POST UTME WELLSPRING UNIVERSITY 2023 Commerce | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's insurance policy covers losses due to fire, theft, and natural disasters. If a company experiences a loss of ₦200 million due to a fire, what is the maximum amount that the insurance company will pay?
Question 2
A firm specializes in producing a single product, which is a type of commodity. The firm's production function is given by Q = 100L^0.5, where Q is the quantity produced and L is the labor input. If the firm wants to produce 400 units of the commodity, how many units of labor are required?
Question 3
A sole trader has a business income of ₦500,000 and a business expense of ₦200,000. If the sole trader wants to save 20% of the business income, how much will be saved?
Question 4
A company has a warehouse with a capacity of 1000 units. If 75% of the warehouse is occupied, and the company wants to increase the capacity by 20%, what is the new capacity?
Question 5
A warehouse manager is responsible for ensuring that inventory levels are accurate and up-to-date. If a warehouse has a total inventory value of ₦500 million and a shrinkage rate of 2%, what is the total value of inventory lost due to shrinkage?
Question 6
A firm's cost function is given by C = 2L + 3H, where C is cost, L is labor, and H is capital. If the firm wants to minimize cost while producing 100 units of output, and labor is fixed at 20 units, how much capital should it use?
Question 7
A company has two production plants, A and B. Plant A produces 100 units of a product per hour, while plant B produces 150 units per hour. If the company wants to produce a total of 500 units per hour, how many hours will it take to produce this quantity?
Question 8
A consumer's indifference curve is given by U = 2x + 3y, where U is utility, x is quantity of good X, and y is quantity of good Y. If the consumer's budget constraint is 2x + 3y = 12, and the price of good X is ₦2 per unit, how much of good Y should the consumer buy?
Question 9
A firm's production function is given by Q = 2L^0.5H^0.5, where Q is output, L is labor, and H is capital. If the firm wants to increase output by 20% while keeping labor constant at 16 units, how much should it increase capital?
Question 10
A firm's revenue is maximized when the price elasticity of demand is
Question 11
A company's marketing strategy involves a 20% discount on all products for the first 100 customers. If the original price of a product is ₦500, how much will a customer pay for the product if they are the 101st customer?
Question 12
A firm's cost of production can be minimized when the price elasticity of supply is
Question 13
A consumer protection agency is investigating a complaint about a company's unfair business practices. The agency discovers that the company has been engaging in price-fixing, which is a violation of the Consumer Protection Act. What is the likely outcome of this investigation?
Question 14
A firm's production function is given by Q = 100L^0.5, where Q is the quantity produced and L is the labor input. If the firm wants to produce 400 units of the commodity, how many units of labor are required?
Question 15
A firm imports goods worth ₦1,500,000. If the government imposes a 10% duty on the imported goods, what is the amount of duty paid?
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