Commerce (2017) | Study Mode

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Question 11
A
nationalisation
B
privatisation
C
indigenisation
D
commercialisation
Explanation
Is a process of transferring ownership of foreign owned business to the indigenes of the country to encourage full participation of economic activities in the country.

Correct option: C
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Question 12
A
Nigeria Export Processing Zone
B
Nigeria Export Promotion council
C
Nigeria Port Authority
D
Customs and Excise Authority
Explanation
Export licence is the control document issued by a government agency to monitor the export of sensitive products, prohibited materials (drugs, genetically modified plants) or goods in short supply in the home market.
Is the body responsible for issuing export licences for agricultural and manufactured goods.

Correct option: B
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Question 13
A
recognizability
B
durability
C
portability
D
homogeneity
Explanation
This is the attribute of money having same composition throughout the country.

Correct option: D
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Question 14
A
could be misleading
B
decreases sales
C
reduces profit
D
causes over stocking
Explanation
Sometimes the manufacturer can give false information regarding a product to the public.

Correct option: A
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Question 15
A
co-operative society
B
public enterprise
C
private enterprise
D
limited company
Explanation
This is a business organisation established, owned, managed and financed with tax payer's money by the government of a country with the aim of rendering services to the public

Correct option: B
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Question 16
A
industry
B
trade
C
tariff
D
marketing
Explanation
This is the practice of exchanging goods for goods and services for services

Correct option: B
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Question 17
A
reach the final consumer
B
are used for manufacturing
C
are packaged and labelled
D
are sold to the middlemen
Explanation
The primary aim of the producer is to satisfy human wants, i.e the final users.

Correct option: A
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Question 18
A
Rent
B
profits
C
wages
D
Interest
Explanation
Since land is a free gift of nature, it doesn't require any cost to be paid in order to make it available to the society for use.

As the quantity of land available for use is scarce relative to demand, a price must be paid for its use. Hence, the view point of the society , the earnings of land becomes economic rent.

Correct option: A
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Question 19
A
makes payment for goods cumbersome
B
increase the cost of goods in transit
C
give room for distortion of fact
D
hinder quick reception of messages over a long distance
Explanation

Explanation not provided, please join discuss, your contributions are welcomed


Correct option: C
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Question 20
A
helping in the extraction of raw material from nature
B
providing a link between the different stage of conversion of good
C
yielding result
D
satisfying
Explanation
Options A, B and C are placed under the types of production. When extraction has been made and a desired result attained, without getting the yielded results to the final consumer and without satisfying human wants, the function of commerce has not been actualized. Hence, production is said to be complete when the transferred raw materials have met its aim of satisfying human wants

Correct option: D

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