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WAEC questions for "Commerce :: Production"
Q1
A person who invented a new machine for making beverages may protect his exclusive right by
A
labeling the product.
B
obtaining a patent.
C
choosing a name for the product.
D
obtaining a trade mark.
E

Answer: B

Production
Q2
Which of the following occupations come under the extractive industry? I. Cattle-rearing, lumbering, farming. II. Mining, quarrying, hunting III. Ship building, road construction IV. Singing, dancing, barbing.
A
I, II and III only.
B
I, II and IV only.
C
I and II only.
D
II and III only.
E

Answer: C

Production
Q3
Babou Penn, a fisherman, says he has all necessary materials to go to sea today, except the captain of his boat. Captain here as a factor of production, refers to
A
entrepreneur.
B
capital.
C
labour.
D
land.
E

Answer: C

Production
Q4
Farmers and all workers concerned with getting raw materials from the earth are engaged in
A
commercial occupation.
B
manufacturing occupation.
C
constructive occupation.
D
extractive occupation.
E

Answer: D

Production
Q5
The process of making goods attractive and easy to handle is
A
branding.
B
merchandising.
C
packaging.
D
labelling.
E

Answer: C

Production
Q6
The charges imposed by the government on locally manufactured goods is called
A
customs duties.
B
excise duties.
C
tariffs.
D
quota.
E

Answer: B

Production
Q7
Product distribution is achieved by
A
packaging and branding
B
packaging and grading
C
market segmentation
D
outdoor advertising
E

Answer: A

Production
Q8
Working capital is
A
current assets less total liabilities.
B
total assets less total liabilities.
C
current liabilities plus current assets.
D
current assets less current assets.
E

Answer: D

Production
Q9
Which of the following is classified as an extractive industry?
A
Digging for minerals.
B
Digging for road building.
C
Canning for Tomato purée.
D
Assembling cars.
E

Answer: A

Production
Q10
Contributing money to buy equipment for making and marketing a product is a feature of
A
thrift societies.
B
public limited companies.
C
consumer's cooperative.
D
producers' cooperative.
E

Answer: D

Production
Q11
The printing of catalogues is one of the costs associated with the operation of
A
tied shops
B
mobile shops
C
mail order shops
D
department stores.
E

Answer: C

Production
Q12
Labour and entrepreneur are examples of
A
factors of production.
B
division of labour.
C
direct services.
D
primary production.
E

Answer: A

Production
Q13
Which of the following groups of activities are commercial services?
A
Manufacturing, weaving and storing
B
Vending, purchasing and banking
C
Advertising, farming and harvesting
D
Fishing, construction and transportation.
E

Answer: B

Production
Q14
The price quotation where the buyer uses his own means to collect goods from the producers warehouse is
A
F.O.B.
B
Ex-works
C
F.A.S.
D
F.O.R.
E

Answer: B

Production
Q15
A practise where producers of the same product come together to advertise is known as
A
mass advertising.
B
institutional advertising.
C
direct advertising.
D
persuasive advertising.
E

Answer: A

Production
Q16
Production is defined as
A
an industrial undertaken.
B
creation of unity.
C
earning one's daily bread.
D
the changing of raw materials.
E

Answer: D

Production
Q17
Which of the following coordinates other factors of production to achieve set objectives?
A
Land
B
Labour
C
Entrepreneurship
D
Capital
E

Answer: B

Production
Q18
The reserved capital is
A
N300,000
B
N200,000
C
N100,000
D
N50,000.
E

Answer: A

Production
Q19
A manufacturer of goods that are seasonally demanded will be in dire need of a
A
wealthy customer.
B
suitable means of transport.
C
warehouse.
D
large shop frontage.
E

Answer: D

Production
Q20
Which of the following would be necessary before the introduction of a new product?
A
product presentation.
B
target marketing.
C
market research.
D
market segmentation.
E

Answer: D

Production
Q21

Any activity that changes raw materials into consumer or industrial goods is

A

constructive.

B

assembling.

C

extractive.

D

manufacturing.

E

Answer: D

Production
Q22

The divsions of production are

A

industry, banking and services.

B

industry, manufacturing and services.

C

industry, commerce and services.

D

industry, transportation and services.

E

Answer: C

Production
Q23
The amalgamation of firm engaged in cotton processing and the manufacturing of textiles is
A
horizontal integration.
B
vertical integration.
C
lateral integration.
D
joint venture.
E

Answer: B

Production
Q24
A very effective way of resisting the producer's exploitation is to
A
ban the producer.
B
campaign against the company.
C
form consumer's association
D
form a trade union.
E

Answer: C

Production
Q25
Manufacturers sell directly to consumers when they
A
want to make profit.
B
wish to eliminate all transport costs.
C
live far away from them.
D
deal in perishable goods.
E

Answer: D

Production
Q26
Any activity aimed at creating more markets for a product is
A
packaging.
B
branding.
C
promotion.
D
merchandising.
E

Answer: C

Production
Q27
A worker who processes garri is engaged in
A
extracting
B
manufacturing
C
exchange
D
constructing
E

Answer: B

Production
Q28
Industry is a branch of production because it
A
is a division of commerce.
B
increases utility of goods
C
involves the use of machines
D
deals with durable goods
E

Answer: B

Production
Q29
Transforming raw materials into finished products is an example of
A
primary production.
B
secondary production.
C
tertiary production.
D
direct service.
E

Answer: B

Production
Q30
Which of the following is concerned with the actual production of goods and services?
A
commerce.
B
trade.
C
industry.
D
service.
E

Answer: C

Production
Q31
Which of the following is classified under primary production?
A
Cloth making
B
Shoe making
C
Coal mining
D
Road construction
E

Answer: C

Production
Q32

The act of keeping products in good condition until they are needed is

A

insurance

B

warehousing

C

communication

D

advertising

E

Answer: B

Production
Q33

All human effort geared towards the production of goods and services is

A

entrepreneurship.

B

labour

C

capital

D

occupation

E

Answer: B

Production
Q34
Product, pricing distribution and promotion are elements of
A
marketing mix
B
marketing research
C
sales promotion
D
product orientation
E

Answer: A

Production
Q35

The coming together of two or more firms at different stages of production is

A

horizontal merger.

B

vertical merger.

C

amalgamation.

D

cartel.

E

Answer: B

Production
Q36
The production of goods in anticipation of demand is possible because of the existence of
A
packaging
B
advertising
C
warehousing
D
branding
E

Answer: C

Production
Q37

Firms whising to defend established products as well as launch new ones will make use of 

A

franchising.

B

product differentiation.

C

branding.

D

advertising.

E

Answer: D

Production
Q38
The goods that are used for the production of other goods are known as
A
commercial goods
B
consumer goods
C
capital goods
D
non-durable goods
E

Answer: C

Production
Q39

Which of the following refers to all the resources used in creating utilities?

A

Fixed capital

B

Factors of production

C

Entreprenuership

D

Labour

E

Answer: B

Production
Q40
The safe keeping of goods from the point of production to the time they are needed is
A
standadizing
B
warehousing
C
hoarding
D
stock controlling
E

Answer: B

Production
Q41
A manufacturer of machineries who wants to reduce cost of promotion can use
A
samples
B
public relations techniques
C
showrooms
D
catalogues
E

Answer: D

Production
Q42
A picture of a product which indicates that the success in life can only be achieved through the use of the product is an example
A
market research
B
persuasive advertising
C
mass selling
D
informative advertising
E

Answer: B

Production
Q43
The reward for entrepreneurship as a factor of production is
A
interest.
B
commission.
C
profit.
D
salary.
E
rent.

Answer: C

Production
Q44
When a firm sets a low price for new product, this is said to be
A
market skimming
B
competitive pricing
C
penetration pricing
D
loss leader pricing
E
target pricing

Answer: C

Production
Q45
The production process is completed when what is produced
A
is in the manufacturer's warehouse.
B
has reached the manufacturer's agent.
C
is in the wholesaler's warehouse.
D
has reached the retailers has reached the final users.
E

Answer: E

Production
Q46
The appropriate label for X on the diagram is
A
branches of commerce
B
industry
C
direct service
D
occupations
E
indirect services

Answer: A

Production
Q47
Division of labour often results in
A
a decrease in production
B
an increase in production
C
waste of time
D
uneconomic use of tools
E
greater craftsmanship

Answer: B

Production
Q48
Capital owned is synonymous with the
A
paid-up capital
B
working capital
C
net worth
D
authorized capital
E
liquid capital

Answer: C

Production
Q49
When firms that operate at different stages in the production of a commodity merge, this is known as
A
horizontal integration
B
vertical integration
C
absorption
D
conglomerate
E
cartel

Answer: B

Production
Q50
The art of combining human, material and other resources to achieve the stated goals of a business is known as
A
planning
B
controlling
C
motivation
D
directing
E
organizing

Answer: E

Production
Q51
When a company buys up firms supplying it with few materials, this is an example of
A
horizontal integration
B
a holding company
C
backward integration
D
consortium
E
lateral merger

Answer: C

Production
Q52
which of the following may not be considered when choosing an appropriate channel of distribution for a new product
A
Nature of the product
B
Identification of potential customers
C
Operating cost
D
Existing local channel of distribution
E
Provision of credit facilities to customers

Answer: E

Production
Q53
Which of the following ensures that the quality of a product is maintained?
A
Price Control Board
B
Chamber of Commerce
C
Food and Drugs Act
D
Standards Organisation of Nigeria
E
Manufacturer's Association of Nigeria

Answer: D

Production
Q54
Which of the following enables production to take place ahead of demand?
A
Transporting
B
Advertising
C
Importing
D
Warehousing
E
Exporting

Answer: D

Production
Q55
Land as a factor of production comprises
A
all resources provided by nature.
B
the earth surface only.
C
land surface and vegetation.
D
efforts to exploit the earth.
E
the oceans and rivers only.

Answer: A

Production
Q56
Any act that is aimed at making manufacturers meet some required standards is to
A
prevent competition.
B
control price.
C
protect the consumer.
D
discourage dumping.
E
facilitate advertisment.

Answer: C

Production
Q57
The coming together of firms at different stages of production process is known as
A
horizontal integration.
B
vertical integration.
C
consortium.
D
cartel.
E
holding company.

Answer: B

Production
Q58
Which of the following is not a factor of production?
A
Labour
B
Profit
C
Capital
D
Land
E
Enterprise

Answer: B

Production
Q59
Which of the following is most suitable for demonstrating the features of a new product?
A
Radio
B
News paper
C
Loud speaker
D
Poster
E
Television

Answer: E

Production
Q60
Which of the following is not a branch of production
A
Consumption.
B
Extraction.
C
Manufacturing.
D
Distribution.
E
Direct service.

Answer: A

Production