Factors, characteristics, and rewards of production - Jamb Commerce Past Questions and Answers

Question 1:

• JAMB 1994

Commerce is defined as the study of how

A. Man utilizes the resources in his physical environment
B. Man produces, distributes and consumes his goods and services
C. Man buys, sells and distributes goods and services
D. Raw materials are changed into finished goods

Question 2:

• JAMB 2019

The most important resources of business is_______

A. Human resources
B. Money resources
C. Material resources
D. Opportunities

Question 3:

• JAMB 1994

The production process that combines two or more raw materials into one end product is

A. Conditioning
B. Blending
C. Merging
D. Synthesis

Question 4:

• JAMB 1999

The conversion of raw material into finished products creates

A. Marginal utility
B. Place utility
C. Form utility
D. Time utility

Question 5:

• JAMB 1999

The conversion of raw material into finished products creates

A. Marginal utility
B. Place utility
C. Form utility
D. Time utility