NABTEB GCE 2017/2018 COMMERCE EXPO OBJ AND THEORY QUESTIONS AND ANSWERS SOLUTIONS

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NABTEB GCE 2017 COMMERCE OBJ AND ESSAY QUESTIONS and ANSWERS – Nov/Dec EXPO

 

 

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Exam Time: Mon 27th Nov 2017
Commerce(Obj and Essay)
9:00am-12:20pm
Geography
2:00pm-5:00pm

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NABTEB GCE COMMERCE OBJ AND THEORY ANSWERS FROM EXAMCLASS.NET

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COMMERCE OBJ:
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1-10: CABBADDBAC
11-20: ABDDBABBBB
21-30: CDCDCBADBA
31-40: CCDDBBDAAA
41-50: DBBBBABACC
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COMMERCE THEORY:
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(1)
(i)General Agent:This agent has the authority to act on behalf of his principal in all matters pertaining toa particular business for example a man who manages a book shop and acts on all matters concerning books on behalf of a business man whp has a chain of businesses
(ii)Special agents:This is an agent who is appointedfor a purpose which is normally not part of his business activities and therefore given limited powers
(iii)Factors:These are also called merchentile agents and they are the agents who sell goods on behalf of his principal on commision basis.He has the posession of goods which they sell and can issue reciept in their own name
(iv)Brokers:These are commercial agents who do not have posession of goods but whose duty is to link trhe principal with potential customert
(v)Delcrede agent:This is an agent who sells goods on behalf of his principal with a promise and acceptance of responsibility for the collection of the proceeds of his sales

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(3a)
Advertising may be defined as a paid form of non personal commercial means of bringing the existence or production of new goods and services to the knowledge of member of the public and persuade them to buy and use the goods and services

(3b)
(i)Informative advertising:This is a type or classof advertising which creates awareness about the existence of some commodities and services.It also gives facts about the use of and where the goods and services are to be obtained
(ii)Persuasive advertising:This is one of the most common forms of advertising and the most ideal one indeed.It appeals to the people to buy and use a particular commodity whether they need it or not by making them to understand that they cannot do without the commodity.This type of advertising that is persuasively emotional makes people sometimes to buy goods that are of no need to them
(iii)Competitve advertistment:This is the form of advertising for goods that are of close substitutes.It is aimed at creating large market for a particular commodity at the expense of close substitutes. It meticulously without proving as persons close on close substitutes informs the consumers that a particular commodity is far better than its close substitutes
(iv)Direct advertising:This is a form of advertising directed to a section or class of people that makes use of the goods and services advertised.It avoids waste of money,energy and misdirection of advertising for instance farm implements should be directed to farmers in the rural areas not in urban areas where farming is not relatively practised

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(9a)
(i)Land
(ii)Capital
(iii)Labour

(9b)
(i)Land as a factor of production is a free gift of nature and is fixed.It is the oldest factor of production in the sense that it had been on earth before man started working on it.Land in commerce does not include only the hard surface of the earth but other free gifts of nature .The supply of land is fixed by nature ie man never increase the surface of land and water
(ii)Capital:This may be defined as wealth reserved or set aside for the production of more wealth.Capital as a manmade factor of productionnincludes physical cash,building,machinery,semi-finished goods and other equipment and tools
(iii)Labour:This may be defined as both physical and mental efforts of man directed towards production.Labour as a factor of production involves human beings who work on other factors of production eg labour is man made,labour is variable in supply.

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(10a)
(i)The difficulty of double coincidence of wants
(ii)It wastes time and energy
(iii)Exchange becomes uninteresting and unexisting
(iv)It does not exchange large quantity and variety purchases
(v)It does not encourage deffered payment

(10b)
(i)The difficulty of double coincidence of wants:This arises before exchanging can take place one has to look for somebody who wants his commodity and at the same time must have what he wants and that particular time.It wastes time and energy.This is because a person may uses all the time going about in the market looking for someone who has what he wants and at the same time needs what he has
(ii)Exchange becomes uninteresting and unexisting:When one considers the ordeal one has undergo in order to exchange his goods and services with others,the interest and excitement one has for the exchange will disappear
(iii)It does not exchange large quantity and variety purchases:This is as a result of the problem of assessment and the fact that one finds it even more difficult in establishing double coincidence of wants.For a single commodity not to talk of commodities.

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