2017 - JAMB Commerce Past Questions and Answers - page 2

Is a process of transferring ownership of foreign owned business to the indigenes of the country to encourage full participation of economic activities in the country.

Export licence is the control document issued by a government agency to monitor the export of sensitive products, prohibited materials (drugs, genetically modified plants) or goods in short supply in the home market.
Is the body responsible for issuing export licences for agricultural and manufactured goods.

This is the attribute of money having same composition throughout the country.

Sometimes the manufacturer can give false information regarding a product to the public.

This is a business organisation established, owned, managed and financed with tax payer's money by the government of a country with the aim of rendering services to the public

This is the practice of exchanging goods for goods and services for services

The primary aim of the producer is to satisfy human wants, i.e the final users.

Since land is a free gift of nature, it doesn't require any cost to be paid in order to make it available to the society for use.

As the quantity of land available for use is scarce relative to demand, a price must be paid for its use. Hence, the view point of the society , the earnings of land becomes economic rent.

Options A, B and C are placed under the types of production. When extraction has been made and a desired result attained, without getting the yielded results to the final consumer and without satisfying human wants, the function of commerce has not been actualized. Hence, production is said to be complete when the transferred raw materials have met its aim of satisfying human wants