Verified Neco June/July 2019 Commerce Objective & Essay Answers

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Verified Neco June/July 2019 Commerce Objective & Essay Answers



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    (1a) Multilateral trade is a type of international trade in which a country trades with many other countries. This ensures international division of labour.

    (1b)(i) Foreign trade involves the exchange of goods and services across national frontiers while
    internal trade involves the exchange of goods within the borders of a country.
    (ii) In foreign trade, buyers and sellers use different currencies whereas buyers and sellers in home
    trade use the same type of currency.
    (iii) There is possibility of restriction - tariffs, import duties, export duties, quotas, embargoes when goods are exchanged across national boundaries while this does not occur in home trade.
    (iv) There are differences in systems of weighing and measuring in one country vis-à-vis an other. A country has only one system of such weighing and measuring.
    (v) Foreign trades require knowledge of new languages and interpretations while in domestic trade, a common language is used
    (vi) There are also difference in legal system and cultural under international trade but the legal state are the same in domestic trade

    (1c) (i) Nigeria

    (2a) (i) Direct production is the type of production in which an individual produces good and services only for family use or consumption
    (ii) Indirect production is the type of production in which goods and services are produce in large scale, mainly for sales or exchange for other needs

    (2b) (i) Availability of goods and services:- production helps to ensure that goods and services are made available for use by human beings
    (ii) Improvement in standard of living:- production helps to ensure adequate improvement of the standard of living of the people
    (iii) Provision of employment:- continuous production ensures the employment of many people
    (iv) Increase In export potential:- Production also assists a state or nation to boost her export of goods and services to other nations.

    3)(i) Branding:- This is the process of attaching trade name to a product to differentiate from other products

    (ii) Credit card:- This is a system which model the use of plastic cards to purchase goods and services on credit from a particular sellers up to a specific amount payable late.

    (iii) Packaging:- This is a system whereby goods are packed and wrapped in a container, weighted and priced before they are offer for sale

    (iv) Road side trading:- These are the system of selling whereby the seller arrange their goods on the road at the front of houses, School etc. it is a small scale business

    (v) Vending machine:- This is the modern form of trading whereby a machine dispense goods when a specific amount is inserted in it.

    (5a) Money can be define as any thing that is generally acceptable as a medium of exchange and in the settlement of debts

    (5b)(i) money is generally acceptable while other commodities are not
    (ii) money is portable while other commodities may not be portable
    (iii) money is durable while commodities are not
    (iv) money is relatively scarce while other commodities are not
    (v) money is stable while other commodities are not
    (vi) money can serve as a store of value while other commodities cannot

    (5c)(i) Acceptance Of deposit
    (ii) Agent Of Payment
    (iii) Lending Of money
    (iv) Sage Keelung Of valuables

    6)(i) Risk bearing
    (ii) Financing
    (iii) Warehousing
    (iv) Transportation
    (v) Pricing

    (i) Risk bearing:- this is taking of risk and appropriate measure to reduce the risk by taking necessary insurance cover
    (ii) Financing:- This is the provision of Find from the production point to the point of sale
    (iii) Warehousing:- This is the provision of facilities to make it possible for goods to be produce ahead of demand
    (iv) Transportation:- This is the movement of goods and services from where they are been produce to where they are needed.

    7)(i) Amalgamation:- This is the coming together of two or more previously independent firms to form one large company or firm
    (ii) Barkward integration:- This is the integration or coming together of different firms, where a firm or business merged with the firm supplying it with its raw materials
    (iii) Consortium :- This is a group Of independent firms formed to work on a particular project that is too complex to complete for a single firm
    (iv) Parent company:- This is a holding company which has control over other firms known as subsidiaries
    (v) trust:- This is the coming together of different competing firms in different lines of business under a single control. Each of them will retain their identity.


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