Introduction To Commerce - JSS1 Business studies Past Questions and Answers - page 1
1
What is commerce?
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A
The exchange of goods and services
B
The production of goods
C
The consumption of services
2
What role does commerce play in economic growth?
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A
Hindering growth
B
Stimulating growth
C
Irrelevant to growth
3
How does globalization affect commerce?
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A
Restricts trade
B
Expands markets
C
Decreases efficiency
4
What does specialization in production lead to?
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A
Decreased efficiency
B
Increased efficiency
C
No impact on efficiency
5
What does commerce facilitate the exchange of?
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A
Goods and services
B
Ideas and beliefs
C
Emotions and feelings
6
How does commerce contribute to wealth creation?
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A
By restricting trade
B
By facilitating trade and investment
C
By reducing consumer choices
7
What does competition in the marketplace encourage businesses to do?
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A
Limit innovation
B
Increase prices
C
Innovate and improve quality
8
What does commerce generate for governments?
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A
Tax revenue
B
Expenses
C
Debts
9
How does commerce promote cultural exchange?
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A
By isolating communities
B
By fostering understanding
C
By limiting interactions
10
What does commerce allocate more effectively?
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A
Resources
B
Time
C
Energy
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