POST UTME UNIBEN 2022 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A consumer protection agency is responsible for enforcing the Consumer Protection Act. What is the name of this agency?
A. Federal Competition and Consumer Protection Commission
B. National Agency for Food and Drug Administration and Control
C. Nigerian Investment Promotion Commission
D. Federal Inland Revenue Service
Question 2
The concept of specialization in production is closely related to the idea of comparative advantage. Explain how specialization leads to increased efficiency in production, using the example of a country that specializes in producing textiles.
A. Specialization leads to increased efficiency in production because it allows countries to focus on producing goods for which they have a comparative advantage.
B. Specialization leads to increased efficiency in production because it allows countries to reduce their production costs.
C. Specialization leads to increased efficiency in production because it allows countries to increase their exports.
D. Specialization leads to increased efficiency in production because it allows countries to reduce their imports.
Question 3
A company produces two products, A and B, using two machines, M1 and M2. The production process for product A requires 2 hours on M1 and 3 hours on M2, while product B requires 3 hours on M1 and 2 hours on M2. If the company has 12 hours of machine time available on M1 and 15 hours available on M2, how many units of product A and product B can be produced?
A. 10 units of A and 15 units of B
B. 12 units of A and 10 units of B
C. 15 units of A and 12 units of B
D. 20 units of A and 5 units of B
Question 4
A bank has a reserve requirement of 10% and a cash reserve of ₦1,000,000. If the bank's total deposits are ₦10,000,000, what is the bank's excess reserve?
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 5
A company that uses a just-in-time inventory system to manage its stock levels is trying to minimize its _______ costs.
A. Fixed
B. Variable
C. Semi-variable
D. Opportunity
Question 6
A firm has a production function Q = 2L^0.5 + 3K^0.5. If the firm's labor and capital inputs are 4 and 9, respectively, what is the firm's marginal product of capital?
A. 1
B. 2
C. 3
D. 4
Question 7
A firm has a production function Q = 2L^0.5 + 3K^0.5. If the firm's labor and capital inputs are 4 and 9, respectively, what is the firm's total product?
A. 10
B. 12
C. 15
D. 18
Question 8
A consumer has a utility function U(X,Y) = 2X + 3Y. If the prices of X and Y are ₦200 and ₦300, respectively, and the consumer's income is ₦1,000, what is the consumer's optimal bundle of X and Y?
A. X = 2, Y = 1
B. X = 3, Y = 2
C. X = 4, Y = 3
D. X = 5, Y = 4
Question 9
A company has a policy of paying its employees a fixed salary of ₦50,000 per month, plus a bonus of 10% of their monthly sales. If the company's monthly sales are ₦1,000,000, what is the total amount paid to each employee?
A. ₦60,000
B. ₦62,500
C. ₦65,000
D. ₦67,500
Question 10
A sole trader is considering the formation of a partnership with another business owner. What is the primary advantage of forming a partnership?
A. Increased capital investment
B. Improved management skills
C. Enhanced reputation
D. Shared risk and responsibility
Question 11
A sole trader's business is registered under which of the following?
A. Partnership
B. Limited Liability Company
C. Sole Proprietorship
D. Cooperative Society
Question 12
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm wants to produce 16 units of output, and the price of labor is ₦100 per unit, and the price of capital is ₦200 per unit, what is the minimum cost of production?
A. ₦4000
B. ₦6000
C. ₦8000
D. ₦10000
Question 13
A consumer protection agency receives a complaint about a company's false advertising. The agency's investigation reveals that the company has made exaggerated claims about the product's features and benefits. What is the primary legal remedy available to the agency?
A. Injunction to stop the false advertising
B. Order to recall the product
C. Fine of ₦1 million
D. Compensation to affected consumers
Question 14
A bank has a reserve requirement of 10% and a cash reserve of ₦1,000,000. If the bank's total deposits are ₦10,000,000, what is the bank's required reserve?
A. ₦1,000,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 15
A company's revenue function is given by R(x) = 2x^2 + 10x + 5, where x is the number of units sold. If the company's marginal revenue function is given by MR(x) = 4x + 10, find the value of x that maximizes the company's revenue.
A. x = 1
B. x = 2
C. x = 3
D. x = 4

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