POST UTME UNN 2020 Commerce | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A person invests ₦20,000 in a savings account with an annual interest rate of 8%. If the interest is compounded annually, what is the amount in the account after 2 years?
Question 2
A firm's revenue is calculated as the product of the price per unit and the quantity sold. If the price per unit is ₦100 and the quantity sold is 100 units, what is the total revenue?
Question 3
A firm's revenue function is given by R = 100Q - 2Q^2, where R is revenue and Q is output. If the firm wants to maximize its revenue, what level of output should it produce?
Question 4
A company's marketing strategy involves a mix of promotional tools to reach its target audience. Which of the following tools is most likely to be used in a business-to-business (B2B) marketing context?
Question 5
A sole trader's business is registered under which of the following?
Question 6
A company uses the following cost function: C = 200 + 5Q + 0.1Q^2. If the company produces 100 units of output, what is its total cost?
Question 7
A firm's production function is given by Q = 2L^(1/2)K^(1/2), where Q is output, L is labor and K is capital. If the firm wants to increase its output by 20% while keeping labor constant, what percentage increase in capital is required?
Question 8
A company is considering the introduction of a new product. The product's demand is expected to be highly seasonal, with peak demand during the summer months. The company's production costs are as follows: fixed costs of ₦1,500,000 per month, and variable costs of ₦500 per unit produced. The selling price of the product is ₦1,000 per unit. If the company wants to maximize its profits, what is the optimal production level for the summer months?
Question 9
A firm's production function is given by Q = 3L^0.5 * K^0.5, where Q is output, L is labor, and K is capital. If the firm increases labor from 9 units to 16 units, and capital from 16 units to 25 units, what is the new output?
Question 10
A firm's insurance broker is considering two different insurance policies to cover the firm's business risks. Policy A will cost ₦500,000 per annum and has a deductible of ₦100,000, while Policy B will cost ₦750,000 per annum and has a deductible of ₦50,000. If the firm's expected annual loss is ₦200,000, which policy should it choose?
Question 11
The main disadvantage of a sole trader is that it provides?
Question 12
The main advantage of a partnership is that it provides?
Question 13
The main disadvantage of a partnership is that it provides?
Question 14
A company's warehouse is currently storing 10,000 units of a product. The company wants to maintain a safety stock of 20% of the total inventory. If the company wants to minimize its holding costs, what is the optimal reorder point?
Question 15
A firm's production function is given by Q = 2L^0.5 * K^0.5, where Q is output, L is labor, and K is capital. If the firm increases labor from 4 units to 9 units, and capital from 9 units to 16 units, what is the percentage change in output?
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