POST UTME UNIBEN 2021 Commerce | Objective

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Question 1
A company's production function is given by Q = 2L^0.5K^0.5, where Q is output, L is labor, and K is capital. If labor increases by 20% and capital remains constant, what is the percentage change in output?
A. 10%
B. 20%
C. 30%
D. 40%
Question 2
A company's production function is given by Q = 2L^2 + 10L. Find the marginal product of labor.
A. ( MP_L = 4L + 10 )
B. ( MP_L = 2L + 5 )
C. ( MP_L = L^2 + 5L )
D. ( MP_L = 2L^2 + 5L )
Question 3
A foreign trade agreement between two countries involves the _______ of goods and services.
A. importation and exportation
B. exportation and importation
C. importation and domestication
D. exportation and domestication
Question 4
In a perfectly competitive market, the supply curve is upward-sloping because firms are willing to supply more of a good as its price increases. However, this is not the case in a monopoly market. Explain why the supply curve in a monopoly market is downward-sloping.
A. The firm's fixed costs are high, making it unprofitable to produce at low prices.
B. The firm's marginal cost is decreasing, making it profitable to produce at low prices.
C. The firm's demand curve is highly elastic, making it unprofitable to produce at low prices.
D. The firm's production costs are high, making it unprofitable to produce at low prices.
Question 5
A company's cost function is given by C(x) = 3x^2 + 20x. Find the marginal cost function.
A. ( C'(x) = 6x + 20 )
B. ( C'(x) = 3x + 10 )
C. ( C'(x) = x^2 + 10x )
D. ( C'(x) = 3x^2 + 10x )
Question 6
A company's production function is given by Q = 100L^0.5K^0.5, where Q is the quantity produced, L is the number of labor hours, and K is the capital invested. If the company wants to increase its production by 20% while keeping labor hours constant at 100, what percentage increase in capital investment is required?
A. 10%
B. 20%
C. 30%
D. 40%
Question 7
A firm's break-even point is the point at which its total revenue equals its
A. total fixed costs
B. total variable costs
C. total costs
D. net income
Question 8
A consumer is considering purchasing a product that has a price of ₦500. The consumer's budget constraint is such that they can only spend up to ₦1,000. Explain why the consumer may choose to purchase the product at the price of ₦500.
A. The consumer's income is high, allowing them to afford the product at the price of ₦500.
B. The consumer's budget constraint is such that they can only spend up to ₦1,000, making the product affordable.
C. The consumer's utility function is such that they derive a high level of satisfaction from purchasing the product at the price of ₦500.
D. The consumer's opportunity cost of purchasing the product is low, making it a good value for money.
Question 9
In a perfectly competitive market, the law of diminishing marginal utility implies that the demand curve for a firm's product is
A. inelastic
B. elastic
C. unit elastic
D. perfectly inelastic
Question 10
A company's financial statements include a balance sheet, income statement, and
A. cash flow statement
B. statement of changes in equity
C. statement of comprehensive income
D. statement of cash flows
Question 11
A firm's production process involves the following steps: raw materials → processing → packaging → shipping. If the firm wants to reduce the time taken for each step by 20%, what is the total time saved?
A. 20%
B. 30%
C. 40%
D. 50%
Question 12
A company's insurance policy has a deductible of ₦10,000 and a premium of ₦50,000 per year. If the company incurs a loss of ₦150,000, what is the company's net insurance cost?
A. ₦30,000
B. ₦40,000
C. ₦50,000
D. ₦60,000
Question 13
A company's production function is given by Q = 2L^0.5K^0.5, where Q is output, L is labor, and K is capital. If the company increases labor from 100 units to 121 units and capital from 100 units to 121 units, what is the percentage change in output?
A. 10%
B. 20%
C. 30%
D. 40%
Question 14
A company is considering two different marketing strategies: a push strategy and a pull strategy. Explain the key differences between these two strategies.
A. A push strategy involves promoting a product to intermediaries, while a pull strategy involves promoting a product to consumers.
B. A push strategy involves promoting a product to consumers, while a pull strategy involves promoting a product to intermediaries.
C. A push strategy involves using advertising to promote a product, while a pull strategy involves using sales promotions to promote a product.
D. A push strategy involves using sales promotions to promote a product, while a pull strategy involves using advertising to promote a product.
Question 15
A company's cost function is given by C = 100 + 2L + 3K, where C is the total cost, L is the number of labor hours, and K is the capital invested. If the company wants to reduce its total cost by 15% while keeping labor hours constant at 100, what percentage decrease in capital investment is required?
A. 10%
B. 15%
C. 20%
D. 25%

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