POST UTME LAUTECH 2022 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A consumer protection agency receives a complaint from a customer who purchased a product for ₦20,000 but was given a defective product. The agency offers a refund of ₦15,000. What is the percentage of the refund?
A. 75%
B. 80%
C. 85%
D. 90%
Question 2
The process of creating and communicating value to customers is known as?
A. Marketing
B. Advertising
C. Promotion
D. Sales
Question 3
A consumer has purchased a product from a retailer, but the product has a packaging defect. Which of the following is the consumer's right under the Consumer Protection Act?
A. To return the product for a full refund
B. To exchange the product for a similar one
C. To claim damages from the manufacturer
D. To seek compensation from the retailer
Question 4
The Lagos State Consumer Protection Agency has been empowered to investigate complaints against businesses operating in the state. Which of the following is a key function of the agency?
A. To issue fines to businesses found guilty of violating consumer rights
B. To mediate disputes between consumers and businesses
C. To investigate complaints against businesses and take necessary actions
D. To regulate the prices of goods and services in the state
Question 5
A company has two production plants, A and B. Plant A produces 60% of the company's output, and plant B produces the remaining 40%. If the total output is 10,000 units, how many units are produced by plant B?
A. 4,000 units
B. 5,000 units
C. 6,000 units
D. 7,000 units
Question 6
A company has a monopoly in the market for a particular product. Which of the following is a potential consequence of the company's market power?
A. The company will have to reduce its prices to compete with other firms
B. The company will have to increase its production capacity to meet demand
C. The company will be able to set prices above the equilibrium price
D. The company will be able to produce at a lower cost than other firms
Question 7
The use of persuasive communication to influence consumer behavior is an example of?
A. Advertising
B. Promotion
C. Public Relations
D. Sales Promotion
Question 8
A bank in Nigeria is required to maintain a minimum capital adequacy ratio of 10%. What is the primary purpose of this requirement?
A. To ensure the bank has sufficient capital to meet its obligations
B. To prevent the bank from engaging in excessive risk-taking
C. To promote competition among banks
D. To reduce the risk of bank failures
Question 9
A consumer has purchased a product from a retailer, but the product has a manufacturing defect. Which of the following is the consumer's right under the Consumer Protection Act?
A. To return the product for a full refund
B. To exchange the product for a similar one
C. To claim damages from the manufacturer
D. To seek compensation from the retailer
Question 10
The protection of consumers from unfair business practices is the primary goal of?
A. Consumer Protection Act
B. Fair Trade Act
C. Competition Act
D. Consumer Rights Act
Question 11
A company has a warehouse with a capacity to store 5000 units of goods. The warehouse is currently 70% full. If 1500 units of goods are received in a shipment, what is the new percentage of the warehouse that is full?
A. 60%
B. 65%
C. 70%
D. 75%
Question 12
A firm has a production capacity of 10,000 units per month. The firm sells its products at a price of ₦2,500 per unit. If the fixed costs are ₦150,000 and the variable costs are ₦1,500 per unit, what is the firm's total revenue per month?
A. ₦25,000,000
B. ₦30,000,000
C. ₦35,000,000
D. ₦40,000,000
Question 13
A firm specializes in producing a single product, which is a type of commodity. The production process involves a series of sequential stages, each of which adds value to the commodity. The firm's production function can be represented as Q = f(L, K), where Q is the quantity of the commodity produced, L is the labor input, and K is the capital input. If the firm's production function is homogeneous of degree 2, what is the relationship between the marginal product of labor (MPL) and the marginal product of capital (MPK)?
A. MPL = MPK
B. MPL > MPK
C. MPL < MPK
D. MPL = -MPK
Question 14
The use of persuasive communication to influence consumer behavior is an example of?
A. Advertising
B. Promotion
C. Public Relations
D. Sales Promotion
Question 15
A company is considering two different marketing strategies for its new product. Strategy A involves a high level of advertising and promotion, while Strategy B involves a low level of advertising and promotion. The company's marketing manager has estimated the following costs for each strategy: Strategy A: ₦100,000 per month, Strategy B: ₦50,000 per month. If the company's sales revenue is ₦500,000 per month, which strategy should the company choose?
A. Strategy A
B. Strategy B
C. Both strategies are equally profitable
D. Neither strategy is profitable

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