Commerce Questions and Answers
Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
The function of commerce in relation to production is ______
helping in the extraction of raw material from nature
providing a link between the different stage of conversion of good
yielding result
satisfying
Correct answer is D
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
A demerit of communication is that it ________
makes payment for goods cumbersome
increase the cost of goods in transit
give room for distortion of fact
hinder quick reception of messages over a long distance
Correct answer is C
No explanation has been provided for this answer.
What is the reward accruable to land?
Rent
profits
wages
Interest
Correct answer is A
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.
Production ends when goods and services ________
reach the final consumer
are used for manufacturing
are packaged and labelled
are sold to the middlemen
Correct answer is A
No explanation has been provided for this answer.
The concept that refers to the sale, transfer or exchange of goods and services is
industry
trade
tariff
marketing
Correct answer is B
This is the practice of exchanging goods for goods and services for services