Correct Answer: C) Chambers of Commerce

Explanation

Chambers of Commerce are organizations that represent the interests of businesses in a particular area or industry. They work to promote and support local businesses, including organizing trade fairs and exhibitions. Trade fairs are events where businesses showcase their products and services to potential customers and partners. They provide a platform for businesses to network, market their products, and explore new business opportunities.

The Ministry of Commerce and Tourism (Option A) is a government department that oversees trade and tourism activities in a country. While they may have some involvement in trade fairs, their main role is to develop policies and regulations related to commerce and tourism.

The Ministry of Finance (Option B) is responsible for managing a country's financial resources and formulating economic policies. They are not directly involved in organizing trade fairs.

The Export Promotion Council (Option D) is an organization that promotes and supports the export of goods and services from a country. While they may be involved in trade-related activities, their focus is specifically on exports, not trade fairs.

Therefore, the correct answer is Option C: Chambers of Commerce. They are the body that organizes, promotes, and participates in local and foreign trade fairs.

Correct Answer: C) Exchange and distribution of goods and services

Explanation

Option A suggests that commerce means the creation of utility. While commerce can lead to the creation of utility, this is not the definition of commerce. Option B suggests that commerce means the exchange of goods and services. This is partially correct, but it doesn't include the distribution aspect of commerce. Option D suggests that commerce means the exchange and distribution of goods. While this is close to the correct answer, it doesn't include the distribution of services.

Therefore, the correct answer to this question is Option C, which states that commerce means the exchange and distribution of goods and services. It is important to note that commerce is an important aspect of the economy and plays a crucial role in the growth of businesses and the economy as a whole.

To learn more about commerce and related topics, please read the relevant sections of the recommended textbooks.

Correct Answer: A. staffing

Explanation

Documents used in International trade:

(i)Indent: An indent is a document used by the importer to order goods from the exporter through his agent which gives details about the goods required. Indent can be closed or open. A closed indent restricts the agent to a named manufacturer from who the goods must be obtained. An open indent on the other hand gives the agent a free hand in obtaining the goods from any source.

(ii) Bill of Lading:A document signed by the ship owner specifying that certain goods have been shipped in one of his ships. It serves as a document of the title to the goods stated on the bill. It also serve as a contract of carriage between the exporter and the shipping company. It represents an acknowledgement of the receipt of goods by the ship owner.

(iii)Certificate of origin:The document certifies that the goods listed on the certificate are wholly or partly produced in the country where the certificate was issued. The certificate must be signed by an approved authority and it must accompany the invoice of the goods sent to the importer. It is used to claim preferential treatment on location where there is bilateral trade agreement.

(iv)Consular invoice:A consular invoice is a document prepared by the exporter and signed by the consular of the importing country to vouch for the correctness of the price stated on the invoice. The document is used to calculate duties payable by the customs authority. It is used to prevent the importer from cheating the country on duties payable.

(v) Bill of Exchange: A bill of exchange is an unconditional order in writing, signed by the person giving it, requiring the person to whom it is addressed, to pay a sum certain in money at a fixed or determinable future time, or to the order of a specified person or bearer. It is drawn by the exporter when the importer is unable to pay immediately. The bill has to be accepted by the importer before it becomes a negotiable instrument.

Explanation

(a) The functions performed by the wholesaler in the channel of distribution include:

(i) He engages in bulk breaking by buying in large quantity from the manufacturer and selling in bits to the retailers.

(ii) He warehouses goods.

(iii) He helps to complete the process of production by labelling, prepackaging and branding goods.

(iv) He sells on credit to retailers

(v) He finances the manufacturer by paying for goods in advance

(vi) He transports goods through his own fleet of vehicles.

(vii) The wholesaler markets the goods by advertising, demonstrating and displaying them as needed.

(viii) He liaises between the manufacturer and retailers and disseminates the views of one to the other.

(b) The factors that encourage the elimination of middlemen from the channel of distribution are:

(i) Manufacturers with good transport and communication facilities will prefer to deliver the goods themselves.

(ii) Improved credit facilities from banks and other financial houses have rendered the role of middlemen in financing the manufacturer less important.

(iii) Fragile and technical goods that require special handling need no middlemen as manufacturers prefer to deal directly with the consumers.

(iv) Goods of high unit value do not need to be entrusted to middlemen.

(v) The need by manufacturers to control the market for their goods and prevent hoarding since middlemen carry competing brands, makes the manufacturers deal directly with the consumers and thus eliminate middlemen.

(vi) Some manufacturers now choose to spend more on advertising to create awareness and hence demand for their products, instead of using the middlemen.

(vii) Manufacturers may eliminate the middlemen because of the need to obtain immediate feedback from the consumers.

(ix) Manufacturers may eliminate middlemen to avoid adulteration of goods.

(x) Where there is a high demand for a product, the manufacturer may choose to eliminate middlemen in order to meet the demand promptly and adequately.

Correct Answer: C. utility

Correct Answer: B. Quick decision-making

Correct Answer: D. Food and Drugs Department of the Federal Ministry of Health

Correct Answer: A. the input the processor and the output units

Correct Answer: A. it can provide instant feedback