POST UTME WELLSPRING UNIVERSITY 2021 Commerce | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A consumer has the following utility function: U(x,y) = 2x + 3y. If the prices of x and y are ₦5 and ₦3 respectively, and the consumer has a budget of ₦20, what is the optimal consumption bundle?
Question 2
A sole trader has a business income of ₦500,000 and a business expense of ₦200,000. What is the sole trader's business profit?
Question 3
The concept of 'limited liability' is a fundamental principle of which business unit?
Question 4
A company has the following data on its stock prices: Initial price = ₦100, Current price = ₦120, and Dividend yield = 5%. What is the expected return on investment?
Question 5
A consumer protection law that prohibits unfair contract terms is the
Question 6
A company's production function is given by the equation Q = 2L^2 + 5K, where Q is the quantity produced, L is the number of labor hours, and K is the amount of capital. If the company wants to produce 100 units of output, how many labor hours are required if the amount of capital is 10?
Question 7
A company's marketing strategy involves the use of social media platforms to promote its products. What type of communication channel is being used?
Question 8
A sole trader's business is considered a separate legal entity from its owner. Which of the following best describes this concept?
Question 9
A company's memorandum of association is a document that outlines the company's
Question 10
A company's marketing strategy involves creating a brand identity that is perceived as luxurious and exclusive. Which of the following is a key element of this strategy?
Question 11
A bank's primary function is to act as a financial intermediary between savers and borrowers. What type of financial institution is this?
Question 12
A company is considering launching a new product in a foreign market. The company has estimated the following demand function for the product: Q = 100 - 2P. If the company wants to maximize its revenue, what price should it charge for the product?
Question 13
A company has the following data on its production costs: Fixed costs = ₦100,000, Variable costs = ₦50x, and Total revenue = ₦150x. What is the break-even point?
Question 14
A sole trader's business is affected by a natural disaster, resulting in significant financial losses. What type of insurance policy can the sole trader claim to recover losses?
Question 15
A company uses a first-in-first-out (FIFO) inventory system. If the company has 100 units of a product with a cost of ₦50 per unit and 50 units of the same product with a cost of ₦60 per unit, what is the average cost per unit of the product?
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