POST UTME GREENFIELD UNIVERSITY 2017 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is output, L is labor, and K is capital. If the firm wants to produce 100 units of output, how many units of labor are required if K = 16?
A. 10
B. 20
C. 30
D. 40
Question 2
A firm's marketing strategy involves a mix of promotional activities to create awareness and stimulate demand for its products. Which of the following is NOT a characteristic of a promotional mix?
A. Advertising
B. Personal Selling
C. Sales Promotion
D. Public Relations
Question 3
The diagram below represents a:
A. Photosynthesis
B. Respiration
C. Decomposition
D. Fermentation
Question 4
The concept of comparative advantage in international trade is based on the idea that countries should specialize in producing goods for which they have a lower opportunity cost. Which of the following is a correct example of comparative advantage?
A. Country A produces 100 units of good X and 50 units of good Y, while Country B produces 50 units of good X and 100 units of good Y.
B. Country A produces 100 units of good X and 50 units of good Y, while Country B produces 50 units of good X and 50 units of good Y.
C. Country A produces 50 units of good X and 100 units of good Y, while Country B produces 100 units of good X and 50 units of good Y.
D. Country A produces 50 units of good X and 50 units of good Y, while Country B produces 100 units of good X and 100 units of good Y.
Question 5
A consumer has a budget of ₦1000 and faces the following prices: good X = ₦200, good Y = ₦300. If the consumer's indifference curves are given by U = 2X^0.5Y^0.5, how many units of good X will the consumer buy?
A. 2
B. 3
C. 4
D. 5
Question 6
A warehouse has a storage capacity of 10,000 units. If it currently has 8,000 units, what is the percentage of available space?
A. 20%
B. 30%
C. 40%
D. 50%
Question 7
A consumer protection agency has received a complaint from a customer who claims that a company's advertisement is misleading. The agency has gathered evidence to support the customer's claim. Which of the following actions would be most appropriate for the agency?
A. Issue a warning to the company
B. Order the company to withdraw the advertisement
C. Fine the company
D. Sue the company
Question 8
A firm has a sole trader business with an annual turnover of ₦3,000,000. The firm's profit before tax is ₦900,000. If the firm's tax rate is 20%, calculate the firm's profit after tax.
A. ₦720,000
B. ₦750,000
C. ₦780,000
D. ₦810,000
Question 9
A firm's marketing strategy involves a mix of promotional activities to create awareness and stimulate demand for its products. Which of the following is a characteristic of a promotional mix?
A. Advertising
B. Personal Selling
C. Sales Promotion
D. Public Relations
Question 10
In a perfectly competitive market, the supply curve is typically represented by the marginal cost curve. What is the relationship between the marginal revenue curve and the marginal cost curve in this market?
A. The marginal revenue curve is always above the marginal cost curve.
B. The marginal revenue curve is always below the marginal cost curve.
C. The marginal revenue curve intersects the marginal cost curve at the equilibrium price.
D. The marginal revenue curve is horizontal and the marginal cost curve is upward sloping.
Question 11
A consumer has a budget of ₦10,000 and is considering purchasing two different products: Product A and Product B. Product A costs ₦5,000 and Product B costs ₦3,000. What is the opportunity cost of purchasing Product B?
A. ₦2,000
B. ₦5,000
C. ₦7,000
D. ₦10,000
Question 12
In a perfectly competitive market, the supply curve is typically represented by the marginal cost curve. What is the relationship between the marginal revenue product of labor (MRPL) and the marginal factor cost (MFC) in the short run?
A. MRPL > MFC
B. MRPL < MFC
C. MRPL = MFC
D. MRPL and MFC are unrelated
Question 13
A company is considering advertising its products on social media. What is the primary goal of advertising?
A. To increase brand awareness
B. To generate leads
C. To increase sales
D. To reduce costs
Question 14
A consumer has a budget of ₦500 and faces the following prices: good X = ₦100, good Y = ₦200. If the consumer's indifference curves are given by U = X^0.5Y^0.5, how many units of good X will the consumer buy?
A. 2
B. 3
C. 4
D. 5
Question 15
The concept of 'scarcity' in economics refers to the:
A. Inability to produce a good or service
B. Inability to meet the demand for a good or service
C. The cost of producing a good or service
D. The benefit of producing a good or service

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