POST UTME COVENANT UNIVERSITY 2020 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has two production facilities, A and B. Facility A produces 100 units per day, while facility B produces 200 units per day. If the company operates for 5 days, what is the total number of units produced?
A. 1000
B. 1200
C. 1500
D. 2000
Question 2
A company's marketing strategy involves a 10% discount on all products. If the original price of a product is ₦1,000, what is the new price after the discount?
A. ₦900
B. ₦950
C. ₦990
D. ₦1,000
Question 3
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm wants to produce 100 units of output, and the price of labor is ₦50 per unit, and the price of capital is ₦100 per unit, what is the minimum cost of production?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 4
A bank's investment portfolio consists of stocks, bonds, and mutual funds. If the bank has a total investment of ₦1,000,000, and the stocks account for 30% of the portfolio, what is the value of the stocks?
A. ₦300,000
B. ₦350,000
C. ₦400,000
D. ₦450,000
Question 5
A company's production function is given by Q = 2L^0.5K^0.5. If the price of labor increases by 20% and the price of capital increases by 15%, what is the new production level?
A. Q = 1.2L^0.5K^0.5
B. Q = 1.15L^0.5K^0.5
C. Q = 1.2L^0.5K^0.5 + 1.15K^0.5
D. Q = 1.2L^0.5K^0.5 - 1.15K^0.5
Question 6
A company's marketing mix is given by the 4 Ps: Product, Price, Place, and Promotion. If the company wants to increase sales, which of the following actions would be most effective?
A. Increasing the price of the product
B. Decreasing the price of the product
C. Improving the product's quality
D. Increasing the advertising budget
Question 7
A company's marketing strategy involves a mix of advertising, sales promotions, and public relations. Which of the following is NOT a characteristic of a successful marketing strategy?
A. It is focused on the target market
B. It is flexible and adaptable to changing market conditions
C. It is solely dependent on advertising
D. It is customer-centric
Question 8
A company's insurance policy has a premium of ₦50,000 per year. If the company has a deductible of ₦20,000, and the policy pays out ₦30,000 per claim, what is the expected value of the policy?
A. ₦40,000
B. ₦45,000
C. ₦50,000
D. ₦55,000
Question 9
In a perfectly competitive market, the supply curve is horizontal and the demand curve is downward-sloping. If the market price is ₦100, and the firm's marginal revenue is ₦80, what is the firm's marginal cost?
A. ₦60
B. ₦80
C. ₦100
D. ₦120
Question 10
A firm is considering a new product launch. The product's life cycle is given by the following diagram:
A. The product is in the introduction stage
B. The product is in the growth stage
C. The product is in the maturity stage
D. The product is in the decline stage
Question 11
The concept of 'first-mover advantage' refers to the
A. ability of a firm to enter a market before its competitors
B. ability of a firm to exit a market before its competitors
C. ability of a firm to maintain its market share over time
D. ability of a firm to reduce its costs over time
Question 12
A firm's marketing mix can be described as the combination of
A. 4 Ps: product, price, promotion, and place
B. 5 Ps: product, price, promotion, place, and people
C. 6 Ps: product, price, promotion, place, people, and process
D. 7 Ps: product, price, promotion, place, people, process, and physical environment
Question 13
A company's revenue function is given by R = 2x^2 - 10x + 5. If the company wants to maximize its revenue, what is the value of x that will give the maximum revenue?
A. 1
B. 2
C. 3
D. 4
Question 14
In a perfectly competitive market, the demand curve for a firm's product is its
A. marginal revenue curve
B. marginal cost curve
C. average revenue curve
D. average cost curve
Question 15
A firm's demand function is given by the equation Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm's total revenue is given by the equation TR = PQ, find the price at which the firm's total revenue is maximized.
A. ₦20
B. ₦30
C. ₦40
D. ₦50

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub: