POST UTME ACHIEVERS UNIVERSITY 2022 Commerce | Objective

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Question 1
In a perfectly competitive market, the supply curve is typically represented by a
Correct A. Horizontal Line
B. Vertical Line
C. U-Shaped Curve
D. Inverted U-Shaped Curve

Correct Answer: A

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Question 2
A company's marketing strategy involves creating a product that is perceived as being of high quality. This is an example of
A. Product Differentiation
B. Market Segmentation
C. Brand Loyalty
Correct D. Perceived Quality

Correct Answer: D

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Question 3
A firm's break-even point is the point at which its total revenue equals its
A. Total Fixed Costs
B. Total Variable Costs
Correct C. Total Costs
D. Total Revenue

Correct Answer: C

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Question 4
A company's warehouse is designed to store a large quantity of goods. The warehouse has a rectangular shape with a length of 20 meters and a width of 15 meters. If the company wants to store goods in a single layer, what is the maximum number of pallets that can be stored in the warehouse?
A. 300
B. 400
C. 500
Correct D. 600

Correct Answer: D

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Question 5
A consumer is considering purchasing a product that has a price of ₦10,000. If the consumer has a budget of ₦15,000, what is the maximum number of products that the consumer can purchase?
A. 1
Correct B. 2
C. 3
D. 4

Correct Answer: B

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Question 6
A company is considering exporting its products to a foreign market. The company has identified three potential markets: Market A, Market B, and Market C. Market A has a large population, but the company's products are not well-known in the market. Market B has a moderate population, and the company's products are moderately known in the market. Market C has a small population, but the company's products are very well-known in the market. Which market should the company choose for export?
A. Market A
B. Market B
Correct C. Market C
D. Market D

Correct Answer: C

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Question 7
A sole trader has a business that sells goods worth ₦100,000. The sole trader has a 20% profit margin. What is the profit made by the sole trader?
A. ₦20,000
Correct B. ₦25,000
C. ₦30,000
D. ₦35,000

Correct Answer: B

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Question 8
A company has a warehouse with a capacity of 10,000 units. The company receives a shipment of 5,000 units. What is the new capacity of the warehouse?
A. 5,000 units
B. 10,000 units
Correct C. 15,000 units
D. 20,000 units

Correct Answer: C

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Question 9
A company is considering launching a new product. The company has a marketing budget of ₦500,000. The company wants to allocate 30% of the budget to advertising. What is the amount allocated to advertising?
A. ₦150,000
B. ₦200,000
Correct C. ₦250,000
D. ₦300,000

Correct Answer: C

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Question 10
A company has a fleet of 10 trucks. The company wants to transport goods from Lagos to Abuja. The distance between Lagos and Abuja is 500 km. What is the total distance traveled by the trucks?
A. 5,000 km
Correct B. 10,000 km
C. 15,000 km
D. 20,000 km

Correct Answer: B

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Question 11
A company's marketing strategy involves a 20% discount on all products for the first week of the month. If a product originally costs ₦1,200, how much will a customer pay for it during the promotional period?
Correct A. ₦960
B. ₦1,000
C. ₦1,200
D. ₦1,440

Correct Answer: A

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Question 12
A firm's revenue is given by the equation R(x) = 2x^2 + 5x + 1, where x is the number of units sold. If the firm sells 5 units, what is the total revenue?
A. ₦61
B. ₦65
Correct C. ₦69
D. ₦73

Correct Answer: C

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Question 13
A bank offers a 5% interest rate on deposits. If a customer deposits ₦10,000 for 2 years, how much interest will the customer earn?
A. ₦1,000
Correct B. ₦1,500
C. ₦2,000
D. ₦2,500

Correct Answer: B

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Question 14
A company's profit is given by the equation P(x) = 3x^2 - 2x - 5, where x is the number of units sold. If the company sells 4 units, what is the total profit?
A. ₦15
Correct B. ₦25
C. ₦35
D. ₦45

Correct Answer: B

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Question 15
A firm's cost is given by the equation C(x) = 2x^2 + 3x - 1, where x is the number of units produced. If the firm produces 3 units, what is the total cost?
A. ₦25
B. ₦35
Correct C. ₦45
D. ₦55

Correct Answer: C

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Question 16
The Consumer Protection Act of 1999 provides for the establishment of the National Consumer Protection Agency. What is the primary function of this agency?
A. To investigate complaints from consumers
B. To regulate the activities of businesses
C. To provide education and awareness to consumers
Correct D. To enforce consumer protection laws

Correct Answer: D

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Question 17
A firm produces two products, X and Y, using two inputs, labor and capital. The production function for X is given by Q_X = 2L^0.5K^0.5, where Q_X is the quantity of X produced, L is the amount of labor used, and K is the amount of capital used. The production function for Y is given by Q_Y = 3L^0.2K^0.8. If the firm has 100 units of labor and 200 units of capital, how many units of X and Y should it produce to maximize its profits?
A. Q_X = 50, Q_Y = 150
Correct B. Q_X = 75, Q_Y = 100
C. Q_X = 100, Q_Y = 50
D. Q_X = 150, Q_Y = 25

Correct Answer: B

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Question 18
A warehouse has a capacity of 1000 units. The warehouse is currently 75% full. If 200 units are added to the warehouse, what percentage of the warehouse is now full?
A. 50%
B. 60%
Correct C. 70%
D. 80%

Correct Answer: C

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Question 19
A bank has a reserve requirement of 10%. If the bank has a deposit of ₦100,000, how much must it keep in reserve?
Correct A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000

Correct Answer: A

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Question 20
The concept of opportunity cost is closely related to the concept of scarcity. Explain how opportunity cost arises from scarcity.
Correct A. Opportunity cost arises from the fact that resources are scarce and cannot be used for all possible uses.
B. Opportunity cost arises from the fact that resources are abundant and can be used for all possible uses.
C. Opportunity cost arises from the fact that resources are used for one purpose and not for another.
D. Opportunity cost arises from the fact that resources are not used at all.

Correct Answer: A

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Question 21
A firm's production function is given by Q = 2L^(1/2)K^(1/2), where Q is output, L is labor, and K is capital. If the firm's labor and capital are increased by 20% and 15% respectively, what is the percentage change in output?
A. 5%
B. 10%
Correct C. 15%
D. 20%

Correct Answer: C

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Question 22
A company's stock is currently trading at ₦100 per share. If the company announces a 10% dividend yield, what is the expected price of the stock after the dividend is paid?
A. ₦90
B. ₦95
Correct C. ₦105
D. ₦110

Correct Answer: C

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Question 23
A firm's revenue function is given by R = 100Q - 2Q^2, where R is revenue and Q is output. If the firm's output is increased by 20%, what is the percentage change in revenue?
A. 10%
Correct B. 15%
C. 20%
D. 25%

Correct Answer: B

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Question 24
A company's stock is currently trading at ₦120 per share. If the company announces a 5% stock split, what is the expected price of the stock after the split?
A. ₦60
B. ₦80
Correct C. ₦100
D. ₦120

Correct Answer: C

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Question 25
A firm's cost function is given by C = 50L + 20K, where C is cost, L is labor, and K is capital. If the firm's labor and capital are increased by 15% and 10% respectively, what is the percentage change in cost?
A. 10%
B. 15%
Correct C. 20%
D. 25%

Correct Answer: C

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