POST UTME CRAWFORD UNIVERSITY 2019 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
In a production process, specialization occurs when a firm focuses on producing a specific product or service, leading to increased efficiency and productivity. What is the primary benefit of specialization in production?
A. Increased labor costs
B. Improved product quality
C. Reduced production time
D. Increased market share
Question 2
A consumer protection agency has the following data on complaints received in a year:
A. The agency should increase funding for consumer education
B. The agency should hire more staff to handle complaints
C. The agency should focus on resolving complaints quickly
D. The agency should reduce the number of complaints by improving product quality
Question 3
A firm is considering the introduction of a new product line. The product requires a significant investment in marketing and advertising. However, the company's financial analysts have estimated that the return on investment (ROI) for the product will be 15% per annum. If the company's cost of capital is 10% per annum, what is the expected net present value (NPV) of the investment?
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 4
A firm has a market share of 30% and a competitor has a market share of 20%. What is the competitive ratio?
A. 1.5
B. 1.6
C. 1.7
D. 1.8
Question 5
A company is considering the introduction of a new product line. The product requires a significant investment in marketing and advertising. However, the company's financial analysts have estimated that the return on investment (ROI) for the product will be 15% per annum. If the company's cost of capital is 10% per annum, what is the expected net present value (NPV) of the investment?
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 6
A company has a warehouse with a capacity of 10,000 units. The company's inventory level is currently at 8,000 units. If the company receives a shipment of 3,000 units, its new inventory level will be
A. 5,000 units
B. 6,000 units
C. 8,000 units
D. 10,000 units
Question 7
A company has a marketing budget of ₦1,000,000. If it allocates 30% of the budget to advertising, how much will it spend on advertising?
A. ₦300,000
B. ₦350,000
C. ₦400,000
D. ₦450,000
Question 8
A consumer protection law requires that all products sold in the market must have a clear label indicating the ingredients used in the product. What is the primary purpose of this labeling requirement?
A. To increase sales
B. To reduce production costs
C. To inform consumers about product ingredients
D. To reduce market competition
Question 9
A company is considering the introduction of a new product line. The product requires a significant investment in marketing and advertising. However, the company's financial analysts have estimated that the return on investment (ROI) for the product will be 15% per annum. If the company's cost of capital is 10% per annum, what is the expected net present value (NPV) of the investment?
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 10
A firm imports goods worth ₦500,000 and exports goods worth ₦300,000. What is the trade balance?
A. ₦100,000 surplus
B. ₦100,000 deficit
C. ₦200,000 surplus
D. ₦200,000 deficit
Question 11
The _______ of a firm refers to the process of producing a single product using a single production process.
A. Division of Labor
B. Economies of Scale
C. Production
D. Specialization
Question 12
A consumer protection agency has the following data on complaints received in a year:
A. The agency should increase funding for consumer education
B. The agency should hire more staff to handle complaints
C. The agency should focus on resolving complaints quickly
D. The agency should reduce the number of complaints by improving product quality
Question 13
A firm's cost function is given by the equation C(x) = 100 + 2x^2, where x is the number of units produced. If the firm produces 10 units, its total cost will be
A. ₦1,200
B. ₦1,400
C. ₦1,600
D. ₦1,800
Question 14
A company has two production lines, A and B. Line A produces 100 units of a product per hour, while line B produces 80 units per hour. If the company operates for 8 hours a day, what is the total number of units produced by both lines in a day?
A. 960
B. 800
C. 1120
D. 1280
Question 15
A firm that specializes in the production of a single product is said to be practicing _______ production.
A. Monopolistic
B. Perfect
C. Imperfect
D. Pure

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