POST UTME AL-HIKMAH UNIVERSITY 2019 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A bank's decision to increase its interest rates on loans can be seen as a form of price discrimination. What type of price discrimination is this?
A. Price leadership
B. Price discrimination
C. Price elasticity
D. Price floor
Question 2
A bank offers a savings account with a 5% annual interest rate. If a customer deposits ₦10,000 into the account, how much will the customer have after 2 years, assuming the interest is compounded annually?
A. ₦11,025
B. ₦11,050
C. ₦11,075
D. ₦11,100
Question 3
A company's marketing strategy involves creating a sense of urgency among customers to purchase its products. This is an example of which marketing technique?
A. Scarcity
B. Limited-time offer
C. Loss leader
D. Upselling
Question 4
A marketing strategy that focuses on creating a unique selling proposition (USP) to differentiate a product from competitors is known as?
A. Segmentation
B. Targeting
C. Positioning
D. Differentiation
Question 5
A consumer is considering purchasing a certain commodity that costs ₦200 per unit. The consumer has a budget of ₦1,000 and has already spent ₦300 on other commodities. What is the maximum number of units of the commodity that the consumer can purchase?
A. 2 units
B. 3 units
C. 4 units
D. 5 units
Question 6
A consumer is considering purchasing a certain commodity that costs ₦100 per unit. The consumer has a budget of ₦500 and has already spent ₦200 on other commodities. What is the maximum number of units of the commodity that the consumer can purchase?
A. 2 units
B. 3 units
C. 4 units
D. 5 units
Question 7
The following diagram illustrates the concept of a marketing channel:
A. A channel that links the producer directly to the consumer
B. A channel that links the producer to the wholesaler, and then to the retailer
C. A channel that links the producer to the retailer, and then to the consumer
D. A channel that links the producer to the wholesaler, and then to the consumer
Question 8
A firm produces two products, A and B, using two inputs, labor and capital. The production function for product A is given by Q_A = 2L^0.5K^0.5, where Q_A is the quantity of product A produced, L is the amount of labor used, and K is the amount of capital used. The production function for product B is given by Q_B = 3L^0.7K^0.3. If the firm has 100 units of labor and 150 units of capital, how many units of product A and product B should the firm produce to maximize profits?
A. Q_A = 50, Q_B = 75
B. Q_A = 75, Q_B = 50
C. Q_A = 100, Q_B = 0
D. Q_A = 0, Q_B = 100
Question 9
In a perfectly competitive market, the supply curve is horizontal and the demand curve is downward-sloping. What is the equilibrium price and quantity of a product in this market?
A. ₦100, 100 units
B. ₦120, 80 units
C. ₦150, 60 units
D. ₦180, 40 units
Question 10
A transport company offers a delivery service with a maximum weight limit of 500 kg. If a customer orders a shipment weighing 600 kg, what is the additional cost per kilogram?
A. ₦5 per kg
B. ₦10 per kg
C. ₦15 per kg
D. ₦20 per kg
Question 11
A company has a cost function C = 2L + 3K, where C is the total cost, L is the labor input, and K is the capital input. If the company wants to minimize its costs, what is the optimal combination of labor and capital inputs?
A. L = 10, K = 20
B. L = 20, K = 10
C. L = 30, K = 30
D. L = 40, K = 40
Question 12
A sole trader operates a small business selling handmade crafts. The business has a profit of ₦50,000 for the year. If the business owner's drawings are ₦20,000, what is the business's net profit?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 13
A company's Articles of Association outline the rules for managing the business. What is the primary purpose of these articles?
A. To outline the company's mission and vision
B. To define the company's structure and ownership
C. To establish the company's management and decision-making processes
D. To outline the company's financial policies
Question 14
A firm is considering two different production processes for producing a certain commodity. Process A requires an initial investment of ₦100,000 and has a variable cost of ₦50 per unit produced. Process B requires an initial investment of ₦150,000 and has a variable cost of ₦30 per unit produced. If the firm produces 10,000 units of the commodity, what is the total cost of production for each process?
A. Process A: ₦1,500,000, Process B: ₦1,200,000
B. Process A: ₦1,200,000, Process B: ₦1,500,000
C. Process A: ₦1,000,000, Process B: ₦1,000,000
D. Process A: ₦1,500,000, Process B: ₦1,500,000
Question 15
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 wants to increase its output by 20%, what percentage increase in labor and capital inputs is required?
A. 10% increase in labor and 10% increase in capital
B. 20% increase in labor and 20% increase in capital
C. 30% increase in labor and 30% increase in capital
D. 40% increase in labor and 40% increase in capital

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