POST UTME NOUN 2020 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company uses the following cost function: C(x) = 2x^2 + 5x + 10. If the company produces 10 units, what is the total cost?
A. ₦150
B. ₦200
C. ₦250
D. ₦300
Question 2
A firm uses the following production function: Q = 2L^2 + 5L + 10. If the firm wants to produce 20 units, what is the total labor required?
A. 5 workers
B. 10 workers
C. 15 workers
D. 20 workers
Question 3
A company has a policy of paying its employees a 10% bonus on their annual salary. If an employee's annual salary is ₦120,000, how much is the bonus?
A. ₦12,000
B. ₦15,000
C. ₦18,000
D. ₦20,000
Question 4
A firm specializes in producing only one product. This specialization allows the firm to _______ its production costs.
A. reduce
B. increase
C. minimize
D. maximize
Question 5
A firm's cost function is given by C = 2L + 3K, where C is the total cost, L is the labor input, and K is the capital input. If the price of labor is ₦100 and the price of capital is ₦200, what is the total cost of producing 100 units of output?
A. ₦5000
B. ₦6000
C. ₦7000
D. ₦8000
Question 6
A firm has two factories, A and B. Factory A produces 60% of the firm's total output, while factory B produces 40%. If the total output of the firm is 10,000 units, how many units does factory A produce?
A. 4,000
B. 6,000
C. 8,000
D. 10,000
Question 7
A bank offers a 5% interest rate on a savings account. If a customer deposits ₦10,000, how much will the customer have after one year?
A. ₦10,525
B. ₦10,500
C. ₦10,475
D. ₦10,450
Question 8
A company has a market share of 30% in the industry. If the company wants to increase its market share by 5%, what is the new market share?
A. 35%
B. 40%
C. 45%
D. 50%
Question 9
A firm's production function is given by Q = 2L^(1/2)K^(1/2), where Q is the quantity produced, L is the labor input, and K is the capital input. If the price of labor increases by 20%, and the price of capital remains constant, what is the effect on the firm's output?
A. The output increases by 10%
B. The output decreases by 10%
C. The output remains unchanged
D. The output increases by 20%
Question 10
A consumer purchases a product for ₦2,000 and sells it for ₦3,000. What is the profit made on the sale?
A. ₦1,000
B. ₦1,500
C. ₦2,000
D. ₦3,000
Question 11
A company has a policy of paying its employees a 12% bonus on their annual salary. If an employee's annual salary is ₦180,000, how much is the bonus?
A. ₦21,600
B. ₦22,800
C. ₦24,000
D. ₦25,200
Question 12
A firm has two factories, A and B. Factory A produces 50% of the firm's total output, while factory B produces 50%. If the total output of the firm is 10,000 units, how many units does factory A produce?
A. 5,000
B. 6,000
C. 7,000
D. 8,000
Question 13
A consumer has a budget of ₦1000 and faces the following prices: Q1 = ₦200, Q2 = ₦300, and Q3 = ₦400. If the consumer spends all their budget on Q1 and Q2, what is the maximum amount they can spend on Q3?
A. ₦100
B. ₦200
C. ₦300
D. ₦400
Question 14
What is the primary function of the Federal Road Safety Corps (FRSC) in Nigeria?
A. To regulate traffic flow
B. To enforce traffic laws
C. To provide emergency services
D. To maintain road infrastructure
Question 15
A company has a policy of paying its employees a 15% bonus on their annual salary. If an employee's annual salary is ₦150,000, how much is the bonus?
A. ₦22,500
B. ₦25,000
C. ₦27,500
D. ₦30,000

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