POST UTME SUMMIT UNIVERSITY 2021 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
The following diagram shows a production process. What is the primary function of the machine labeled 'B'?
A. Cutting
B. Mixing
C. Packaging
D. Quality Control
Question 2
A consumer purchases a product with a price of ₦500 and a discount of 10%. What is the amount of the discount?
A. ₦50
B. ₦100
C. ₦200
D. ₦250
Question 3
A company uses the following transportation costs: 10 per unit for transportation by truck and 20 per unit for transportation by air. If the company has 1,000 units to transport and the cost of transportation by air is 20% higher than by truck, what is the minimum cost of transportation?
A. 10,000
B. 12,000
C. 14,000
D. 16,000
Question 4
The following diagram shows a production process. What is the primary function of the machine labeled 'A'?
A. Cutting
B. Mixing
C. Packaging
D. Quality Control
Question 5
A firm's warehousing and stock control system involves a just-in-time (JIT) inventory management policy. What is the primary advantage of this policy?
A. Reduced inventory costs
B. Improved inventory turnover
C. Increased storage capacity
D. Enhanced customer satisfaction
Question 6
The following table shows the sales data for a company. What is the total revenue for the year?
A. ₦1,500,000
B. ₦2,000,000
C. ₦2,500,000
D. ₦3,000,000
Question 7
A company's sole trader has a warehouse with a capacity of 10,000 units. If the company's average daily sales are 200 units, and the warehouse is currently 70% full, what is the total value of the stock in the warehouse?
A. ₦1,500,000
B. ₦1,800,000
C. ₦2,100,000
D. ₦2,400,000
Question 8
A firm's production function is given by Q = 2L + 3K. If the firm's labor and capital inputs are 4 and 5 respectively, what is the total output?
A. 20
B. 25
C. 30
D. 35
Question 9
A consumer's indifference curve is given by the equation U = 2x + 3y. If the consumer's income is ₦100 and the prices of x and y are ₦5 and ₦10 respectively, what is the consumer's optimal bundle?
A. (10, 5)
B. (15, 3)
C. (20, 2)
D. (25, 1)
Question 10
A bank's interest rate is 12% per annum. If a customer deposits ₦10,000 for 2 years, how much interest will the customer earn?
A. ₦2,400
B. ₦2,800
C. ₦3,200
D. ₦3,600
Question 11
A company is considering two different marketing strategies: Strategy A and Strategy B. Strategy A involves a one-time advertising campaign with a cost of ₦300,000, while Strategy B involves a monthly advertising campaign with a cost of ₦30,000 per month for 12 months. Which strategy is more cost-effective?
A. Strategy A is more cost-effective.
B. Strategy B is more cost-effective.
C. Both strategies are equally cost-effective.
D. Neither strategy is cost-effective.
Question 12
In a perfectly competitive market, the law of diminishing marginal utility implies that the marginal utility of the last unit of a good consumed is always greater than the marginal utility of the first unit consumed. What is the correct statement regarding the law of diminishing marginal utility?
A. The law of diminishing marginal utility states that the marginal utility of the last unit of a good consumed is always greater than the marginal utility of the first unit consumed.
B. The law of diminishing marginal utility states that the marginal utility of the last unit of a good consumed is always less than the marginal utility of the first unit consumed.
C. The law of diminishing marginal utility states that the marginal utility of the last unit of a good consumed is always equal to the marginal utility of the first unit consumed.
D. The law of diminishing marginal utility states that the marginal utility of the last unit of a good consumed is always greater than or equal to the marginal utility of the first unit consumed.
Question 13
A firm's revenue function is given by R(x) = 3x^2 - 2x + 1, where x is the number of units sold. If the firm sells 6 units, what is the revenue?
A. ₦41
B. ₦43
C. ₦45
D. ₦47
Question 14
A firm's profit function is given by P(x) = 2x^2 + 5x - 3, where x is the number of units produced. If the firm produces 15 units, what is the profit?
A. 83
B. 93
C. 103
D. 113
Question 15
A firm's cost function is given by C(x) = 2x^2 + 5x - 3, where x is the number of units produced. If the firm produces 4 units, what is the cost?
A. ₦23
B. ₦25
C. ₦27
D. ₦29

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