POST UTME REDEEMERS UNIVERSITY 2019 Commerce | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm's cost function is given by C(x) = 2x^2 + 5x + 10. What is the marginal cost function?
Question 2
In a perfectly competitive market, the law of diminishing marginal utility is most relevant to the production of which of the following goods?
Question 3
A company has a production function of Q = 2L^2 + 5L + 10, where Q is the quantity produced and L is the labor input. If the company wants to produce 50 units, how many units of labor should it hire?
Question 4
A company has a warehouse with a capacity of 10,000 units. The warehouse is currently 70% full. If the company receives an order for 5,000 units, what is the probability that the warehouse will be full after fulfilling the order?
Question 5
A foreign trade agreement that aims to reduce tariffs and other trade barriers is
Question 6
A bank offers a 6% interest rate on a 5-year fixed deposit. If the principal amount is ₦100,000, what is the total interest earned?
Question 7
A sole trader's business is considered a separate legal entity from its owner. Which of the following is a consequence of this separation?
Question 8
A company has a warehouse with a capacity to store 1000 units of goods. The company receives a shipment of 800 units of goods and wants to determine the probability that the warehouse will be full after receiving an additional shipment of 200 units of goods. If the additional shipment is uniformly distributed between 0 and 200 units, what is the probability that the warehouse will be full?
Question 9
In a perfectly competitive market, the law of supply states that as the price of a good increases, the quantity supplied will
Question 10
A firm uses a combination of transportation modes to move goods from the factory to the customer. The firm uses trucks for the first leg of the journey, trains for the second leg, and ships for the third leg. What type of transportation is this firm using?
Question 11
A company has a market share of 30% in a particular industry. If the industry's total sales are ₦1,500,000, what is the company's sales revenue?
Question 12
A company's memorandum of association is a document that outlines the company's
Question 13
A company's financial statements include the following: balance sheet, income statement, and cash flow statement. Which of the following is a key purpose of the balance sheet?
Question 14
A company exports goods to a foreign country, but the goods are seized by customs officials due to non-compliance with import regulations. What type of trade is this company engaging in?
Question 15
A firm produces two goods, X and Y, using two inputs, labor (L) and capital (K). The production function for good X is given by the equation: X = 2L^0.5 * K^0.5. The production function for good Y is given by the equation: Y = 3L^0.25 * K^0.75. If the firm has 100 units of labor and 200 units of capital, how many units of good X and good Y can the firm produce?
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.
Unlock Full Access
Available for Android & Windows