Correct Answer: A. could be misleading

Correct Answer: A. Preference shareholders

Explanation

(a) The measures taken by a country to restrict imports are:

(i) Import licence: The government stipulates that certain goods should only be imported under licence. This limits the quantity of such goods to be imported.

(ii)Exchange control: Imports can be restricted by making it difficult for importers to get foreign exchange to import certain goods.

(iii)Tariffs: High custom duties could be imposed on imports to discourage their importation.

(iv)Quotas: A limit is set to the quantity of certain goods that could be imported.

(v)Outright ban: A government may decide to place embargo on the importation of some goods.

(vi)Subsidies: Government may decide to embark on giving some incentives aimed at helping home industries to produce hitherto imported goods.

(b) The measures taken by a country to encourage or promote export include:

(i) The government could organise trade fairs and exhibitions within and outside the country to attract foreign buyers.

(ii) The government could liberalize the process of granting credit facilities to exporters.

(iii) Subsidies can be granted to industries producing exportable goods.

(iv)Devaluation: -The government can lower the value of her currency vis-a-vis foreign currency thus making her country a cheap place to buy from.

(v) The government can provide market intelligence to exporters by providing them with facts and trends in foreign market.

(vi) Export credit guarantee: Government may provide an insurance cover against bad debts for exporters.

(vii) The government can create export free zone or export promotion council.

(viii) Governments can also negotiate or join membership of international trade association aimed at removing barriers to free flow of trade.

(ix) The government can remove tariffs on goods presented for export.

(x) Government can embark on improvement of sea and airport facilities and liberalisation of port bureaucracy.

(xi) The government can establish standard organisations to help improve the quality of goods to meet international standards.

Correct Answer: A. certificate of origin

Correct Answer: D. registered company

Correct Answer: C. chamber of commerce

Correct Answer: C. Consular invoice

Explanation

(a)The term used to describe the production process is division of labour.

(b)(i) Advantages of division of labour: 1 The workers would be highly productive as a result of specialized tools, machinery and equipment being used/ Increase in production. (2) The period of training workers would be reduced thereby making staff replacement easy. (3) There will be efficiency in terms of time spent in production. (4) There would be greater efficiency as a result of individual and collective responsibility in the production process/ Better production technology. (5) There would be economy in the use of tools as workers do not have to move from one process to another. (6) There would be an increase in skills and mobility of labour within the workplace. ( 7) There would be reduction in cost of production leading to lowering of the selling price to attract more customers. (8) The process will lead to the development of sophisticated equipment and would reduce the stress of staff (9) Large scale production would result due to specialization/Economies of large scale.

(b)(ii) Disadvantages of division of labour: (1) Inefficiency of one worker would affect the production process. (2) The workers may not feel responsible for the result of the process in which they contribute. (3) Absence of one worker could delay the work being done which reduces Productivity. (4) Work becomes repetitive and Workers will lose interest in the work being done(monotony). (5) The start-up cost will be high as initial cost necessary to buy specialist machinery may lead to a higher break-even point. (6) There is the danger of one unit over producing than the other unit if not well monitored.

Correct Answer: A. an insurance company

Correct Answer: C. direct advertising