POST UTME UNILAG 2017 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A firm's production function is given by the equation 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 capital input is 25 units, what is the required labor input?
A. 16
B. 20
C. 25
D. 30
Question 2
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. What is the opportunity cost of producing a good?
A. The value of the good in terms of other goods that could be produced with the same resources
B. The cost of producing the good in terms of labor and capital
C. The price of the good in the market
D. The quantity of the good produced
Question 3
The diagram below represents a
A. titration setup
B. distillation setup
C. chromatography setup
D. crystallization setup
Question 4
A company's production process involves the following steps: raw material extraction, processing, and packaging. If the company's production process is described as a flowchart, which of the following best describes the type of flowchart used?
A. Process Flowchart
B. Network Diagram
C. Gantt Chart
D. Bar Chart
Question 5
The concept of 'marginal analysis' is most relevant in the context of
A. perfect competition
B. monopoly
C. monopolistic competition
D. oligopoly
Question 6
A company has a warehouse with a capacity of 10,000 units. It receives an order for 8,000 units. If the warehouse is currently 70% full, what is the new percentage of capacity after fulfilling the order?
A. 60%
B. 65%
C. 70%
D. 75%
Question 7
A company is considering exporting its products to a foreign market. What are the advantages of exporting?
A. Increased revenue, reduced competition, and improved brand image
B. Increased revenue, reduced competition, and improved market share
C. Increased revenue, reduced competition, and improved brand reputation
D. Increased revenue, reduced competition, and improved market position
Question 8
A consumer's right to a refund or replacement is most likely to be protected by which of the following laws?
A. The Consumer Protection Act
B. The Sales of Goods Act
C. The Hire Purchase Act
D. The Consumer Credit Act
Question 9
A consumer's decision to purchase a product is most likely to be influenced by which of the following factors?
A. The product's price
B. The product's quality
C. The product's brand image
D. The product's packaging
Question 10
A firm's marketing mix involves a product that is differentiated from its competitors through a unique feature. Which of the following best describes this feature?
A. Price
B. Place
C. Promotion
D. Product
Question 11
A bank has a credit risk of 5% and a liquidity risk of 3%. What is the overall risk of the bank?
A. 8%
B. 7%
C. 6%
D. 5%
Question 12
A firm's production process involves the use of a machine that can produce 100 units of a product per hour. If the machine operates for 8 hours a day, how many units of the product will be produced in a day?
A. 800
B. 1000
C. 1200
D. 1600
Question 13
A company is considering implementing a total quality management (TQM) system. What are the potential benefits and drawbacks of this decision?
A. Benefits: improved quality, increased customer satisfaction; Drawbacks: higher costs, potential cultural differences
B. Benefits: improved efficiency, reduced waste; Drawbacks: higher transportation costs, potential quality issues
C. Benefits: increased flexibility, improved innovation; Drawbacks: higher costs, potential quality issues
D. Benefits: improved supply chain management, reduced risk; Drawbacks: loss of control, potential quality issues
Question 14
A consumer protection agency is investigating a complaint about a company's advertising practices. The company claims that its advertisements are truthful and not misleading. However, the agency discovers that the company has been using a technique called 'puffery' to make its products appear more attractive than they actually are. What is the legal consequence of the company's actions?
A. The company is liable for damages and must pay a fine
B. The company is not liable for damages, but must stop using puffery in its advertisements
C. The company is liable for damages, but only if the consumer can prove that they were misled
D. The company is not liable for damages, as puffery is a legitimate marketing technique
Question 15
The diagram below represents a
A. supply and demand curve
B. cost and revenue curve
C. production possibility frontier
D. consumption possibility frontier

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