Correct Answer: D. Differences in natural resources

Explanation

One of the major reasons for trade is the difference in the natural resources of each country. No country is an island of its own, no matter how efficient its production factors may have been utilized. There is always going to be something the region needs and may have to source for it from its neighbors.

Explanation

Public limited companies/ Nationalized companies 1- Shareholders/ Government 2- To maximise profit/ To provide essential services for the people 3- Controlled by board of directors/ Control by board of directors appointed by the minister 4- Through selling of shares and debentures/ Provided by the government 5- Through in corporation at corporate affairs commission/ Acts of parliament 6- Account must be published to the public/ Accounts are not usually published. Not mandatory 7- It is compulsory/ It is not compulsory

Correct Answer: D. revenue generation

Correct Answer: D. covering damages to the body of the ship

Correct Answer: B. It encourages saving habit

Explanation

(a) Entrepôt trade involves the importation of goods from one country and re-exportation of the goods to another country.

(b)(i) Advantages of International Trade:

• International trade widens the market for goods;
• It avoids wastage because countries can dispose off the goods they have in excess;
• It improves the standard of living because countries can enjoy what they cannot produce;
• It creates more jobs as in transporting, selling, manufacturing because of the need to increase production to meet foreign demands;
• It brings about specialization and mass production which in turn results in lower unit cost of the product;
• It generates revenues for the countries involved;
• It fosters international relations;
• It encourages the transfer of technology;
• It promotes economic development.

(ii) Disadvantages of International trade:

• It kills local industries whose products cannot compete with those from developed countries;
• It puts the country into perpetual dependency on foreign goods;
• It leads to dumping;
• It may lead to the importation of harmful goods;
• It creates unemployment in importing countries;
• It leads to unfavourable balance of payment.

Explanation

(a) Advantages of Large Scale Retailing:

(i) They enjoy economies of scale because of their size

(ii) They can buy in bulk and sell in bits

(iii) They can afford to carry out more extensive advertising to increase sales.

(iv) Their size ensures that they sell only on cash and carry basis which ensures no bad debt.

(v) The risk of the business is widely spread, loss in one branch is covered by other branches.

(vi) They can employ competent/specialist staff to run their operations.

(vii) They have access to larger capital, to improve operations which may increase profit.

(viii) Their size makes one stop-shopping possible/stock variety of goods.

(ix) They provide after sales services, which are beneficial to consumers.

(x) They facilitate electronic buying and selling (e-Commerce).

(xi) Only few sales attendants are needed because of self-service.

(b) Characteristics of departmental stores

(i) They are usually located in large towns and cities.

(ii) Each department is operated as a separate unit e.g. electrical, clothing, cosmetics etc.

(iii) Each department is under the control of a manager who is also responsible for buying.

(iv) Various facilities are provided for customer comfort e.g. restaurant, car parks, etc.

(v) Large premises are used.

(vi) The layout is arranged so that, frequently purchased goods (fast moving goods / convenient goods) are easily accessible by being on the lower floors.

(vii) Shopping under one roof makes it convenient for one stop-shopping.

(viii) Goods are tagged with prices.

(ix) Sales are by self-service/less sales personnel are required.

(x) They do not sell on credit.

(xi) Payment is centralized at the point of exit.

(b)(ii)The Characteristics of Supermarkets

(i) Goods are tagged with prices and displayed on open selves in supermarkets.

(ii) Goods are sold mainly by self-service

(iii) Check out desks are provided for paying for goods purchased

(iv) Trolleys and baskets are provided for customers

(v) Wide variety of mostly household goods are on sale especially food products (groceries).

(vi) They are usually situated in highly populated residential areas/cities

(vii) They operate on cash and carry basis.

Correct Answer: C. Nigeria Export Promotion Council

Explanation

The Nigerian Export Promotion Council (NEPC) is the Federal Government of Nigeria's apex institution for the promotion, development and diversification of exports.

Correct Answer: A) Decision-making

Explanation

Option A states that the correct answer is decision-making. This means that one of the major functions of an entrepreneur is to make important decisions about their business. These decisions can include things like what product to sell, how much to charge for it, where to sell it, and how to market it.

Option B states that the major function of an entrepreneur is to encourage competition. While competition can be important in business, it is not a major function of an entrepreneur.

Option C states that the major function of an entrepreneur is human-resource training. While training employees is an important part of running a successful business, it is not a major function of an entrepreneur.

Option D states that the major function of an entrepreneur is motivating employees. While it is important for an entrepreneur to motivate their employees, it is not a major function.

Therefore, the correct answer to this question is Option A - Decision-making. An entrepreneur needs to make important decisions to run their business successfully.

It is important for Commerce students to understand the role of entrepreneurs in the economy and how they contribute to economic growth. To learn more about this, please read the relevant sections of the recommended textbooks.

Correct Answer: A. mulitiple shops and departmental stores