(a) Distinguish between a broker and a factor.

(b) State three duties of an employer to an employee.

(c)State four duties of an employee to an employer

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

• A. horizontal merger
• B. vertical merger
• C. amalgamation
• D. cartel

The managerial ability of a supervisor in an organization may be underutilized if the?

• A. morale of the supervised is high
• B. span of control is wide
• C. span of control is narrow
• D. morale of thr supervisor is low

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

An important feature of land is that it

• A. has an elastic supply
• B. is an active factor of production
• C. is heterogenous in nature
• D. is subject to returns to scale

The practice by which an insurance company accepts a very large risk and later shares it with other insurance companies is called

• A. subrogation
• B. contribution
• C. re-insurance
• D. indemnity

Which of the following is not an advantage of marketing?

• A. Creation of demand
• B. Ensuring effective distribution of goods
• C. Implementing government regulations
• D. Application of marketing techniques

Which of the following support the view that there was commerce in Nigeria many years ago?

• A. The economy was consistent
• B. Specialization was minimal
• C. Cowries were used as money
• D. Communities were interdependent

The major source of income to commercial banks is?

• A. tourism
• B. banking
• C. communication
• D. transportation

The function which ensures that set objectives are attained by an organization is?

• A. planning
• B. directing
• C. staffing
• D. controlling