Correct Answer: B. Importer

Correct Answer: A. patent

Correct Answer: B. coins and bank notes

Correct Answer: D. an order

Explanation

When a potential buyer receives a quotation from the seller stating the prices of the goods and services, the buyer, in turn, sends in an order which clearly states the quantity of goods they intend to purchase.

Correct Answer: B. number of times goods are bought and sold

Correct Answer: B. extraction, manufacturing and construction

Explanation

Production has 3 main divisions - Extraction - manufacturing - construction

Explanation

(a) Difference between nationalization and indigenization: Nationalization is the act of bringing industry or part of it under exclusive ownership and control of the state/government while indigenization is a policy initiative designed to accelerate the greater participation of indigenes in the ownership and management of business enterprises in their country.

(b) Advantages of nationalization:

(i) Nationalization leads to standardization of the products of the nationalized industry.

(ii) It ensures that important social services are provided at affordable costs to the consumers.

(iii) It may lead to rationalization and elimination of waste.

(iv) It provides employment opportunities to the citizens.

(v) It ensures the development of local skills and technology in the areas involved.

(vi) Nationalization may mean more efficient production and distribution e.g. water supply.

(vii) To prevent exploitation of consumers/prevention of monopoly.

(b) Disadvantages of Indigenization:

(i) It may lead to retaliation/disharmony/disagreement/conflict among nations/countries.

(ii) Despite indigenization, indigenes still rely heavily on foreign market for machinery, spare parts, raw materials and technology.

(iii) Indigenization has not resulted in corresponding efficiency by the citizens/poor performance.

(iv) Equity control is not matched with management control. Hence management control of the indigenized industries still remains in foreign hands/ fronting.

(v) It discourages foreign investment thereby denying the country of the foreign capital that is needed to stimulate economic growth.

(vi) Indigenization policy tends to be a disincentive to economic development when viewed from the perspective of the rapid decline in domestic output of goods and services.

(vii) The indigenization policy tended to concentrate shares into a few rich individuals who could afford to buy the shares of the indigenized enterprises, thus widening the gap between the rich and the poor.

(viii) Insufficient local funds required for participation in specified enterprises hindered the establishment of indigenized enterprises.

Explanation

(a). Transportation is the movement of people and goods from one place to another.

(b) Dead freight refers to the amount paid by the chatterer for a reserved space not used in a ship.

(c) Factors that determine seller's mode of transport:

(i)Urgency/speed: It will be better to send goods that are needed urgently through the fastest means.

(ii)Type of goods/nature of goods: This covers the nature of the goods, fragile and perishable goods can be sent through air transport while heavy and bulky goods can be sent by rail.

(iii)Destination/distance: This refers to location. Goods going to far places can be sent through a faster means of transport.

(iv) Value of goods: Goods of high unit value, especially those that attract pilferage are better sent by air.

(v)Safety requirement:Goods like examination questions that require utmost security can only be sent by a mode of transport that guarantees security.

(vi)Availability: The choice of transport would be determined by the means of transport that exists in a particular place at a particular time.

(vii)Owner's choice/convenience:This has to do with choice which may be as a result of the class of the owner. Rich people prefer air even for items that can go by road.

(viii)Cost of the mode:The cost of using a particular means may affect the use of the means. It is more costly to travel by air.

Correct Answer: A. nominal, real and personal accounts

Correct Answer: A. primary market