Correct Answer: B. N25. 0 milion

Correct Answer: C. internal economies of scales

Correct Answer: B. N18.00

Correct Answer: B. Vienna, Austria

Correct Answer: C. 3y and 6x

Correct Answer: D. are levied on goods and services purchased by individuals and firms

Correct Answer: A. labour intensive method is mostly adopted

Explanation

Many workers are employed in the agricultural sector of developing countries because labour intensive method is mostly adopted.

In developing countries, the agricultural sector is often the most labor-intensive sector of the economy. This is because the land is often not suitable for mechanized farming, and the labor force is often abundant and relatively inexpensive.

As a result, the agricultural sector employs a large number of people, even though it is not the most productive sector of the economy. This is why many workers are employed in the agricultural sector of developing countries.

Correct Answer: D. fiat money

Explanation

(a) Define product retailing: Product retailing are those activities involved in product distribution from either the producer/the wholesaler/the retailer to the final consumers, roles performed by the wholesaler to the manufacturer:

(b) Wholesalers provide warehousing facilities for the manufacturer thereby relieving him of the duty of providing the warehouse.

(ii) Wholesalers finance the manufacturer by paying in advance of the product

(iii) They provide information to the manufacturer about the state of demand in the market.

(iv) They relieve manufacturer of the costs of transporting the products to retailers in different countries

(v) Advertising and sales are handled by wholesalers and this relieves the manufacturer of the costs involved.

(vi) Packaging. blending and branding of products are done by wholesalers

(c) identify any three problems associated with distribution of products:

(i) Poor or high cost of transportation: Road. rail and air transport networks are poorly developed. It is also very expensive to Transport goods from one place to another.

(ii) Poor market information due to inadequate means of Communication.

(iii) Numerous middlemen in the channel of distribution make product prices to be high.

(iv) A ot of wholesalers and retailers do not have adequate capital to start or to run the business.

(v) Inadequate warehousing or storage facilities results in damage to products and scarcity of some products during off seasons

(vi) Hoarding of goods by middlemen to create artificial scarcity which results in profiteering

(vii) Lack of aids to trade: Aids to trade are not well provided, eg banking, insurance, shipping services, among others are poorly developed

(viii) Insecurity on roads dues to the bad nature of roads and frequent incidence of armed robbery and thefts.

(ix) Administrative problems; official control measure hinder free movement of goods eg Road checks, tax official etc

(x) Adulteration of products by wholesalers

Correct Answer: D. public ownership of capital