POST UTME IMS U 2018 Commerce | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A consumer protection law requires that all goods sold in a market must be accompanied by a warranty. Which of the following is a type of warranty?
Question 2
A warehouse manager wants to store 500 boxes of goods in a warehouse with a capacity of 2000 boxes. The goods are packed in boxes of 10 kg each. If the warehouse has a maximum weight capacity of 1000 kg, how many boxes can be stored?
Question 3
A risk management strategy that involves transferring risk to another party is known as?
Question 4
A company's financial statements are audited annually by an independent auditor. This is an example of
Question 5
A company's cost function is given by C(x) = 2x^2 + 5x, where x is the number of units produced. If the company produces 10 units, what is the total cost?
Question 6
A bank wants to offer a loan to a customer who has a credit score of 600. The bank's lending policy requires a minimum credit score of 700. What is the best course of action?
Question 7
A consumer's indifference curve is given by U = 2X1 + 3X2, where U is the utility and X1 and X2 are the quantities consumed. If the consumer's income is ₦1000, and the prices of the two goods are ₦10 and ₦20 respectively, how much of good 2 should the consumer buy if they want to maximize their utility?
Question 8
A sole trader's business is registered under which of the following?
Question 9
A firm uses an insurance policy to mitigate its risks. The policy covers losses due to natural disasters. If the firm experiences a loss due to a natural disaster, what is the expected impact on its financial statements?
Question 10
A company'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 company increases its labor input from 100 units to 121 units and its capital input from 100 units to 121 units, what is the percentage change in the quantity produced?
Question 11
A company'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 company increases its labor input from 100 units to 121 units and its capital input from 100 units to 121 units, what is the percentage change in the quantity produced?
Question 12
A firm's revenue function is given by R(x) = 2x^2 + 10x, where x is the number of units sold. If the firm sells 5 units, what is the marginal revenue?
Question 13
A company's articles of association is a document that outlines the?
Question 14
A firm uses a warehouse management system to track its inventory levels. The system uses a first-in-first-out (FIFO) inventory method. If the firm receives a new shipment of goods, what is the expected impact on the inventory levels of the existing goods?
Question 15
A company operates as a sole proprietorship. The owner has unlimited personal liability for the business's debts. If the company incurs a debt, what is the expected impact on the owner's personal assets?
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