POST UTME UI 2023 Commerce | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A consumer purchases a product with a defective component. Which of the following laws is most likely to protect the consumer's rights?
Question 2
A company is considering two different marketing strategies. Strategy A has a probability of success of 0.6 and a probability of failure of 0.4. Strategy B has a probability of success of 0.8 and a probability of failure of 0.2. If the company wants to maximize its expected return, which strategy should it choose?
Question 3
A firm's production function is given by Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the labor input, and K is the capital input. If the firm wants to produce 100 units of output, and the wage rate is ₦100 per hour, and the rental rate of capital is ₦200 per hour, how much should the firm pay its workers?
Question 4
A firm's marketing strategy involves a mix of advertising and sales promotions. Which of the following is a key benefit of using sales promotions in a marketing mix?
Question 5
A sole trader is a type of business organization that is owned and managed by one person. What is the main advantage of a sole trader compared to a partnership?
Question 6
A company's Memorandum of Association contains a clause that restricts the company's power to borrow money. What is the legal effect of this clause?
Question 7
The concept of comparative advantage in international trade is based on the idea that countries should specialize in producing goods for which they have a lower opportunity cost compared to other countries. Which of the following is a correct example of comparative advantage?
Question 8
A company has a marketing budget of ₦5,000,000 per annum. The company's marketing manager allocates ₦2,000,000 to advertising, ₦1,500,000 to sales promotion, and ₦1,000,000 to public relations. What is the percentage of the marketing budget allocated to advertising?
Question 9
A company is considering launching a new product line. The product's demand is expected to follow a linear trend. If the initial demand is 100 units and the rate of change is 5 units per year, what is the demand after 3 years?
Question 10
A firm is considering a new production process that will increase its output by 20% but will also increase its costs by 15%. If the firm's current profit is ₦5,000,000, what will be its expected profit after implementing the new process?
Question 11
A firm's cost function is given by C = 2L + 3K. If the firm's labor and capital inputs are 4 and 9 respectively, what is the firm's total cost?
Question 12
A consumer has a utility function given by U = 2x + 3y, where x and y are the quantities of two different goods. The prices of the two goods are ₦50 and ₦75 respectively. If the consumer has a budget of ₦1500, how much should the consumer spend on good x?
Question 13
A business owner is considering the purchase of insurance to protect against business risks. Which of the following types of insurance is most likely to provide the greatest protection?
Question 14
A company uses a just-in-time inventory system to manage its stock levels. What is the primary advantage of this system?
Question 15
In a sole trade business, what is the primary advantage of adopting a sole proprietorship structure?
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