POST UTME AFE BABALOLA UNIVERSITY 2021 Commerce | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's production function is given by Q = 2L^0.5H^0.5, where Q is the quantity produced, L is the number of labor hours, and H is the number of units of capital. If the firm wants to produce 100 units of output, and it has 16 labor hours available, how many units of capital should it hire?
Question 2
A company is considering the purchase of a new warehouse. The company's accountant has estimated the cost of the warehouse to be ₦1,500,000. However, the company's manager has estimated the cost to be ₦1,200,000. What is the most likely reason for the discrepancy in the estimates?
Question 3
A company has a share capital of ₦5 million, divided into 500,000 ordinary shares of ₦10 each. If the company issues 200,000 shares to the public, what is the amount of share capital raised?
Question 4
A firm's cost function is given by C(L,K) = 2L + 3K. If the firm's current output is 16 units and the wage rate is ₦100 per hour, what is the minimum amount of capital the firm must employ to minimize its cost?
Question 5
A consumer protection law requires businesses to provide a 30-day cooling-off period for customers to cancel their purchases. If a customer purchases a product on January 1st and wants to cancel it, what is the latest date they can cancel the purchase?
Question 6
A consumer has a utility function U(x,y) = 2x + 3y. If the prices of x and y are ₦5 and ₦3 respectively, and the consumer's income is ₦100, what is the optimal bundle of x and y?
Question 7
A sole trader's business is considered a partnership if it has one owner. True or False?
Question 8
A company's articles of association can be amended by a two-thirds majority vote of shareholders. True or False?
Question 9
A company is considering two different marketing strategies: Strategy A, which involves a 10% increase in advertising expenditure, and Strategy B, which involves a 20% increase in sales force size. If the company's current advertising expenditure is ₦1,000,000 and its current sales force size is 100 people, which strategy would result in a higher increase in sales?
Question 10
A business has a liability of ₦1,000,000 and an asset of ₦2,000,000. If the business wants to pay off the liability, how much cash will it need to raise?
Question 11
In a perfectly competitive market, the demand curve for a firm's product is its
Question 12
A sole trader's business is considered a limited liability partnership if it has one owner. True or False?
Question 13
A company's memorandum of association can be amended by a simple majority vote of shareholders. True or False?
Question 14
A consumer has purchased a product from a company, but the product has a defect. The consumer is seeking compensation from the company. What is the primary legal principle that the consumer is relying on?
Question 15
A sole trader's business is considered a limited liability partnership if it has two or more owners. True or False?
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