Correct Answer: D. Development of currencies

Correct Answer: A. contract of sale

Explanation

(a)Reasons road transport would be preferred to rail transport:

• Road transport is flexible and offers door to door delivery than rail transport.
• The maintenance cost of motor vehicle is much less than that of trains.
• Road transport is available for use at any time while train operates on schedule;
• Road transport covers everywhere while train moves on fixed routes;
• It is easier for an individual to own a means of road transport than rail transport;
• Road transport covers varieties of means of transport e.g. buses, cars, taxis, bicycles, while rail transport is restricted to train.

(b)Functions of the Airport Authority:

• The airport authority provides facilities for landing and fueling in all airports;
• It maintains facilities in all airports in the country;
• The airport authority collects airport taxes;
• The authority is in charge of the operation of the control tower;
• The authority sees to the environmental sanitation of the airport;
• It makes sure that the air space is free for the movement of aircrafts;
• The airport authority makes available warehouses in the airport where luggages are kept;
• It provides packing spaces for vehicles;
• It provides security services for passengers and cargoes;
• it provides office accommodation for other airport operatives

Correct Answer: C. diversification

Correct Answer: D. production of goods and services that satisfy human needs

Correct Answer: A. make profit

Correct Answer: A. warehousing

Explanation

Warehousing is the process of storing physical inventory for sale or distribution. Warehouses are used by all different types of businesses that need to temporarily store products in bulk before either shipping them to other locations or individually to end consumers.

Correct Answer: D. Warehousing

Correct Answer: A. it is a commodity market

Explanation

A commodity market is a physical or virtual marketplace for buying, selling, and trading raw or primary products. Stock Exchange is not a commodity market

Explanation

a - Indent is a formal request from a buyer to a seller to purchase goods or services while a quotation is a formal offer from a seller to a potential buyer, providing the price and terms for the requested goods or services.

- Indent is a formal written request made by a buyer to a seller or supplier for the supply of goods or services while a quotation is a formal written document provided by a seller to a potential buyer, outlining the proposed prices for goods or services requested.

b[¡] - Conducting market research to identify potential export markets, analyzing market trends, and providing valuable insights to exporters

- Assisting exporters in understanding and complying with export documentation requirements, customs procedures, and other legal formalities.

- Organizing trade fairs, exhibitions, and buyer-seller meets to showcase products and services, facilitate busines networking, and promote exports.

- Representing the interests of exporters in trade negotiations, advocating for favourable trade policies, and addressing trade barriers to facilities market access for exporters.

- Assisting exporters in understanding and complying with quality standards and certifications required in target markets, promoting adherence to international quality norms.

- Representing the interests of exporters to the government, providing feedback on policy issues affecting exports, and advocating for policy reforms that promote export growth.

b[¡¡] - They facilitate the smooth flow of international trade by examining and clearing goods at ports, airports, and other entry points

- Customs and Excise authorities are responsible for collecting customs duties, tariffs and other taxes on imported goods

- Customs authorities aim to facilitates legitimate trade while ensuring compliance with regulations

- Customs authorities enforce laws and regulations related to international trade.

- Customs authorities play a vital role in ensuring national security at borders

- Customs authorities collect data, including import and export statistics, to monitor trade trends, support economic analysis and develop trade policies.