POST UTME UI 2022 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm's cost function is given by C = 2L + 3K. If the firm wants to minimize its costs while producing 100 units of output, what is the optimal combination of labor and capital?
A. L = 20, K = 30
B. L = 30, K = 20
C. L = 40, K = 10
D. L = 10, K = 40
Question 2
A company's warehousing and stock control system involves the use of radio frequency identification (RFID) tags to track inventory levels. What is the primary benefit of this approach?
A. Improved inventory accuracy
B. Enhanced supply chain visibility
C. Reduced stockouts and overstocking
D. Increased storage capacity
Question 3
A company's marketing strategy involves a mix of advertising, sales promotion, and public relations. Which of the following is a key benefit of using public relations in a marketing mix?
A. Building brand awareness
B. Generating leads
C. Establishing credibility
D. Increasing sales
Question 4
In a perfectly competitive market, the supply curve is horizontal and the demand curve is downward-sloping. What is the effect of an increase in the price of a complementary good on the demand curve for the good in question?
A. The demand curve shifts to the left.
B. The demand curve shifts to the right.
C. The demand curve remains unchanged.
D. The demand curve shifts downward.
Question 5
A company has a debt of ₦1,500,000 and an equity of ₦2,000,000. What is the company's total capital?
A. ₦3,500,000
B. ₦3,000,000
C. ₦3,500,000
D. ₦3,000,000
Question 6
A consumer has a budget of ₦1000 and is considering buying two goods, A and B. The price of good A is ₦200 and the price of good B is ₦300. If the consumer spends all of their budget on the two goods, what is the maximum amount that can be spent on good B?
A. ₦600
B. ₦700
C. ₦800
D. ₦900
Question 7
A bank's financial institution strategy involves offering a range of financial products to customers. Which of the following is an example of a financial product?
A. Loans
B. Credit cards
C. Investment services
D. Insurance policies
Question 8
A marketing strategy involves the creation of a new product to target a specific customer segment. What is the primary benefit of this approach?
A. Increased market share
B. Improved brand recognition
C. Enhanced customer loyalty
D. Reduced competition
Question 9
A sole trader has a business income of ₦500,000 and a personal income of ₦200,000. What is the total income of the sole trader?
A. ₦700,000
B. ₦500,000
C. ₦600,000
D. ₦800,000
Question 10
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm wants to increase its output by 20% while keeping the labor input constant, what percentage increase in capital input is required?
A. 10%
B. 15%
C. 20%
D. 25%
Question 11
A firm has a cost function C = 100 + 2L + 3K, where C is the total cost, L is labor, and K is capital. If the price of labor is 10 per hour and the price of capital is 20 per unit, and if the firm wants to minimize its cost, what is the optimal level of labor?
A. 5
B. 10
C. 15
D. 20
Question 12
A company's home trade strategy involves exporting goods to other countries. Which of the following is an example of a home trade strategy?
A. Importing goods from other countries
B. Exporting goods to other countries
C. Investing in foreign markets
D. Participating in international trade fairs
Question 13
A company has a revenue function R = 100Q - 2Q^2, where R is the total revenue and Q is the quantity of output. If the company wants to maximize its revenue, what is the optimal level of output?
A. 10
B. 20
C. 30
D. 40
Question 14
A company's warehousing and stock control system involves the use of barcodes to track inventory levels. What is the primary benefit of this approach?
A. Improved inventory accuracy
B. Enhanced supply chain visibility
C. Reduced stockouts and overstocking
D. Increased storage capacity
Question 15
A company is considering exporting its products to a foreign market. Which of the following is a key advantage of exporting?
A. Increased market share
B. Improved brand awareness
C. Reduced production costs
D. Increased revenue

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