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Introduction To Commerce - JSS1 Business studies Past Questions and Answers - page 1

1

What is commerce?

A

The exchange of goods and services

B

The production of goods

C

The consumption of services

correct option: a
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2

What role does commerce play in economic growth?

A

Hindering growth

B

Stimulating growth

C

Irrelevant to growth

correct option: b
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3

How does globalization affect commerce?

A

Restricts trade

B

Expands markets

C

Decreases efficiency

correct option: b
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4

What does specialization in production lead to?

A

Decreased efficiency

B

Increased efficiency

C

No impact on efficiency

correct option: b
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5

What does commerce facilitate the exchange of?

A

Goods and services

B

Ideas and beliefs

C

Emotions and feelings

correct option: a
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6

How does commerce contribute to wealth creation?

A

By restricting trade

B

By facilitating trade and investment

C

By reducing consumer choices

correct option: b
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7

What does competition in the marketplace encourage businesses to do?

A

Limit innovation

B

Increase prices

C

Innovate and improve quality

correct option: c
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8

What does commerce generate for governments?

A

Tax revenue

B

Expenses

C

Debts

correct option: a
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9

How does commerce promote cultural exchange?

A

By isolating communities

B

By fostering understanding

C

By limiting interactions

correct option: b
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10

What does commerce allocate more effectively?

A

Resources

B

Time

C

Energy

correct option: a
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