POST UTME GREENFIELD UNIVERSITY 2023 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm is considering entering a new market through a joint venture with a local partner. The firm's management team should consider the following factors when evaluating the potential risks and benefits of the joint venture:
A. The potential risks and benefits of the joint venture, the level of control the firm will have over the venture, and the potential for cultural differences to impact the venture
B. The potential risks and benefits of the joint venture, the level of control the firm will have over the venture, and the potential for language barriers to impact the venture
C. The potential risks and benefits of the joint venture, the level of control the firm will have over the venture, and the potential for differences in business practices to impact the venture
D. The potential risks and benefits of the joint venture, the level of control the firm will have over the venture, and the potential for differences in market conditions to impact the venture
Question 2
In a perfectly competitive market, the supply curve is upward-sloping because of the law of increasing
A. diminishing returns
B. increasing costs
C. decreasing marginal revenue
D. increasing marginal cost
Question 3
A company has a portfolio of bonds with a yield to maturity of 6% and a duration of 5 years. If the market interest rate increases by 2%, what is the expected change in the bond's price?
A. 2%
B. 4%
C. 6%
D. 8%
Question 4
A consumer protection law that prohibits false or misleading advertising is an example of which type of legislation?
A. Consumer Protection Act
B. Fair Trading Act
C. Advertising Standards Authority
D. Product Liability Act
Question 5
A company is sued for violating the Consumer Protection Act. The company's defense is that the consumer failed to read the fine print on the contract. Which of the following is the most likely outcome?
A. The court will rule in favor of the company.
B. The court will rule in favor of the consumer.
C. The case will be dismissed due to lack of evidence.
D. The case will be sent back to mediation.
Question 6
A company's Memorandum of Association is a document that outlines the company's
A. Objectives and Goals
B. Share Capital and Ownership
C. Business Operations and Management
D. Directors and Officers
Question 7
A company's market share is the percentage of the total market that it
A. serves
B. supplies
C. controls
D. captures
Question 8
In a perfectly competitive market, the law of diminishing marginal utility implies that the marginal utility of the last unit of a good consumed is always greater than the marginal utility of the first unit consumed. What is the correct statement regarding the law of diminishing marginal utility?
A. The law of diminishing marginal utility states that the marginal utility of the last unit of a good consumed is always greater than the marginal utility of the first unit consumed.
B. The law of diminishing marginal utility states that the marginal utility of the last unit of a good consumed is always less than the marginal utility of the first unit consumed.
C. The law of diminishing marginal utility states that the marginal utility of the last unit of a good consumed is always equal to the marginal utility of the first unit consumed.
D. The law of diminishing marginal utility states that the marginal utility of the last unit of a good consumed is always greater than or equal to the marginal utility of the first unit consumed.
Question 9
A company uses a marketing mix of 4P's to promote its product. If the product's price is ₦500, the place is a supermarket, the promotion is through social media, and the product is a food item, what is the product?
A. Bread
B. Rice
C. Pasta
D. Pizza
Question 10
A firm's production function is given by Q = 100L^0.5K^0.5, where Q is the quantity produced, L is the labor input, and K is the capital input. If the firm's labor and capital inputs are 100 units each, what is the quantity produced?
A. 1000
B. 500
C. 2000
D. 3000
Question 11
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the labor input, and K is the capital input. If the firm's labor and capital inputs are 100 units each, what is the quantity produced?
A. 1000
B. 500
C. 2000
D. 3000
Question 12
A company is considering investing in a new financial institution. Which of the following is a key consideration for the company?
A. The company's profit margins.
B. The company's market share in the financial institution industry.
C. The financial institution's risk management features.
D. The company's production costs.
Question 13
A company is considering exporting its products to a foreign country. Which of the following is a key consideration for the company?
A. The company's profit margins.
B. The company's market share in the foreign country.
C. The foreign country's import regulations.
D. The company's production costs.
Question 14
A firm's production costs are increasing due to the high demand for its product. To maintain its market share, the firm should consider:
A. Increasing the price of the product
B. Decreasing the production quantity
C. Improving the production process
D. Diversifying its product line
Question 15
A sole trader's business is considered a separate legal entity from its owner. This is an example of which legal concept?
A. Separate Legal Entity
B. Limited Liability
C. Partnership
D. Sole Proprietorship

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