Practice post utme uniosun commerce 2025 Past Questions

Question 1

In a perfectly competitive market, the demand curve for a firm's product is its?

A. Supply Curve

Correct B. Demand Curve

C. Marginal Revenue Curve

D. Marginal Cost Curve

Correct Answer: B

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Question 2

A company's break-even point is the point at which its?

A. Total Revenue equals Total Fixed Costs

B. Total Revenue equals Total Variable Costs

Correct C. Total Revenue equals Total Fixed Costs plus Total Variable Costs

D. Total Revenue equals Total Variable Costs minus Total Fixed Costs

Correct Answer: C

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Question 3

A sole trader's business is considered to be a?

A. Partnership

B. Company

Correct C. Sole Trade

D. Cooperative

Correct Answer: C

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Question 4

A company's marketing mix consists of?

Correct A. Product, Price, Place, Promotion

B. Product, Price, Place, People

C. Product, Price, Promotion, Place

D. Product, Price, People, Place

Correct Answer: A

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Question 5

A foreign trade agreement between two countries involves the exchange of?

Correct A. Goods and Services

B. Money and Goods

C. Services and Money

D. Goods and Money

Correct Answer: A

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Question 6

In the context of consumer protection, what is the primary purpose of the Consumer Protection Act of 1999?

Correct A. To regulate business practices and protect consumers from unfair trade practices

B. To provide a framework for consumer education and awareness

C. To establish a consumer protection agency to handle complaints and disputes

D. To promote competition and fair trade practices in the market

Correct Answer: A

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Question 7

A company produces 500 units of a product per day. If the production cost is ₦200 per unit and the selling price is ₦300 per unit, what is the profit per unit?

A. ₦50

Correct B. ₦100

C. ₦150

D. ₦200

Correct Answer: B

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Question 8

A firm produces two products, A and B. The production cost of product A is ₦100 per unit, and the production cost of product B is ₦150 per unit. If the firm produces 200 units of product A and 300 units of product B, what is the total production cost?

A. ₦45,000

B. ₦60,000

Correct C. ₦75,000

D. ₦90,000

Correct Answer: C

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Question 9

A company uses the following data to calculate its marketing mix: Product: ₦100,000; Price: ₦150,000; Place: ₦200,000; Promotion: ₦250,000. What is the total marketing budget?

A. ₦700,000

B. ₦800,000

C. ₦900,000

Correct D. ₦1,000,000

Correct Answer: D

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Question 10

A firm uses the following data to calculate its production costs: Labor: ₦50,000; Materials: ₦75,000; Overheads: ₦100,000. What is the total production cost?

A. ₦225,000

B. ₦250,000

Correct C. ₦275,000

D. ₦300,000

Correct Answer: C

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Question 11

A sole trader's business is considered a separate legal entity from its owner. Which of the following is a characteristic of a sole trader's business?

Correct A. The business is owned by one person.

B. The business is owned by multiple people.

C. The business is a partnership.

D. The business is a company.

Correct Answer: A

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Question 12

A company's memorandum of association is a document that outlines the company's

Correct A. objects and powers.

B. share capital and dividend policy.

C. management structure and organizational chart.

D. financial statements and accounting policies.

Correct Answer: A

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Question 13

A producer's production function is a graphical representation of the relationship between the quantity of inputs and the quantity of

Correct A. outputs.

B. inputs.

C. prices.

D. profits.

Correct Answer: A

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Question 14

A firm's production function is characterized by the law of

Correct A. diminishing returns.

B. increasing returns.

C. constant returns.

D. decreasing returns.

Correct Answer: A

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Question 15

A firm's production function is characterized by the law of

Correct A. diminishing returns.

B. increasing returns.

C. constant returns.

D. decreasing returns.

Correct Answer: A

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Question 16

A company's production function is given by Q = 100L^0.5K^0.5, where Q is the quantity produced, L is the labor input, and K is the capital input. If the company increases its labor input from 100 to 121 units and its capital input from 100 to 121 units, by how many percentage points will its quantity produced increase?

A. 10%

Correct B. 20%

C. 30%

D. 40%

Correct Answer: B

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Question 17

A bank's balance sheet is given by Assets = Liabilities + Equity. If the bank's assets increase by 10% and its liabilities increase by 5%, what is the percentage increase in its equity?

A. 2.5%

B. 5%

Correct C. 7.5%

D. 10%

Correct Answer: C

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Question 18

A sole trader's business is given by the equation R = 2000 + 50Q - 0.5Q^2, where R is the revenue and Q is the quantity sold. If the sole trader sells 100 units, what is the revenue?

A. ₦250,000

B. ₦275,000

Correct C. ₦300,000

D. ₦325,000

Correct Answer: C

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Question 19

A company's production function is given by Q = 100L^0.5K^0.5, where Q is the quantity produced, L is the labor input, and K is the capital input. If the company increases its labor input from 100 to 121 units and its capital input from 100 to 121 units, what is the new quantity produced?

A. 121

B. 144

Correct C. 169

D. 196

Correct Answer: C

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Question 20

A bank's balance sheet is given by Assets = Liabilities + Equity. If the bank's assets increase by 10% and its liabilities increase by 5%, what is the new balance sheet equation?

A. Assets = 1.1Liabilities + 1.05Equity

Correct B. Assets = 1.05Liabilities + 1.1Equity

C. Assets = 1.1Liabilities + 1.1Equity

D. Assets = 1.05Liabilities + 1.05Equity

Correct Answer: B

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Question 21

In a perfectly competitive market, the supply curve is upward-sloping because

Correct A. Firms are willing to supply more at higher prices

B. Firms are willing to supply less at lower prices

C. Firms are willing to supply more at lower prices

D. Firms are willing to supply less at higher prices

Correct Answer: A

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Question 22

The following diagram shows a firm's marginal revenue and marginal cost curves. If the firm is currently producing at the point where MR = MC, what is the firm's profit-maximizing output?

A. Q1

Correct B. Q2

C. Q3

D. Q4

Correct Answer: B

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Question 23

A company's production function is given by Q = 2L^2 + 5L + 10, where Q is the quantity produced and L is the number of labor hours. If the company wants to produce 30 units of output, how many labor hours will it need?

A. 10

B. 20

Correct C. 30

D. 40

Correct Answer: C

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Question 24

A firm's demand function is given by P = 100 - 2Q, where P is the price and Q is the quantity demanded. If the firm wants to maximize its revenue, what price should it charge?

A. 50

Correct B. 60

C. 70

D. 80

Correct Answer: B

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Question 25

A company's cost function is given by C = 2L^2 + 5L + 10, where C is the total cost and L is the number of labor hours. If the company wants to minimize its cost, how many labor hours should it use?

A. 10

Correct B. 20

C. 30

D. 40

Correct Answer: B

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