Trade - 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 1994

The use of coin-operated machines to sell goods is a form of

A. personal selling
B. retailing
C. Wholesaling
D. Mail-order selling

Question 3:

• JAMB 1994

What is the major function of the wholesaler?

A. Buying from small-scale producers and selling to exporters
B. Buying in bulk and selling in small quantities
C. granting of credit facilities to retailers
D. Providing information to manufacturers on market situation

Question 4:

• JAMB 1994

The rate at which a country's exports exchange for its imports is called

A. Balance of payments
B. Balance of trade
C. terms of payment
D. Terms of trade

Question 5:

• JAMB 1994

The difference between the total payments for imports and the receipts from exports within a given period is referred to as

A. Balance of payments
B. Balance of trade
C. comparative cost advantage
D. Comparative advantage