POST UTME UNIOSUN 2019 Commerce | Objective

Practice these randomly selected questions to test your readiness.

Question 1
In a perfectly competitive market, the supply curve is horizontal and the demand curve is downward-sloping. What is the equilibrium price and quantity in this market?
A. ₦100, 100 units
B. ₦50, 200 units
C. ₦200, 50 units
D. ₦150, 150 units
Question 2
A consumer has a utility function of U = 2x + 3y, where x is the quantity of good A and y is the quantity of good B. If the consumer's income is ₦1000 and the prices of the goods are ₦200 and ₦300 respectively, what is the consumer's optimal bundle of goods?
A. 1 unit of A, 2 units of B
B. 2 units of A, 1 unit of B
C. 3 units of A, 0 units of B
D. 0 units of A, 3 units of B
Question 3
A firm has a marginal revenue function MR = 100 - 2Q, where Q is the quantity sold. If the firm wants to maximize its revenue, what is the optimal quantity to produce?
A. 20 units
B. 25 units
C. 30 units
D. 35 units
Question 4
A consumer purchases a product online and receives a defective item. What is the consumer's right under the Consumer Protection Act?
A. The right to a refund
B. The right to a replacement
C. The right to compensation
D. The right to sue the seller
Question 5
A company has a share capital of ₦1,000,000, divided into 100,000 ordinary shares of ₦10 each. If the company issues 20,000 shares at a premium of ₦5 per share, what is the total amount received?
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 6
A firm's competitive advantage is the ability to produce a product or service at a lower cost than its competitors. Which of the following is a characteristic of a firm's competitive advantage?
A. A firm's competitive advantage is the ability to produce a product or service at a lower cost than its competitors
B. A firm's competitive advantage is the ability to produce a product or service at a higher cost than its competitors
C. A firm's competitive advantage is the ability to produce a product or service at the same cost as its competitors
D. A firm's competitive advantage is the ability to produce a product or service at a higher quality than its competitors
Question 7
A company has a market share of 20% in a particular industry. If the industry's total sales are ₦100 million, what is the company's revenue?
A. ₦20 million
B. ₦25 million
C. ₦30 million
D. ₦35 million
Question 8
The concept of 'caveat emptor' in consumer protection law implies that the buyer should be aware of the product's characteristics before making a purchase. Which of the following is a correct example of a product that would be subject to the caveat emptor principle?
A. A used car
B. A new smartphone
C. A pair of shoes
D. A service contract
Question 9
A firm's break-even point is the point at which its total revenue equals its total fixed costs. Which of the following is a characteristic of the break-even point?
A. The break-even point occurs when the firm's total revenue exceeds its total fixed costs
B. The break-even point occurs when the firm's total revenue equals its total fixed costs
C. The break-even point occurs when the firm's total revenue is less than its total fixed costs
D. The break-even point occurs when the firm's total revenue is equal to its total variable costs
Question 10
A firm is considering two production methods for a new product. Method A requires an initial investment of ₦1.5 million and produces 10,000 units per month. Method B requires an initial investment of ₦2 million and produces 15,000 units per month. If the selling price of the product is ₦500 per unit, what is the break-even point for each method?
A. Method A: 5,000 units, Method B: 10,000 units
B. Method A: 10,000 units, Method B: 5,000 units
C. Method A: 15,000 units, Method B: 20,000 units
D. Method A: 20,000 units, Method B: 15,000 units
Question 11
A firm has a production function Q = 2L^0.5K^0.5, where Q is the quantity produced, L is the number of labor hours, and K is the amount of capital. If the firm wants to produce 100 units of output, how many labor hours are required?
A. 10 hours
B. 20 hours
C. 30 hours
D. 40 hours
Question 12
A warehouse manager wants to store 500 boxes of goods in a warehouse with a capacity of 2000 boxes. What is the storage efficiency of the warehouse?
A. 25%
B. 50%
C. 75%
D. 100%
Question 13
A company's production process involves the following steps: raw material procurement, manufacturing, quality control, and packaging. Which of the following is NOT a characteristic of a production process?
A. Standardization
B. Specialization
C. Mass Production
D. Flexibility
Question 14
A consumer purchases a product with a recommended retail price (RRP) of ₦5,000. If the consumer is offered a 10% discount, what is the amount the consumer pays?
A. ₦4,000
B. ₦4,500
C. ₦5,000
D. ₦5,500
Question 15
A company uses the just-in-time (JIT) production system. What is the main advantage of this system?
A. Reduced inventory costs
B. Improved product quality
C. Increased production capacity
D. Reduced production time

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub: