POST UTME LASU 2023 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's directors have a fiduciary duty to act in the best interests of the company and its shareholders. True or False?
A. True
B. False
C. It depends on the company's constitution
D. A company's directors have a fiduciary duty to act in the best interests of the company's employees
Question 2
In a perfectly competitive market, the supply curve is downward sloping because of the law of increasing marginal opportunity cost. What is the marginal opportunity cost?
A. Marginal Revenue
B. Marginal Cost
C. Average Variable Cost
D. Average Fixed Cost
Question 3
A consumer purchases a product from a business and discovers that the product is not as described. The consumer returns the product to the business and demands a refund. The business refuses to refund the consumer. What is the consumer's next course of action?
A. File a complaint with the Lagos State Consumer Protection Agency.
B. Take the business to court.
C. Contact the business's customer service department.
D. Post a negative review on social media.
Question 4
A firm specializes in producing a single product, which is a type of commodity. The firm's production function is given by the equation ( Q = 100L^0.5K^0.25 ), where Q is the quantity produced, L is the labor input, and K is the capital input. If the firm wants to produce 100 units of the commodity, and it has 4 units of labor and 16 units of capital available, what is the minimum amount of capital it must have to produce 100 units of the commodity?
A. 8
B. 16
C. 32
D. 64
Question 5
A firm is considering exporting its product to a foreign market. The firm's export manager has estimated that the demand for the product in the foreign market will be given by the equation ( Q = 1000 - 2P ), where Q is the quantity demanded and P is the price of the product. If the firm wants to maximize its profits, what price should it charge for the product?
A. 200
B. 300
C. 400
D. 500
Question 6
A firm's revenue function is given by R = 2Q^2 + 3Q. If the firm's current output level is Q = 5, what is the total revenue?
A. 50
B. 75
C. 100
D. 125
Question 7
A sole trader's business is not required to hold an annual general meeting. True or False?
A. True
B. False
C. It depends on the size of the business
D. A sole trader's business is required to hold an annual general meeting
Question 8
A firm is considering two different advertising strategies for its new product. Strategy A involves a television commercial, while Strategy B involves a social media campaign. The firm's advertising costs are as follows: television commercial costs 10,000, social media campaign costs 5,000. If the firm wants to maximize its return on investment, which strategy should it choose?
A. Strategy A
B. Strategy B
C. Both strategies are equally effective
D. Neither strategy is effective
Question 9
A firm's production function is given by Q = 2L^0.5 + 3K^0.5. If the firm's current input levels are L = 4 and K = 9, what is the marginal product of labor?
A. 1.5
B. 2.5
C. 3.5
D. 4.5
Question 10
A sole trader's business is not required to file accounts with the registrar of companies. True or False?
A. True
B. False
C. It depends on the size of the business
D. A sole trader's business is required to file accounts with the registrar of companies
Question 11
In a perfectly competitive market, the law of diminishing marginal utility implies that the demand curve for a firm's product is
A. inelastic
B. elastic
C. unit elastic
D. perfectly inelastic
Question 12
A consumer purchases a product from a business and discovers that the product is not as described. The consumer returns the product to the business and demands a refund. The business refuses to refund the consumer. What is the consumer's next course of action?
A. File a complaint with the Lagos State Consumer Protection Agency.
B. Take the business to court.
C. Contact the business's customer service department.
D. Post a negative review on social media.
Question 13
A sole trader's business is considered a separate legal entity from its owner. True or False?
A. True
B. False
C. It depends on the jurisdiction
D. A sole trader's business is not a separate legal entity
Question 14
In a perfectly competitive market, the supply curve is upward-sloping because of the law of increasing marginal opportunity costs. What is the primary reason for this upward-sloping supply curve?
A. The law of diminishing marginal returns
B. The law of increasing marginal opportunity costs
C. The law of supply and demand
D. The law of diminishing marginal utility
Question 15
A bank's balance sheet is given by Assets = Liabilities + Equity. If the bank's assets and liabilities are 100 million and 80 million respectively, what is the bank's equity?
A. 10 million
B. 20 million
C. 30 million
D. 40 million

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