Correct Answer: B. premium

Correct Answer: B. Letter of Enquiry

Correct Answer: A. capital owned

Explanation

(a) The situation is referred to as an unfavourable/adverse/deficit balance of payment.

(b) Measures to correct an unfavourable balance of payment:

i. Restricting imports: if imports are more than exports, the country should restrict imports to reduce its citizens demand imported goods and services. Such restrictions may take the form of a total ban, quotas, and increased import duties.

ii. Increasing exports: A country may resort to measures that would encourage its citizens to produce for export whereby its earnings from exports would be used to offset its import bills

iii. Exchange control: The government of a country may introduce measures that would regulate the amount of foreign exchange available for importers.

iv. Devaluation: A country may reduce the official rate of exchange of its currency with other countries. The effect of this is to make exports cheaper and imports expensive, thus increasing the demand for her exports.

v. Borrowing: A country may borrow to solve its balance of payment problems. Such loans should go to finance home production for export

vi. Sale of gold reserves/foreign investment: A country may sell part of its gold reserves as well as other securities so as to finance its balance of payments.

vii. Gift or aid: A country may seek assistance from friendly countries and donor agencies to correct its adverse balance of payments.

viii. Drawing on foreign reserves: A country can make drawings on its external reserves to solve its balance of payment problems

ix. Import substitution: A country may encourage domestiC producers to produce close substitutes imported products to discourage importation of such goods.

Correct Answer: D. Distribution

Correct Answer: D) Co-operative Society

Explanation

Option A is ordinary partnership. In an ordinary partnership, there is a limit to the number of partners who can join the partnership. Once the maximum number of partners is reached, no additional partners can be added. Therefore, option A is not the correct answer.

Option B is private limited company. In a private limited company, there is a limit to the number of shareholders or members who can own shares in the company. This limit is usually set by the company's articles of association. Once the maximum number of shareholders is reached, no additional shareholders can be added. Therefore, option B is not the correct answer.

Option C is limited partnership. In a limited partnership, there are two types of partners: general partners and limited partners. The number of general partners is usually limited, but there is no limit to the number of limited partners. Limited partners do not have the same level of control and liability as general partners. Therefore, option C is not the correct answer.

Option D is co-operative society. A co-operative society is an organization formed by a group of individuals who come together voluntarily to meet their common economic, social, and cultural needs and aspirations. Unlike the other options, there is no limit to the number of members who can join a co-operative society. This means that anyone who meets the requirements for membership can join a co-operative society. Therefore, option D is the correct answer.

In conclusion, the correct answer to this question is option D: Co-operative Society.

Correct Answer: D. offer many types of services

Explanation

Ways in which Commerce is important in life of a nation:

(i) Commerce promotes rapid transfer of both oral and written messages through communication.

(ii) Commerce facilitates exchange of goods and services which people all over the nation enjoy produced within or outside their own nation.

(iii) Commerce creates revenue/wealth for the nation through collection of tariff duties royalties and tourism.

(iv) Commerce makes for the protection against risk in the day-to-day business operations through insurance.

(v) Commerce creates awareness of the existence of goods and services through advertising.

(vi) Commerce ensures that goods and produced are stored until needed, thus making sure that there is steady supply of goods for the nation through warehousing.

(vii) Commerce offers employment to a large number of people in a nation such as traders, retailers, wholesalers, bankers brokers.

(viii) Commerce provides money and banking facilities through creation of means of payment, loans and advances.

(ix) Commerce assist in movement of people, materials and finished goods from production point to consumption point.

(x) Commerce encourages cooperate and friendliness among nations.

(xi) Commerce improves peoples standard of living through provision of varieties of goods and services.

Correct Answer: B. liquidator

Explanation

(a) Reasons for government participation in business enterprises are:

(i) Government participates in business enter prises when such a business requires a capital outlay so much that it is difficult for private individuals to sufficiently make available.

(ii) Government participates in business enterprises where there is a need to guarantee consumers' protection. in respect of fair price and exploitation.

(iii) Government engages in business when the outputs are of essential goods or services which private individuals may take undue advantage upon by creating hardship for the citizen, e.g. telecommunications, police etc.

(iv) Government involves in business activities to bring about employment opportunities particularly for the citizens.

(v) When national security is desired, especially where such enterprises are owned by foreigners, government involves in business.

(vi) It reduces incidences of duplications of services which may bring about wastes, e.g. electricity.

(vii) Government participates in business enterprises to ensure or enhance the survival of certain vital industries, e.g. petroleum, steel etc.

(b) The demerits of government participation in business enterprises are:

(i) There is lack of profit motive.

(ii) It brings about political interference.

(iii) Bureaucracy (red tapism) in the process of the management of such businesses leads to delays in decision-making.

(iv) Workers exhibit nonchalant attitude (laissez-faire attitude) in such business enterprises because they know that they will be paid their salaries regardless of services rendered.

(v) Lack of competition leads to inefficiency.

(vi) Government's participation in business denies consumers the right of choice.