POST UTME UNIOSUN 2021 Commerce | Objective

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Question 1
A firm's production function is given by Q = 2L^0.5 + 3K^0.5, where Q is the quantity produced, L is labor, and K is capital. If the firm increases its capital input from 9 to 16, what is the percentage change in output?
A. 10%
B. 20%
C. 30%
D. 40%
Question 2
A company has a warehouse with a capacity of 10,000 units. The company receives an order for 5,000 units and immediately places an order for 8,000 units from a supplier. If the supplier takes 3 days to deliver the goods, what is the probability that the warehouse will be empty before the supplier delivers the goods?
A. 0.5
B. 0.6
C. 0.7
D. 0.8
Question 3
A company's business law requires it to comply with the Consumer Protection Act. Which of the following is a provision of the Act?
A. Prohibition of unfair trade practices
B. Protection of consumer rights
C. Regulation of consumer credit
D. Establishment of consumer tribunals
Question 4
In a perfectly competitive market, the law of supply states that as the price of a commodity increases, the quantity supplied will
A. increase
B. decrease
C. remain constant
D. shift to the left
Question 5
A bank has a savings account with an interest rate of 5% per annum. If the account has a principal amount of ₦10,000 and the interest is compounded annually, what is the amount in the account after 2 years?
A. ₦10,510.25
B. ₦10,520.25
C. ₦10,530.25
D. ₦10,540.25
Question 6
A consumer protection agency is responsible for enforcing laws that protect consumers from unfair business practices. What is the main function of a consumer protection agency?
A. To regulate businesses
B. To protect consumers from unfair business practices
C. To promote competition
D. To provide consumer education
Question 7
A company is considering exporting its products to a foreign market. Which of the following is a key consideration in evaluating the potential risks and opportunities of international trade?
A. The company's current market share
B. The target market's economic conditions
C. The potential return on investment (ROI)
D. The company's brand reputation
Question 8
A firm's demand for labor is given by the following equation: L = 100 - 2P, where L is labor and P is the wage rate. If the wage rate increases by 10%, what is the percentage change in labor demand?
A. -10%
B. -20%
C. -30%
D. -40%
Question 9
A business owner purchases an insurance policy to protect against losses due to fire. Which of the following is a type of risk management?
A. Diversification
B. Hedging
C. Insurance
D. Speculation
Question 10
A company is considering exporting its products to a foreign market. Which of the following is a key consideration in evaluating the potential risks and opportunities of international trade?
A. The company's current market share
B. The target market's economic conditions
C. The potential return on investment (ROI)
D. The company's brand reputation
Question 11
A company is considering implementing a new marketing strategy. Which of the following is a key consideration in evaluating the potential effectiveness of the strategy?
A. The company's current market share
B. The target audience's demographics
C. The potential return on investment (ROI)
D. The company's brand reputation
Question 12
The primary goal of marketing is to
A. create awareness of a product
B. build customer relationships
C. increase sales revenue
D. reduce production costs
Question 13
A sole trader is a business owned by one person, who is responsible for all the profits and losses. What is the main advantage of being a sole trader?
A. Flexibility and autonomy
B. Limited liability
C. Easy to set up
D. Low startup costs
Question 14
A company is considering two marketing strategies: a mass marketing approach or a targeted marketing approach. If the company chooses the mass marketing approach, the cost will be ₦1,500,000 and the expected return will be ₦2,500,000. If the company chooses the targeted marketing approach, the cost will be ₦800,000 and the expected return will be ₦1,800,000. Which marketing strategy should the company choose?
A. Mass marketing approach
B. Targeted marketing approach
C. Both marketing approaches are equally effective
D. Neither marketing approach is effective
Question 15
A company is considering implementing a new advertising strategy. Which of the following is a key consideration in evaluating the potential effectiveness of the strategy?
A. The company's current market share
B. The target audience's demographics
C. The potential return on investment (ROI)
D. The company's brand reputation

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