WAEC 2005 : Commerce

1The form of trade practised by the early men was characterized by

  • A. exchange of goods for money
  • B. efficient distribution system
  • C. exchange of goods for goods
  • D. organized warehousing
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2Which of the following is an advantage of indigenization

  • A. Checks exploitation by citizens
  • B. Business risk are shared
  • C. Fosters self-reliance
  • D. Leads to monopoly of power
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3Farming is an activity that falls under

  • A. tertiary occupation
  • B. commercial occupation
  • C. extractive occupation
  • D. secondary occupation
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4Which of the following coordinates other factors of production to achieve set objectives

  • A. Land
  • B. Labour
  • C. Enterprenuer
  • D. Capital
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5Production is defined as

  • A. an industrial undertaking
  • B. creation of utility
  • C. earning ones daily bread
  • D. the changing of raw materials
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