POST UTME COVENANT UNIVERSITY 2017 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
In a perfectly competitive market, the law of supply states that as the price of a good increases, the quantity supplied will
A. increase
B. decrease
C. remain constant
D. move in the opposite direction
Question 2
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, what is the firm's current output?
A. 24
B. 32
C. 48
D. 64
Question 3
A firm's revenue is calculated as the product of the price per unit and the quantity sold. If a firm sells 100 units at ₦200 each, what is its total revenue?
A. ₦15,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 4
A company uses a just-in-time (JIT) inventory system to manage its stock levels. What is the primary benefit of this approach?
A. Reduced inventory costs due to lower stock levels
B. Improved product quality due to reduced handling
C. Enhanced customer satisfaction due to faster delivery
D. Increased flexibility due to reduced lead times
Question 5
A company uses a warehouse management system to track its inventory levels. What is the primary benefit of this approach?
A. Improved inventory accuracy due to real-time tracking
B. Reduced inventory costs due to lower stock levels
C. Enhanced customer satisfaction due to faster delivery
D. Increased flexibility due to reduced lead times
Question 6
A bank's interest rate is 12% per annum. If a customer deposits ₦100,000 for 1 year, how much interest will the customer earn?
A. ₦12,000
B. ₦12,500
C. ₦13,000
D. ₦13,500
Question 7
In a perfectly competitive market, the law of supply states that as the price of a commodity increases, the quantity supplied will
A. increase
B. decrease
C. remain constant
D. increase then decrease
Question 8
A bank's cash reserve ratio is 10%. If the bank has a cash reserve of ₦100,000, how much can it lend to customers?
A. ₦900,000
B. ₦1,000,000
C. ₦1,100,000
D. ₦1,200,000
Question 9
A consumer protection agency is established to protect consumers from unfair business practices. Which of the following is a key function of this agency?
A. To promote fair competition among businesses
B. To educate consumers about their rights
C. To investigate complaints from consumers
D. To impose fines on businesses that engage in unfair practices
Question 10
A company's shareholders have the right to appoint and remove directors. However, the directors have the power to manage the company's business and affairs. What is the name of this corporate governance structure?
A. Unitary Board
B. Pluralistic Board
C. Executive Board
D. Supervisory Board
Question 11
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 = 9, respectively, what is the firm's current output?
A. 32
B. 64
C. 128
D. 256
Question 12
A company's marketing mix is given by the 4 Ps: Product, Price, Place, and Promotion. Which of the following is a part of the marketing mix?
A. Product
B. Price
C. Place
D. Profit
Question 13
A firm's production function is given by 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 firm increases its labor input from 100 to 121 units and its capital input from 100 to 121 units, by how many percentage points will its quantity produced increase?
A. 10%
B. 20%
C. 30%
D. 40%
Question 14
A company's production function is given by 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 to 121 units and its capital input from 100 to 121 units, by how many percentage points will its quantity produced increase?
A. 10%
B. 20%
C. 30%
D. 40%
Question 15
A company's production function is characterized by increasing returns to scale. What is the name of this production technology?
A. Constant Returns to Scale
B. Increasing Returns to Scale
C. Decreasing Returns to Scale
D. Non-Linear Returns to Scale

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