POST UTME WELLSPRING UNIVERSITY 2020 Commerce | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's supply chain involves transporting goods from a factory to a warehouse. This is an example of which of the following?
Question 2
In a perfectly competitive market, the law of diminishing marginal utility is most relevant to the production of which of the following goods?
Question 3
A firm's demand function is given by Q = 100 - 2P, where Q is the quantity demanded and P is the price. If the firm increases its price from ₦50 to ₦75, what is the percentage change in quantity demanded?
Question 4
A firm is considering two investment opportunities, A and B. Opportunity A has a 10% chance of generating ₦1,000,000 and a 90% chance of generating ₦0. What is the expected value of Opportunity A?
Question 5
A firm's production function is given by Q = 2L^0.5K^0.5. If the firm's current output is 16 units and the number of workers (L) is 4, how many units of capital (K) are required?
Question 6
A company's financial statements show that its total revenue is ₦1,500,000 and its total cost is ₦1,200,000. What is the company's profit?
Question 7
A consumer's indifference curve is given by U = 2x + 3y. If the consumer's budget constraint is given by 2x + 3y = 12, what is the consumer's optimal bundle?
Question 8
In a perfectly competitive market, the supply curve is downward sloping due to the law of increasing costs. However, this law is not applicable in a market with a single firm. What is the name of this market structure?
Question 9
A consumer's budget constraint is given by 2x + 3y = 12. If the consumer's income increases by 20% and the price of good x increases by 10%, what is the new budget constraint?
Question 10
A consumer has a budget of ₦1000 and faces the following prices: Good A = ₦200, Good B = ₦300, and Good C = ₦400. If the consumer allocates 40% of their budget to Good A, 30% to Good B, and 30% to Good C, what is the total quantity of each good purchased?
Question 11
A company's break-even point is at a sales volume of 5,000 units. If the selling price per unit is ₦100 and the variable cost per unit is ₦50, what is the company's contribution per unit?
Question 12
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 labor from 4 units to 9 units, and its capital from 9 units to 16 units, what is the percentage change in output?
Question 13
A consumer has a utility function given by U = 2x + 3y, where x and y are the quantities of two goods. If the consumer allocates 50% of their budget to Good A and 50% to Good B, and the prices of Good A and Good B are ₦200 and ₦300 respectively, what is the maximum utility the consumer can achieve?
Question 14
A sole trader, Mr. A, has a capital of ₦500,000. He also has a loan of ₦200,000 from a bank. What is his total capital?
Question 15
A firm's revenue function is given by R = 2pQ. If the price (p) is 10 units and the quantity sold (Q) is 5 units, what is the total revenue?
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