157
Question 11
A foreign company is considering investing in a Nigerian business. The company's financial advisor has recommended a minimum return on investment (ROI) of 15%. If the company invests ₦5,000,000 in the Nigerian business, what is the minimum amount of profit it must make to achieve the recommended ROI?
A. ₦750,000
B. ₦750,000
C. ₦750,000
D. ₦750,000
Question 12
A bank offers a loan of ₦1,000,000 at an interest rate of 12% per annum. If the loan is to be repaid in 5 years, what is the total amount to be repaid?
A. ₦1,200,000
B. ₦1,200,000
C. ₦1,200,000
D. ₦1,200,000
Question 13
A firm's production function is given by Q = 2L^(1/2)K^(1/2), where L is labor and K is capital. If the firm wants to increase its output by 20% while keeping labor constant, what percentage increase in capital is required?
A. 10%
B. 20%
C. 30%
D. 40%
Question 14
A company has a production function Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the labor input, and K is the capital input. If the company increases its labor input from 100 to 121 units, and its capital input from 100 to 121 units, by how much will the quantity produced increase?
A. 10%
B. 20%
C. 30%
D. 40%
Question 15
A marketing manager is developing a new advertising campaign for a product. Which of the following is a key objective of the campaign?
A. To increase brand awareness
B. To generate leads and sales
C. To build customer loyalty
D. To create a buzz and generate publicity

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