Question on: JAMB Commerce - 2012
One of the major benefits of commerce to government is to
A
improve the standard of living
B
generate revenue for growth and development
C
encourage cooperation among public organisations
D
encourage the development of socio-cultural values
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Correct Option: B
Commerce, which involves the buying and selling of goods and services, generates economic activity. This economic activity leads to:
- Tax revenue for the government.
- Fees and duties from trade.
- Increased economic output that the government can tax.
This revenue is essential for funding government operations, public services, and infrastructure development, thereby fostering economic growth and overall societal development.
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