Multiple- choice and short-answer questions

1, Which of the following does not constitute a set?

A an aggregate of books in a library
B a collection of tools in a carpentry shop
C. a collection of historical artifacts in a museum
D. a collection of undefined items
E. a group of all vowels in the English alphabet
2 Which of the following sets is infinite?
A D= (all the days in a week}
B S=(all the ICAN students in a Tuition house)
C
T=(all the letters of alphabet}
D V= (all even numbers)

192

E. P= (r:1sxs7)
3 The following pieces of information were obtained from the records of candidates"
enrollment in Principle of Accounting (A) and Quantitative Aalysis (Q) for a
particular examination diet: n(A) = 120, n(An) =40 and n(AUO)= 240.
Calculate n(0)
A. 80
B, 160
C 200
280
400
4
Asurvey conducted on the types of bank accounts operated by staff of a particular
company revealed that 35 operate savings and current accounts, 45 operate savings
account, 20 operate current account only while 5 operate neither of the two accounts.
Determine the number of staff in the company.
A. 60
B. 65
70
D 80
E. 105
5 The selected amount (in thousands of Naira) of withdrawals from two different
paying points of a particular branch of a bank are as follows:A =(3, 5, 10, 15., 17,
21) andB={11, 15, 20, 21, 30}, then n(A B) is
A. 7
B 8
9

E. 11
6 Any given set is a subset of the universal set, the set of points which are not in the
given set is known as...
7 In Euler-Venn diagram, the circle represents a. while the rectangle
represents a
8. Given n(X)= 33, n(Y)= 40 and n(Xo)=40 then n(xUY) is .....
9 The set that contains all the elements of set E or set F or both sets is called the
.of set E and set F
10. A set with countable members is known as while a set with uncountable
members is known as
ANSWER
D
2

3. B
4

6 Complement
7 Any set, universal set (in that order)
8
9 Union
10 Finite set, Infinite set (in that order)

194
9.6 Multiple choice and short-answer questions
1. A storekeeper bought a used car for N90,000 and sold it for A81,000. What is the
Slorekeeper profit or loss%?
A. 9% loss
B. 9% profit
C. 10% loss
D, 10% profit
E. 15% profit
2 Which of the following represents the relationship among marked price (MP), selling
price (SP) and discount (D)?
A SP = MP -D
B, MP = SP -D
C SP = MP+ D
D MP = SP-D
E. D= MP- SP
3 A fruit seller sold a basket of oranges for N3,000 at a profit of 10%. What is the cost
price of the basket of oranges?
A. AL300
B AN700
C A2,700
D A2,727
A3,300
4 The formula to find the selling price (SP) of an item if the cost price (CP) and the
loss% (say x%) are given is
A SP = (100 + x)% of CP
B. SP = (100-x)% of CP
C SP = % of CP

183

D SP = CP + (100-x)% of CP
E SP = CP- (100 + x)% of CP

5 A dozen crates of egg at marked price AS,000 are available at a discount of 10%.
How many crates of eggs can be bought for A2,400?
A
B
C
D

6 The marked price of an item is also known as

Atrader is said to have incurred a loss by selling a product if the selling price is
.the cost price
Discount is the reduction given on the. of an item
9 The selling price of a product is the difference between the .......... and
10
When the marked price of a product equals its selling price then Was

given on the produc.

ANSWERS

2
E
4 B
5
6 Market price or retail price or list price
7 Less than
8 Marked price or Market price or retail price or list price
9 Marked price, discount (in that order)
No discount
 11.7 Multiple-choice and short-answer questions

1. Iff() =3r -4r +2r +555, then f(-5) is

A.
B. 290
C. 27
D 70
E. 90

The condition for the expression ar + bx +c to be a quadratic expression is

A. b+0
B a#0& b+0
b+0& c#0
D. c#0

F a#0

3. The cost function of a company is C(x) = 500 + + Sr while the revenue function is

Ru) = 3r - 10x, where .x is the number of items produced and sold. The profit that
will accrue from 500 items is
A 24,200
B 242,000
C 124,000
D 224,000
E 257,000

221

4. If the demand and supply equations for a commodity are respectively given by
30y + 7x = 800
14y - 5x= -40
the equilibrium point is then
A (15, 50)
B (50, 20)
C (50, 15)
D (20, 50)
E (25, 25)

5. On the graph of y=a+ bx, a is the ..... on the y-axis while b is the ...
6. An exponential function is a function which has a base and a... .exponent

7. The sign of a variable or a constant in an equation changes when it crosses

the...

8. When two expressions are not equal, then one has to be Of........... than the other.

9. If for a business, R(x) -C) <), then the business is said to be running at a.

10 The demand for a commodity is proportional while supply is

proportional to the price of the commodity
Answers
1. f)= 3x -4 +2r+ 555
f(-5) =3(-5 -4(-5) +2(-5) +555
=-375- 100 - 10 + 555
=70 (D)

2 a 0 (E)
because if a=0, the quadratic term will vanish.

Profit = R(x) - C)
=31-10x - 500 -2 -5x
=-15x- 500
ifx= 500, then profit =(500-15(500) - 500
= 242,000 (B)

222

4 30y +7x= 800.....)

14y - 5x =-40. (ü)
equation (i) x 5 gives
150y + 35x = 4,000....(iü)
equation (ii) x 7 gives
98y -35x= -280. ....iv)
equation (ii) + (iv) gives
248y = 3,720
y= 15
Substitute for y in equation (i)
30(15) ++ 7x= 800
7x=350
x= 50

So the equilibrium point (x, y) is (50, 15) (C)

5. Intercept, slope of the line. ( in that order)

Constant, variable (in that order)

7 Equality sign
8 Less, greater (or vice versa)

9. Loss

10 Inversely. directly. ( in that order)

12.7 Multiple-choice and short-answer questions
If the 4h term of a geometric progression is - 108 and the 6h term is -972, then
the common ratio is

A. +3

B. -3
C. 3
D. 9
E. 9

2) Determine the present value of ¢450,000 in 3 years time if the discount rate
is 6% compounded annually.
A. ¢377,826.68

B. C386,772.68
C. C268.386.68

¢338,277.68
E.¢287,768.68

31 The lifespan of a machine which costs N2.5m is 15years and has a scrap
value of NI50,000. If depreciation is on the straight line method, the amount
of money to be provided for each year is
A. N157,666.67
B. N 167,666.67
C. N156,777.67
D. AI56,666.67

E. N167,777.67

4 Mr. Nokoe earns ¢ 50,000 per month with an annual increment of 5%. What
will his annual salary be in the 4th year?
A. ¢ 561.500

B. ¢ 651,500
C. ¢ 515,500
D. ¢ 615.500

251

E. ¢ 661,500

5) If the discount rate of 6% in Question 2 is compounded six-monthly, the present

value will be

6) A project is said to be desirable if the net present value is

7) The present value of N2.8m at 15% simple interest rate over six years is

8) The time that a sum of money will take to triple itself using simple interest is
.than that of compound interest.

9) An annuity is a sequence of. cash floWs.. or paid.

10) The discount rate that occurs when the net present value is zero is
known as
 Answes

) 4h term is ar

i.e. ar =-108
6th term is ar

ie. ar = -972

ar=-972
ar -108

iLe. =9
r=+3
but since ar =-108 , r=-3 (B)

2 (450,000_j377,828.68
I.06 ) (A)

252

3 a=2.5, n= 16, serap value =150,000

i.e. 150,000 = a + (n -l)d
= 2,500,000 + 5d
d= NI56,666.67 (D)

4 ¢50,000 per month=> ¢600,000 per annum

a = 600,000, n =4, r= 1.0S

:. T4 =ar
= 600,000(/.05
= (661,500 (E)

450,000
5) PV : N317,232.24
1.036

6 Positive

7) An =P(1+ ro)
2.8m =P{l+(0./5)(6) )
= 1.9P

:.P= 2.8m

1.9

=NI.47m

8) More

9) Constant, received (in that order)

10) Internal Rate of Return (IRR)

13.13 Multiple-Choice And Short-Answer Questions
The second derivative of a function is used to determine its

A) Turning point(S)
B) Maximum point only
C) Minimum point only
D) Point of inlectiun only
E) Minimmm or maximuinn point or oint of infloction.

2. The demand function for a certain item is, p= 10 -0.04 q. Calculate the elasticity of

demand when 1,600 items are demanded.

A 8,4

B -8.4

I0.5

D -10.5

289

If the mnrpinal revenue function is -5, what is the total revenue whenx= 10
A
813.33

C. 83
D 83.33
E 500

4 Given that the profit function is 2r-&r, the minimum profit is

A. 8

C 12
D
E 16

5. If y= (8 + 5x}, then dy =
dx

6. The maximum cost is obtainable when the first derivative of the marginal cost function is

7 A demand is elastic if the elasticity (n) is such that

8. Consumers' surplus arises when consumers pay. .than what they are
to pay

9. If the marginal profit function is 3-2r, then the total profit when x= 5 is ....
10. The equilibrium price is obtained at the point of intersection of. and

functions

Answers
E

Recall that the first derivative is zero at the turning point and there are three possibilities:
if the second derivative is less than zero, the turning point is a maximum, if it is more
than zero, the turning point is minimum and if it is zero, the turning point is a point of
inflection.

28
2 p= 10-0.04 Jg 10Q04q
dp = -0.04(44) q
dq
-0,04
2/a
when q = l600. dp -004

do 2V1600
-00005
P = 10- 0.04 J1600
= 84

8.4
I600-0.0005)
= I0.5 (C)

3 dRx) = -5x
du

R(x) =

83.33

4 P(x) 2r-&r
dP(x) 4x-8 at turning points

Le. 4x-8 = 0, K=2

d»P) = which is positive and hence minimum profit

minimum profit 2(2²)- &2) -8(i.e bss) (C)

5. y (8+ 5x
Let u= 8+ 5x,
dr

87

then y=°, d d = 3u

dy
ldu dx J
(3u\5)
15(8+ 5r

6 less than zero

7.

8 Less, willing (in hat order)

9 dP) = 3-2r,
dr

P(x)

10. Demand, Supply (or vice-versa)