POST UTME SUMMIT UNIVERSITY 2018 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's marketing strategy involves a 20% discount on all products for the first 100 customers. If a product originally costs ₦10,000, what is the total amount paid by the 101st customer?
A. ₦8,000
B. ₦9,000
C. ₦10,000
D. ₦11,000
Question 2
A consumer protection agency is investigating a complaint about a company's unfair business practices. Which of the following is a key principle of consumer protection law?
A. The principle of caveat emptor (let the buyer beware)
B. The principle of informed consent
C. The principle of fairness and transparency
D. The principle of consumer sovereignty
Question 3
A firm's demand function is given by Q = 100 - 2P. If the firm's current price is P = 20, what is the elasticity of demand?
A. 0.5
B. 1
C. 2
D. 3
Question 4
In a perfectly competitive market, the law of diminishing marginal returns applies to the production of a good. However, the firm's marginal revenue product (MRP) curve is upward-sloping. Explain why this is the case.
A. The firm is a price-taker and the market demand curve is downward-sloping.
B. The firm's production function exhibits increasing returns to scale.
C. The firm's marginal revenue product (MRP) curve is upward-sloping because the firm's marginal revenue (MR) curve is downward-sloping.
D. The firm is a monopolist and the market demand curve is upward-sloping.
Question 5
In a foreign trade transaction, a Nigerian exporter sells goods worth ₦5,000,000 to a foreign buyer. The exporter's bank charges a commission of 2% on the transaction value. If the exchange rate is 1 USD = ₦360, what is the exporter's net earnings in USD?
A. 13,333.33
B. 14,000.00
C. 13,500.00
D. 13,000.00
Question 6
A foreign trade agreement involves exchanging 100 units of a product for 120 units of another product. If the value of the first product is ₦10 per unit, what is the value of the second product per unit?
A. ₦8.33
B. ₦10
C. ₦12
D. ₦15
Question 7
A firm is considering two different production strategies to produce its new product. Strategy A involves using a make-to-stock (MTS) strategy, while Strategy B involves using a make-to-order (MTO) strategy. If the firm wants to minimize its production costs, which strategy should it choose?
A. Strategy A
B. Strategy B
C. Strategy A and Strategy B
D. Neither Strategy A nor Strategy B
Question 8
A company has a foreign exchange rate of 1 USD = ₦500. If the company wants to purchase 100 USD, how much will it cost in Nigerian naira?
A. ₦50,000
B. ₦50,000,000
C. ₦500,000
D. ₦50,000,000,000
Question 9
A company is considering two different transportation modes to move its products from the factory to the warehouse. Mode A involves using a truck with a capacity of 10 tons, while Mode B involves using a train with a capacity of 20 tons. If the company needs to transport 50 tons of products, what is the minimum number of trips required to transport the products using Mode A?
A. 5
B. 6
C. 7
D. 8
Question 10
A firm is considering two different advertising strategies to promote its new product. Strategy A involves using social media platforms to reach a target audience of 100,000 people, while Strategy B involves using print media to reach a target audience of 50,000 people. If the firm wants to reach a minimum of 150,000 people, what is the minimum number of advertising campaigns required to achieve this goal?
A. 2
B. 3
C. 4
D. 5
Question 11
A consumer protection agency receives a complaint from a customer who purchased a product worth ₦50,000 but was given a defective item. The agency offers a refund of ₦30,000. What is the percentage of the refund?
A. 60%
B. 50%
C. 40%
D. 30%
Question 12
In a just-in-time (JIT) inventory system, what is the primary goal of the vendor-managed inventory (VMI) system?
A. To reduce inventory costs by minimizing stock levels
B. To improve supply chain visibility and collaboration
C. To increase inventory turnover and reduce lead times
D. To enhance product quality and reduce defects
Question 13
A company's cost of production is given by the equation C(x) = 2x^2 + 5x + 3, where x is the number of units produced. If the company produces 5 units, what is the total cost of production?
A. ₦120
B. ₦125
C. ₦130
D. ₦135
Question 14
A firm's marketing mix includes the 4 Ps: Product, Price, Place, and Promotion. What is the primary objective of the Place element?
A. To create awareness
B. To build relationships
C. To facilitate distribution
D. To enhance customer service
Question 15
In a sole trade business, the owner's capital is ₦250,000. If the business generates a profit of ₦120,000, what is the owner's new capital?
A. ₦370,000
B. ₦350,000
C. ₦380,000
D. ₦360,000

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