POST UTME DELSU 2019 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm's demand function is given by Q = 100 - 2P, where Q is quantity demanded and P is price. If the firm's marginal revenue function is given by MR = 200 - 2Q, what is the firm's optimal price?
A. 20
B. 30
C. 40
D. 50
Question 2
In a perfectly competitive market, the demand curve for a firm's product is its marginal revenue curve. What is the implication of this for the firm's profit-maximizing output?
A. The firm will produce at the point where MR = MC.
B. The firm will produce at the point where MR = P.
C. The firm will produce at the point where MR = ATC.
D. The firm will produce at the point where MR = AFC.
Question 3
A firm's revenue function is given by R = 100L + 200K. If the firm's current input prices are w_L = 10 and w_K = 20, what is the firm's optimal input combination?
A. (L, K) = (100, 100)
B. (L, K) = (200, 50)
C. (L, K) = (50, 200)
D. (L, K) = (0, 0)
Question 4
A consumer has a budget constraint of 100, and two goods, A and B, priced at 5 and 3 respectively. If the consumer's indifference curve is given by U = 2x^0.5y^0.5, where x is the quantity of good A and y is the quantity of good B, what is the consumer's optimal bundle?
A. (10, 20)
B. (15, 15)
C. (20, 10)
D. (25, 5)
Question 5
A company's insurance policy covers business interruption, property damage, and liability. Which of the following is a type of insurance policy that covers business interruption?
A. Business interruption insurance
B. Property insurance
C. Liability insurance
D. Workers' compensation insurance
Question 6
A company is considering outsourcing its production to a foreign country. What are the key factors that the company should consider when making this decision?
A. Labor costs, tax incentives, and trade agreements
B. Product quality, warranty, and customer support
C. Delivery time, packaging, and return policy
D. Language, currency, and cultural differences
Question 7
A company is considering two different modes of transport for its goods: road and rail. What are the key factors that the company should consider when deciding between these two modes?
A. Cost, speed, and reliability
B. Distance, weight, and volume
C. Fuel efficiency, maintenance, and safety
D. Environmental impact, security, and customs clearance
Question 8
A company uses the following budgetary control system: Budgeted Sales = ₦1,000,000; Budgeted Cost of Goods Sold = ₦600,000; Budgeted Operating Expenses = ₦200,000. What is the budgeted profit?
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 9
The diagram below shows the relationship between the price of a good and the quantity demanded. What is the slope of the demand curve?
A. -1
B. 0
C. 1
D. 2
Question 10
A consumer is considering purchasing a product from a foreign company. What are the key factors that the consumer should consider when making this decision?
A. Price, quality, and brand reputation
B. Product features, warranty, and customer support
C. Delivery time, packaging, and return policy
D. Language, currency, and cultural differences
Question 11
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm wants to produce 16 units of output, and the price of labor is 4 per unit, and the price of capital is 6 per unit, what is the minimum cost of production?
A. 96
B. 120
C. 144
D. 180
Question 12
A company's warehouse has a capacity of 10,000 units. If 8,000 units are already stored, what is the remaining capacity?
A. 10000
B. 8000
C. 2000
D. 12000
Question 13
In the context of production and specialization, what is the law of diminishing returns?
A. The law of diminishing returns states that as the quantity of a variable input increases, the marginal product of that input will eventually decrease
B. The law of diminishing returns states that as the quantity of a variable input increases, the marginal product of that input will eventually increase
C. The law of diminishing returns states that as the quantity of a variable input increases, the total product of that input will eventually decrease
D. The law of diminishing returns states that as the quantity of a variable input increases, the total product of that input will eventually increase
Question 14
A consumer's indifference curve is a graphical representation of the
A. consumer's willingness to pay for a good
B. consumer's marginal utility of a good
C. consumer's total utility of a good
D. consumer's budget constraint
Question 15
A customer deposits ₦10,000 into a savings account with an interest rate of 5% per annum. How much interest will be earned in one year?
A. ₦500
B. ₦1,000
C. ₦1,500
D. ₦2,000

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: