POST UTME UNIOSUN 2022 Commerce | Objective

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Question 1
In a perfectly competitive market, the demand curve for a firm's product is its
Correct A. marginal revenue curve
B. marginal cost curve
C. average revenue curve
D. average cost curve

Correct Answer: A

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Question 2
A firm's revenue function is given by R(x) = 100x - 2x^2. If the firm's marginal revenue function is MR(x) = 100 - 4x, find the value of x that maximizes revenue.
A. 50
B. 75
Correct C. 100
D. 125

Correct Answer: C

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Question 3
A company transports goods from Lagos to Abuja using a combination of road and rail. The cost of transporting 1 ton of goods by road is ₦1500, while the cost of transporting 1 ton of goods by rail is ₦1200. If the company transports 500 tons of goods, what is the total cost of transportation?
A. ₦600,000
Correct B. ₦750,000
C. ₦900,000
D. ₦1,050,000

Correct Answer: B

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Question 4
A bank offers a 5-year fixed deposit account with an interest rate of 10% per annum compounded annually. If a customer deposits ₦100,000, how much will the customer receive at the end of the 5-year period?
Correct A. ₦163,922.38
B. ₦164,922.38
C. ₦165,922.38
D. ₦166,922.38

Correct Answer: A

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Question 5
A firm has the following inventory levels: raw materials (₦50,000), work-in-progress (₦30,000), and finished goods (₦20,000). What is the total value of the firm's inventory?
A. ₦100,000
B. ₦100,500
Correct C. ₦101,000
D. ₦101,500

Correct Answer: C

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Question 6
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
Correct D. move in the opposite direction of the price change

Correct Answer: D

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Question 7
A company's production function is given by Q = 2L^0.5K^0.5. If the company wants to increase its output by 20% while keeping the capital stock constant, what percentage increase in labor is required?
A. 10%
Correct B. 15%
C. 20%
D. 25%

Correct Answer: B

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Question 8
A firm's demand function is given by Q = 100 - 2P. If the firm's production cost is C(P) = 50 + 2P, what is the profit-maximizing price?
A. 20
Correct B. 30
C. 40
D. 50

Correct Answer: B

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Question 9
A consumer's budget constraint is given by 2X + 3Y = 12. If the consumer's indifference curve is given by U = X^0.5Y^0.5, what is the consumer's optimal bundle?
A. (2, 2)
Correct B. (3, 1.5)
C. (4, 1)
D. (5, 0.5)

Correct Answer: B

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Question 10
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm wants to increase its output by 20% while keeping the capital stock constant, what percentage increase in labor is required?
A. 10%
Correct B. 15%
C. 20%
D. 25%

Correct Answer: B

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Question 11
The concept of 'Gresham's Law' in international trade suggests that:
Correct A. Bad money drives out good money
B. Good money drives out bad money
C. Trade deficits lead to economic growth
D. Trade surpluses lead to economic growth

Correct Answer: A

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Question 12
A company's marketing strategy involves creating a new product line to target a specific demographic. This is an example of:
A. Market segmentation
Correct B. Product differentiation
C. Market targeting
D. Positioning

Correct Answer: B

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Question 13
A bank's reserve requirement is 10%. If the bank has ₦100,000 in deposits, how much must it keep in reserve?
Correct A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000

Correct Answer: A

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Question 14
A consumer protection law requires that all products sold in a country must meet certain safety standards. This is an example of:
A. Product liability
Correct B. Consumer protection
C. Safety standards
D. Regulatory compliance

Correct Answer: B

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Question 15
A company's financial statements show a net income of ₦500,000, but the company has a cash flow deficit of ₦200,000. What does this indicate?
Correct A. The company is profitable but has poor cash management
B. The company is not profitable and has poor cash management
C. The company is profitable and has good cash management
D. The company is not profitable and has good cash management

Correct Answer: A

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Question 16
A company specializes in producing and selling a unique brand of chocolates. The production process involves mixing cocoa powder, sugar, and milk to create a smooth paste. The company uses a just-in-time inventory system to manage its stock levels. What is the primary advantage of using a just-in-time inventory system?
A. Reduced storage costs
B. Improved product quality
Correct C. Increased production efficiency
D. Enhanced customer satisfaction

Correct Answer: C

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Question 17
A firm is considering expanding its operations to a new market. The market research indicates that the demand for the firm's product is highly seasonal, with peak demand during the holiday season. What type of inventory management strategy would be most appropriate for this firm?
A. Just-in-time inventory system
B. Economic order quantity (EOQ) model
Correct C. Safety stock approach
D. Periodic review system

Correct Answer: C

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Question 18
A company is planning to transport a large quantity of goods from a warehouse to a distribution center. The transportation costs are estimated to be ₦50,000 per kilometer. If the distance between the warehouse and the distribution center is 200 kilometers, what is the total transportation cost?
A. ₦10,000,000
B. ₦5,000,000
Correct C. ₦7,500,000
D. ₦12,500,000

Correct Answer: C

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Question 19
A firm is considering outsourcing its logistics operations to a third-party logistics provider. The firm's current logistics costs are ₦1,500,000 per month. The third-party logistics provider has quoted a price of ₦1,200,000 per month. What is the potential cost savings for the firm?
Correct A. ₦300,000
B. ₦200,000
C. ₦500,000
D. ₦1,000,000

Correct Answer: A

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Question 20
A company is planning to implement a new inventory management system. The system will use radio-frequency identification (RFID) tags to track inventory levels. What is the primary advantage of using RFID tags?
Correct A. Improved accuracy
B. Increased efficiency
C. Enhanced security
D. Reduced costs

Correct Answer: A

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Question 21
A firm is considering entering into a contract with a supplier. The contract specifies that the supplier will deliver goods within 30 days of receipt of the purchase order. What type of contract is this?
A. Fixed-price contract
B. Cost-plus contract
C. Time-and-materials contract
Correct D. Firm-fixed-price contract

Correct Answer: D

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Question 22
A company is planning to expand its operations to a new market. The company has identified a potential supplier who can provide the necessary goods at a competitive price. What is the primary advantage of working with a new supplier?
A. Improved quality
B. Increased efficiency
C. Enhanced security
Correct D. Reduced costs

Correct Answer: D

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Question 23
A firm is considering implementing a new production planning system. The system will use a combination of machine learning algorithms and data analytics to optimize production processes. What is the primary advantage of using machine learning algorithms?
A. Improved accuracy
Correct B. Increased efficiency
C. Enhanced security
D. Reduced costs

Correct Answer: B

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Question 24
A company is planning to launch a new product. The company has identified a potential market for the product, but the market is highly competitive. What is the primary strategy that the company should use to differentiate its product?
Correct A. Product differentiation
B. Price differentiation
C. Service differentiation
D. Promotion differentiation

Correct Answer: A

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Question 25
The Central Bank of Nigeria (CBN) has introduced a new policy to regulate the foreign exchange market. Which of the following is a consequence of this policy?
A. Increased demand for foreign exchange
B. Decreased supply of foreign exchange
Correct C. Increased volatility in the foreign exchange market
D. Decreased inflation rate

Correct Answer: C

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