Production and Trade Generix Content - Production and Trade
HOME

EXAMS

JAMB

WAEC

CONTENTS

SIGN IN

JOIN NOW
"Production and Trade" question number distribution across years
loading...
Search "Production and Trade" on the following sites online
 
Commerce index on skoool nigeria
 
JAMB questions for "Commerce :: Production and Trade"
Q1
The services of a textile worker are an example of
A
extractive activity
B
commercial activity
C
manufacturing
D
construction
E
Q2
Resources harnessed in certain proportion to create goods and services are
A
factors of production
B
technology and labour
C
land and entrepreneur
D
raw materials
E
Q3
Primary production is associated with
A
banking
B
manufacturing
C
agriculture
D
construction
E
Q4
The major components of modern retailing include
A
branding, doorstep selling and customer stimulation
B
branding, sales promotion and mail order
C
chain stores, customer stimulation and doorstep selling
D
branding, supermarkets and after sales service
E
Q5
A chain store usually combines the features of
A
multiple shops and departmental stores
B
hypermarkets and stalls
C
multiple shops and hypermarket
D
mail order business and multiple shops
E
Q6
One of the functions of the wholesaler is to
A
forecast prices
B
reduce prices of goods
C
promote sales
D
analyse sales periodically
E
Q7
An artificial barrier to international trade is
A
political unrest
B
culture of the people
C
unit of measurement
D
custom duties
E
Q8
An activity that involves derivation of raw materials from land and sea is
A
construction
B
farming
C
agriculture
D
extraction
E
Q9
The process of changing the form of a raw material is known as
A
fabrication
B
extraction
C
conversion
D
production
E
Q10
In the long run, all factors of production are
A
fixed
B
variable
C
marginal
D
constant
E
Q11
The quantity of production mostly depend on the
A
effectiveness of factors
B
availability of factors
C
level of education of entrepreneurs
D
level of cooperation among workers
E
Q12
A type of retail trade where a group of similar stores which is owned by a firm operates in different locations is a
A
conglomerate
B
chain store
C
departmental store
D
supermarket
E
Q13
Balance of payments is made up of
A
visible and current items
B
invisible and capital items
C
current and capital items
D
visible and invisible items
E
Q14
Most of the barriers to international trade have been eliminated through
A
diversification
B
globalization
C
commercialization
D
privatization
E
Q15
Which of the following best describes inputs for any production activity?
A
Human resources
B
Business resources
C
Natural resources
D
Natural resources
E
Q16
The creation of utilities to satisfy human wants is referred to as
A
industrialization
B
consumption
C
occupation
D
production
E
Q17
The scope of economic activities can be enlarged by
A
insurance and banking
B
trading and aids to trade
C
transportation and trading
D
business and its promotion
E
Q18
An economic activity which deals with natural resources is a form of
A
refining
B
extraction
C
manufacturing
D
construction
E
Q19
the making of doors from timber planks is a type of
A
secondary production
B
tertiary production
C
manufacturing
D
primary production
E
Q20
A major setback of international trade is
A
devaluation of currency
B
exchange rate appreciation
C
adequate exports
D
economic sanctions
E
Q21
The sale of foreign investment and gold reserves can be used to
A
correct adverse balance of trade
B
increase invisible imports
C
correct a budget deficit
D
correct adverse balance of payments
E
Q22
The conversion of raw material into finished products creates
A
marginal utility
B
time utility
C
place utility
D
form utility
E
Q23
Materials used for further production of goods and services are known as
A
capital goods
B
intermediate goods
C
consumer goods
D
export goods
E
Q24
Foreign trade also involves
A
specialization and exchange of goods in a country
B
buying and selling within a country
C
providing services for other countries
D
the exchange of goods and services between firms
E
Q25
In international trade, exchanging goods for other goods and services purchased instead of paying in foreign currency is known as
A
balance of payments
B
balance of trade
C
countertrade
D
terms of trade
E
Q26
An instrument that is traded in the second-tier foreign exchange market is
A
money order
B
stock
C
travelers cheques
D
debenture
E
Q27
The most important concept in production is
A
utility
B
wealth creation
C
transformation
D
distribution
E
Q28
The necessary documents used in foreign trade are
A
bill of lading, invoice and letter of inquiry
B
indent, bill of exchange, bill of lading and invoice
C
invoice, shipping note, bill of lading and freight note
D
shipping note, certificate of origin and visible exports
E
Q29
Which of the following confirms the accurate of the duty charged on imported goods?
A
An indent
B
Consular invoice
C
Consignment note
D
shipping note
E
Q30
Invisible imports consist of
A
cement, shipping and consultancy services
B
bank, drinks, insurance and technical services
C
insurance, tourism, shipping and consultancy services
D
E
Q31
As the branches indicates, iv is
A
finance
B
commerce
C
construction
D
exchange
E
Q32
Factors of production can be described as the
A
elements involved in the process of formulating policies on production
B
resources required for the provision of goods and services
C
skills involved in deciding and directing the flow of goods
D
monetary tools employed by government to ensure stable production
E
Q33
In international trade, documentary credit is also known as
A
letters of credit
B
credit note
C
letter of hypothecation
D
bankers' drafts
E
Q34
An order sent by an importer to an overseas supplier stating the details of goods required is known as
A
ship's manifest
B
an indent
C
bill of lading
D
export invoice
E
Q35
International trade takes place as a result of
A
similarities in climatic conditions
B
uniformity in cost of production
C
inequitable distribution of natural resources
D
parity in the level of industrialization
E
Q36
The assembling of products into usable forms is known as
A
manufacturing
B
creation
C
construction
D
formation
E
Q37
An obstacle to international trade is
A
cost of finance
B
quantity and quality of labour
C
availability of local market
D
trade imbalance between countries
E
Q38
The concept that refers to the sale, transfer is exchange of goods and services is
A
tariff
B
marketing
C
trade
D
industry
E
Q39
Secondary production has to do with changing the
A
shape of raw materials through construction operations
B
physical form of raw materials into finished goods
C
the unavailability of infrastructural facilities
D
that there were few developed markets
E
Q40
Capital as a factor of production can be used as
A
money that is regarded as asset
B
goods that are useful business
C
input for further production
D
service that provides satisfaction
E
Q41
The organizational structure relates the positions of specialists to the line managers is called
A
line structure
B
staff structure
C
line and staff structure
D
functional structure
E
Q42
An important principle of a good organizational structure is
A
ideal standard
B
span of control
C
clarity of mission
D
adequacy of resources
E
Q43
Which of the following involves foreign trade?
A
Supermarkets
B
Chain stores
C
Departmental stores
D
Commodity market
E
Q44
In product pricing, which of these elements needs more consideration than others?
A
The demand for the product
B
The demography of the buyers of the product
C
The economic conditions in the market
D
The cost of producing the product
E
Q45
Which of the following determines the quality of the goods that a retailer sells?
A
The mode of contract of sales
B
The type of manufacturer
C
the regulations regarding sales in the sales
D
The location of his shop
E
Q46
A distinguishing characteristic of labour is that it is
A
constant
B
expensive
C
mobile
D
cheap
E
Q47
Land as a factor of production does not vary in
A
quantity
B
nature
C
quantity
D
cost
E
Q48
One of the reasons why wholesaling must continue is that
A
the tax paid by wholesalers on their profit enhances national revenue
B
by creating artificial scarcity, the wholesaler is enhancing competition in the economy
C
the wholesaler provides technical advice to the retailer
D
the gap between manufacturers and retailers is reduced by wholesaler
E
Q49
A merchant wholesaler is referred to as
A
del-credere agent
B
a broker
C
rack jobber
D
a factor
E
Q50
The balance of payment of countries is
A
record of imports and exports
B
a systematic record of transactions among countries at a given time
C
the current and the capital accounts and their payments
D
the trade relationship and payments among nations
E
Q51
The application of division of labour should generally bring about
A
increase in the variety of goods and services
B
increase in the quantity of goods and services
C
cheapness of goods and services
D
cost efficiency in the production for goods and services
E
Q52
Production involves
A
changing the form of goods, moving and making them available as needed
B
making goods available where and when needed
C
the manufacturing of goods and provision of services
D
the assembling of all necessary parts to produce a finished product
E
Q53
The function of a merchant wholesaler is to
A
buy in bulk, store and sell to retailers as desired
B
bring buyers and sellers together
C
possess title to the goods store and sell to retailers
D
find markers for producers finished goods
E
Q54
The current trends in retailing competition in Nigeria are
A
self service, after sales service and branding strategies
B
branding, enterprising and differentiation of good and services
C
advertising and sales promotion strategies
D
after sales services and sales promotion strategies
E
Q55
The main factors militating against the rapid growth of trade in Nigeria are
A
inadequate transportation network and huge capital outlay
B
lack of good transportation network and insecurity of investments
C
lack of motivation and government attitude towards trade
D
huge capital outlay and government attitude to trade
E
Q56
The conversion of raw materials into finished products creates
A
marginal utility
B
place utility
C
form utility
D
time utility
E
Q57
The primary motive behind an individual engaging in production is to
A
fully engage all the factors of production
B
make available goods and services
C
meet projected profits
D
meet basic human needs
E
Q58
The overriding advantage of home trade over foreign trade is
A
accessibility of seller to buyer
B
absence of many documents
C
ease in language of transaction
D
ease in form of payment
E
Q59
The main documents sent to an importer of goods by the exporter are
A
invoice, consular invoice, certificate of origin, freight note, indent and insurance policy
B
indent, bill of lading, certificate of origin, invoice and bill of exchange
C
certificate of origin, bill of exchange, invoice, insurance policy, indent and bill of lading
D
bill of lading, invoice, insurance policy, consular invoice, certificate of origin and insurance policy
E
Q60
I. Foreign investment II. Long-term lending III. Short term lending IV. Foreign exchange V. Short term borrowing. Which combination of the above include capital account in international trade?
A
I, III and IV
B
II, III and IV
C
II and V
D
I and II
E