POST UTME MADONNA UNIVERSITY 2017 Commerce | Objective
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Question 1
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm wants to produce 16 units of output, and the price of labor is ₦100 per unit, and the price of capital is ₦200 per unit, how much will it cost the firm to produce 16 units of output?
Question 2
A consumer has a utility function given by U = 2X + 3Y. If the prices of X and Y are ₦200 and ₦300 respectively, and the consumer has a budget of ₦1000, what is the maximum utility that the consumer can achieve?
Question 3
A firm specializes in producing only one good. This specialization is an example of which of the following?
Question 4
A company is considering the use of a warehouse management system. What is the primary benefit of this approach?
Question 5
A bank has the following balance sheet: ₦1,000,000 in cash, ₦500,000 in loans, ₦200,000 in investments, and ₦300,000 in deposits. What is the bank's liquidity ratio?
Question 6
A consumer has a budget constraint of ₦1000 and a preference for two goods: X and Y. The prices of X and Y are ₦200 and ₦300 respectively. If the consumer spends all of their budget on X and Y, what is the maximum amount of X that the consumer can buy?
Question 7
The marketing mix is a tool used by businesses to analyze and plan their marketing strategies. Which of the following is a component of the marketing mix?
Question 8
A sole trader, Mr. A, has a business that specializes in the importation and sale of foreign goods. He has a warehouse with a capacity to store 5,000 units of goods. The warehouse is currently 70% full. If Mr. A imports 1,000 units of goods per week, how many weeks will it take for the warehouse to be 90% full?
Question 9
A firm's marketing mix consists of four main elements: product, price, promotion, and place. Which of the following is a correct example of a product element?
Question 10
A country's economic development is influenced by various factors, including its natural resources, human capital, and institutional framework. Which of the following is a correct example of a natural resource?
Question 11
A company has a production process that involves two stages: cutting and stitching. The cutting department produces 5,000 units of raw materials per day, while the stitching department produces 3,000 units of partially finished goods per day. If the company operates for 20 days, how many units of partially finished goods will it produce?
Question 12
A consumer purchases a product online and receives a defective item. The consumer contacts the company's customer service department and is told that the product is not covered under warranty. What type of law is applicable in this situation?
Question 13
A company is considering the use of just-in-time inventory management. What is the primary benefit of this approach?
Question 14
A firm's cost function is given by C = 2L + 3K. If the firm hires 4 units of labor and 2 units of capital, what is the total cost of production?
Question 15
A bank has a savings account with an interest rate of 5% per annum. If the account holder deposits ₦100,000 and the interest is compounded annually, how much will the account balance be after 5 years?
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