POST UTME BSU 2024 Commerce | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm 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 firm's labor and capital inputs are 100 units each, what is the total product of labor?
Question 2
A firm's transportation policy includes a clause that requires all shipments to be insured. If a shipment is not insured, what is the status of the shipment?
Question 3
A firm's production process can be described by the following flowchart:
{\begin{array}{c} \text{Raw Materials} \xrightarrow{\text{Manufacturing}} \text{Work-in-Progress} \xrightarrow{\text{Quality Control}} \text{Finished Goods} \end{array}}. If the firm's current raw materials input is 100 units, then the number of finished goods units produced is
Question 4
A bank offers a 5-year fixed deposit account with an interest rate of 12% per annum compounded annually. If a customer deposits ₦100,000, what will be the future value of the investment after 5 years?
Question 5
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current labor and capital inputs are L = 16 and K = 9, respectively, then the firm's current output level is
Question 6
A company's consumer protection policy includes a 30-day money-back guarantee. If a customer purchases a product on January 1st and returns it on January 20th, what is the status of the customer's claim?
Question 7
A firm is considering two different marketing strategies for its new product. Strategy A involves a high level of advertising and promotion, while Strategy B involves a low level of advertising and promotion. The firm's marketing manager estimates that Strategy A will result in a 20% increase in sales, while Strategy B will result in a 10% increase in sales. However, Strategy A will also result in a 5% increase in costs, while Strategy B will result in a 2% increase in costs. What is the net benefit of Strategy A compared to Strategy B?
Question 8
A company is considering two different insurance policies to cover its assets. Policy A has a premium of ₦120,000 and a deductible of ₦50,000. Policy B has a premium of ₦90,000 and a deductible of ₦20,000. If the company expects to incur a loss of ₦150,000, which policy would provide the greatest coverage?
Question 9
A warehouse has a storage capacity of 10,000 units. The warehouse is currently 70% full, with 7,000 units stored. If 1,500 new units are received, what percentage of the warehouse will be occupied?
Question 10
A company is considering investing in a new asset that has a potential return of 12% per annum. However, the asset also has a 5% chance of defaulting, which would result in a loss of ₦500,000. What is the expected return on the asset, assuming that the company will hold it for one year?
Question 11
A firm purchases a 10,000 insurance policy to cover against loss of goods in transit. If the probability of loss is 0.05, what is the expected value of the insurance policy?
Question 12
A firm's marketing mix is given by the 4 Ps: Product, Price, Place, and Promotion. If the firm's current product is a new smartphone, then the most appropriate place to sell it is
Question 13
A company's consumer protection policy includes a clause that requires all customers to provide identification before making a purchase. If a customer does not provide identification, what is the status of the purchase?
Question 14
In a perfectly competitive market, the demand curve for a firm's product is its
Question 15
A bank is considering a loan to a customer. What is the primary factor that the bank will consider?
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