POST UTME EKSU 2017 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm's revenue function is given by R = 100p - 2p^2, where p is the price per unit. If the firm's current price is 20 units, what is the firm's marginal revenue?
A. 80
B. 90
C. 100
D. 110
Question 2
What is the main purpose of the Consumer Protection Act in Nigeria?
A. To regulate the activities of businesses and protect consumers from unfair trade practices.
B. To provide a framework for the resolution of consumer disputes and protect consumers from unfair trade practices.
C. To promote fair competition among businesses and protect consumers from unfair trade practices.
D. To regulate the activities of businesses and promote fair competition among them.
Question 3
A warehouse has a storage capacity of 10,000 units. If 30% of the capacity is already occupied, how many units can still be stored?
A. 7,000
B. 8,000
C. 9,000
D. 10,000
Question 4
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current output is 16 units and the number of workers is 4, how many machines does the firm need to produce 25 units of output?
A. 4
B. 6
C. 8
D. 10
Question 5
A consumer protection agency has been established to protect consumers from unfair business practices. Which of the following is a key function of this agency?
A. To investigate consumer complaints
B. To regulate business practices
C. To educate consumers about their rights
D. To provide legal assistance to consumers
Question 6
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current output is 16 units and the number of workers is 4, how many machines does the firm need to produce 25 units of output?
A. 4
B. 6
C. 8
D. 10
Question 7
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 8
A company produces two products, A and B. Product A requires 2 hours of labor and 3 units of raw material, while product B requires 3 hours of labor and 2 units of raw material. If the company has 120 hours of labor and 150 units of raw material available, how many units of product A and product B should it produce to maximize profit?
A. 10 units of A and 20 units of B
B. 20 units of A and 10 units of B
C. 15 units of A and 15 units of B
D. 25 units of A and 5 units of B
Question 9
A company's financial statements show a net income of ₦1,500,000 and a total equity of ₦2,500,000. What is the company's return on equity (ROE)?
A. 75%
B. 80%
C. 85%
D. 90%
Question 10
A firm's revenue function is given by R = 100p - 2p^2, where p is the price per unit. If the firm's current price is 20 units, what is the firm's marginal revenue?
A. 80
B. 90
C. 100
D. 110
Question 11
The main disadvantage of a company over a sole trader is that it has
A. limited liability
B. unlimited liability
C. perpetual succession
D. all of the above
Question 12
A company has a total of 100,000 shares issued, with a par value of ₦10 each. If the company wants to issue 20% more shares, how many shares will it issue in total?
A. 120,000
B. 110,000
C. 100,000
D. 90,000
Question 13
A company's financial statements show a net income of ₦2,000,000 and a total equity of ₦4,000,000. What is the company's return on equity (ROE)?
A. 50%
B. 60%
C. 70%
D. 80%
Question 14
What is the main difference between a commercial bank and a merchant bank in the context of banking and financial institutions?
A. A commercial bank provides a wide range of financial services to individuals and businesses, while a merchant bank specializes in providing financial services to businesses.
B. A commercial bank specializes in providing financial services to businesses, while a merchant bank provides a wide range of financial services to individuals and businesses.
C. A commercial bank provides financial services to individuals and businesses, while a merchant bank provides financial services to businesses and governments.
D. A commercial bank provides financial services to businesses and governments, while a merchant bank provides financial services to individuals and businesses.
Question 15
A consumer has a utility function given by U = 2x + 3y, where x and y are the quantities of two goods consumed. If the prices of the goods are ₦200 and ₦300 respectively, and the consumer spends all their budget on good A, how much will they have left over to spend on good B?
A. ₦200
B. ₦300
C. ₦400
D. ₦500

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: