POST UTME FUTA 2018 Commerce | Objective

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Question 1
A transport system that relies on the movement of people and goods by road is known as
A. Rail transport
B. Air transport
C. Road transport
D. Water transport
Question 2
In a perfectly competitive market, the supply curve is typically represented by the law of increasing marginal costs. What is the primary reason for this relationship?
A. The law of increasing marginal costs is a result of the increasing scarcity of resources.
B. The law of increasing marginal costs is a result of the decreasing marginal utility of additional units produced.
C. The law of increasing marginal costs is a result of the increasing marginal cost of production due to the law of diminishing returns.
D. The law of increasing marginal costs is a result of the increasing price of raw materials.
Question 3
A consumer protection agency is considering a new law to regulate the sale of goods. Which of the following is a key principle of consumer protection?
A. The right to a fair trial
B. The right to compensation for damages
C. The right to withdraw from a contract
D. The right to a refund
Question 4
A company's Memorandum and Articles of Association are not registered with the Corporate Affairs Commission (CAC). What is the legal implication of this?
A. The company is not recognized as a legal entity.
B. The company is not entitled to limited liability.
C. The company is not required to file tax returns.
D. The company is not eligible for government contracts.
Question 5
A firm's marketing mix consists of four key elements: product, price, promotion, and place. What is the primary role of the product element in the marketing mix?
A. To create a unique selling proposition for the product.
B. To determine the price of the product.
C. To develop a promotional strategy for the product.
D. To decide on the distribution channels for the product.
Question 6
A company is considering a new marketing strategy to increase sales. Which of the following is a key benefit of using social media advertising?
A. Increased brand awareness
B. Improved customer engagement
C. Enhanced product visibility
D. Better customer retention
Question 7
A firm's break-even point is the point at which its total revenue equals its total fixed costs. What is the formula for calculating the break-even point?
A. \frac{Fixed\ Costs}{Selling\ Price + Variable\ Costs}
B. \frac{Fixed\ Costs}{Selling\ Price - Variable\ Costs}
C. \frac{Variable\ Costs}{Selling\ Price - Fixed\ Costs}
D. \frac{Selling\ Price}{Fixed\ Costs + Variable\ Costs}
Question 8
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current input levels are L = 4 and K = 9, what is the marginal product of labor?
A. 2
B. 4
C. 6
D. 8
Question 9
A firm's revenue is given by the equation: ( R = 3x^2 - 2x + 1 ). Find the value of x when R = 10.
A. 1
B. 2
C. 3
D. 4
Question 10
A company has a warehouse with a capacity of 20,000 units. The warehouse is currently 60% full. If the company receives an order for 12,000 units, what is the remaining capacity of the warehouse?
A. 8000
B. 10000
C. 12000
D. 14000
Question 11
A business has two production lines, P1 and P2. Line P1 produces 500 units per hour, while Line P2 produces 300 units per hour. If the business operates for 8 hours a day, what is the total number of units produced per day?
A. 4000
B. 5000
C. 6000
D. 7000
Question 12
A company has a sole trader business structure. What is the primary advantage of this structure?
A. Limited liability
B. Easy to set up
C. Flexibility in decision-making
D. No tax benefits
Question 13
A company is considering the use of a foreign trade agreement to export its products to a foreign country. Which of the following is a major advantage of foreign trade?
A. Increased market share
B. Improved product quality
C. Reduced production costs
D. Increased competition
Question 14
A company uses the road transport mode to deliver its products. What is the primary advantage of this mode?
A. Flexibility in routing
B. Reduced transportation costs
C. Improved security of goods
D. Increased speed of delivery
Question 15
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current input levels are L = 4 and K = 9, what is the marginal product of capital?
A. 2
B. 4
C. 6
D. 8

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