POST UTME BOWEN UNIVERSITY 2022 Commerce | Objective

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Question 1
A company's articles of association are a document that outlines the rules and regulations of the company. What is the purpose of the articles of association?
A. To outline the company's objectives
B. To outline the company's rules and regulations
C. To outline the company's financial structure
D. To outline the company's management structure
Question 2
A sole trader's business is not a separate legal entity from the owner. What is the name of the legal entity that is responsible for the business's debts and liabilities?
A. Sole trader
B. Partnership
C. Company
D. Proprietor
Question 3
A firm's cost function is given by the equation (C = 10 + 2Q + 0.5Q^2). Find the marginal cost function.
A. (MC = 2 + Q)
B. (MC = 2 - Q)
C. (MC = 2 + 0.5Q)
D. (MC = 2 - 0.5Q)
Question 4
A firm's foreign trade involves importing goods from a foreign country. Which of the following is a benefit of foreign trade?
A. Increased competition
B. Improved market share
C. Access to new markets
D. Reduced production costs
Question 5
A firm's production function is given by Q = 2L^(1/2)K^(1/2). If the firm's current labor and capital inputs are L = 16 and K = 25, respectively, calculate the firm's current output level.
A. 20
B. 25
C. 30
D. 35
Question 6
A firm's revenue function is given by the equation R = 100P - 2P^2, where R is the total revenue and P is the price. If the firm increases its price from ₦100 to ₦120, by how much will the total revenue increase?
A. 10%
B. 20%
C. 30%
D. 40%
Question 7
A company uses a just-in-time (JIT) inventory system to manage its inventory. Which of the following is a benefit of JIT?
A. Reduced inventory costs
B. Improved product quality
C. Increased production capacity
D. Enhanced customer satisfaction
Question 8
A company is considering investing in a new project. The project has a net present value (NPV) of ₦100,000 and a payback period of 5 years. Which of the following is a correct interpretation of the NPV?
A. The project is expected to generate a return of ₦100,000 per year.
B. The project is expected to generate a return of ₦20,000 per year.
C. The project is expected to generate a return of ₦10,000 per year.
D. The project is expected to generate a return of ₦5,000 per year.
Question 9
A consumer's indifference curve is given by the equation (U = 2x_1 + x_2), where (U) is the level of utility, (x_1) is the quantity of good 1, and (x_2) is the quantity of good 2. If the consumer's income is 100, the price of good 1 is 10, and the price of good 2 is 20, what is the consumer's optimal bundle?
A. (x_1 = 20, x_2 = 10)
B. (x_1 = 10, x_2 = 20)
C. (x_1 = 15, x_2 = 15)
D. (x_1 = 25, x_2 = 5)
Question 10
A company's warehouse is designed to store goods in a way that minimizes damage and loss. Which of the following is a characteristic of a well-designed warehouse?
A. High storage capacity
B. Easy access to goods
C. Secure storage facilities
D. Minimal maintenance costs
Question 11
A firm's cost function is given by the equation (C = 10 + 2Q + 0.5Q^2). Find the marginal cost function.
A. (MC = 2 + Q)
B. (MC = 2 - Q)
C. (MC = 2 + 0.5Q)
D. (MC = 2 - 0.5Q)
Question 12
A consumer's budget constraint is given by the equation (P_1x_1 + P_2x_2 = I), where (P_1) and (P_2) are the prices of two goods, (x_1) and (x_2) are the quantities consumed, and (I) is the consumer's income. If the consumer's income is 100, the price of good 1 is 10, and the price of good 2 is 20, what is the consumer's budget constraint?
A. (10x_1 + 20x_2 = 100)
B. (10x_1 + 20x_2 = 200)
C. (10x_1 + 20x_2 = 300)
D. (10x_1 + 20x_2 = 400)
Question 13
A company's production function is given by the equation Q = 100L^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 units to 121 units, and its capital input from 100 units to 121 units, by how much will the quantity produced increase?
A. 10%
B. 20%
C. 30%
D. 40%
Question 14
A company's marketing strategy involves a mix of advertising, sales promotion, and public relations. Which of the following is NOT a characteristic of a successful marketing strategy?
A. Flexibility
B. Adaptability
C. Consistency
D. Unpredictability
Question 15
The concept of 'caveat emptor' in consumer protection law implies that the buyer must be aware of the product's characteristics before making a purchase. What is the Latin phrase for 'let the buyer beware'?
A. Caveat venditor
B. Caveat emptor
C. Caveat lector
D. Caveat scriptor

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