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Thursday 28th July 2022
Commerce (Objective & Essay) – 10:00am – 12:40pm
Neco Commerce Answers 2022
(i)Direct services are paid directly by those who enjoy them while indirect services are paid by the government through taxes levied on those who enjoy them
(ii) Direct services are provided to people who specifically request them While Indirect services are provided to the general public.
(PICK ANY SIX)
(i) Import duties or tariffs
(ii) Foreign exchange control
(vi) import quota
(vii) Preferable duties
(viii) Import licence.
(PICK ANY FIVE)
(i) problem of distance: The cost of freight ,whether by road, air or sea, is high as well as the risk of loss or damage since most merchant do not always take insurance policy.
(ii) Difference in currency: Fluctuations in exchange rate may work against the volume of transaction as well as non-availability of foreign exchange
(iii)Difference in languages: Difference in languages is a serious set back in international trade as most countries experience translation problems which result in loss of accurate meaning to word or terms.
(iv) Difference in law and regulations: Business is not regulated by the law of the importing country but by international law. There is need for the knowledge of other country’s law, to assist countries/businessmen in trade transactions
(v) Difference in weights and measures: This is one of the problem associated with international trade. The issue of weight and measures create a problem of conversion from imperial to metric system
(vi) Political instability: The issue of frequent change of government and rampant coups as well as wars and disagreement among nations disturb and affect international trade.
(PICK ANY TWO)
(i) An agent cannot vote on behalf of the principal
(ii) The agent cannot give testimony in court on behalf of the principal
(iii) An agent cannot execute an affidavit
(PICK ANY FOUR)
(i) By necessity
(ii) By Ratification
(iii) By estoppel
(iv) By Expressly
(PICK ANY FOUR)
(i) By necessity: Agency by necessity arises when an emergency situation happens. When somebody who is in possession of another person’s property has to do something to preserve the property, then we have agency by necessity
(ii)By Ratification: This arises when the principal ratifies or approves the actions of a person having no authority to act as his agent. He assumes all the rights and objectives under the contract.
(iii)By implication: An agent can be appointed impliedly where the principal, without expressly conferring authority on him, place him in a situation in which it is understood by them that he can act on behalf of the principal
(iv) By estoppel: This arises when somebody by conduct or words allow another party to believe that somebody is acting as his authorised agent even where no agency was intended. He will estopped from denying the agency if the other party relies on such presentation.
(v) By Expressly: This arises when an agent is appointed verbally or in writing by the principal. The agent can now enter into contract on behalf of the principal.
Balance of trade refers to the total value of goods sold and bought by a country during a given period, usually a year. When visible exports equal visible imports in monetary terms we have balance of trade.
(i)Favourable Balance of Payments
(ii) unfavourable Favourable Balance of Payments
(i)Favourable Balance of Payments: Favourable balance of payment occurs when the receipts from invisible and visible export trade is greater than payments to other countries on invisible and visible imports trade. A credit balance can be used to increase investment abroad or to add to a country’s gold reserve.
(ii)Unfavourable Balance of Payments: Unfavourable balance of payments is used for a debit balance in the balance of payments. It means that payments on visible and invisible import is greater than receipts on visible and invisible export.
(PICK ANY FOUR)
(i)Generation of revenue: Tariffs are also imposed to generate revenue for the country. Many countries derive their revenue from import and export duties.
(ii)To prevent dumping: Tariffs are imposed to prevent dumping of goods from foreign countries. This is to prevent foreign goods from being sold at prices slower than the home price.
(iii)To improve balance of payments deficit: By imposing tariffs on imported goods, the unfavourable balance of payments can be corrected because importation will be discouraged.
(iv)To prevent importation of dangerous goods: Dangerous or no harmful goods from other countries are prevented from being imported, through restriction.
(v)Employment generation: Countries impose tariffs to encourage the establishment of local industries or enhance the expansion and growth of existing ones so as to provide job opportunities.
(vii)To promote self-sufficiency: Tariffs are also imposed on imported goods to enable a country be self sufficient in production of numerous goods.
Communication is the process of exchange or transmission of meaningful information, feelings , opinions and ideas from one person to another or from one place to another. It is a two way process which involves sending and receiving of messages
(PICK ANY FOUR)
(i) Creating awareness for goods and services: Communication helps organisations in creating awareness for goods and services in order to induce customers to buy.
(ii)Facilitates contact between businessmen and organisations: It provides and facilitates good and efficient means of maintaining close contact between businessmen and organisations
(iii) Communication enhance international trade: Foreign trade transactions can be facilitated through modern means of communication as various markets are linked together. Communication helps organisations in foreign exchange transaction
(iv)Provides good and fast means of spreading information: Communication facilitates the dissemination of information about the market situation of goods and services. Communication helps organisations in spreading of information faster to general public
(v)Ensures quick and fast delivery of documents: Communication helps an organisation in fast delivery of information and documents. Documents and parcels are easily, quickly and safely moved from one place to another.
Economic grouping may be defined as the coming together of different countries with a common economic interest and goals with a view to promoting economic cooperation and development among member states, protecting and promoting the economic and business interest of members as well as stimulating the socio-economic, cultural development and cooperation among its members.
(PICK ANY FOUR)
(i) To expand trade among countries by widening the markets in the region.
(ii) To improve the transport and communication system, i.e., infrastructural facilities.
(iii) To ensure free movement of factors of production to member state by removing every obstacle
(iv)To promote economic co-operation and develop ment in the fields of industry, agriculture, science, etc
(v) To maintain economic and political stability in the sub region.
(vi) To harmonise the agricultural policies and to promote joint projects in the area of research
(vii) To contribute to the industrial development of West Africa and Africa as a whole.
(viii) To establish a common fund for cooperation, compensation and development.
(PICK ANY TWO)
(i) The Authority of Heads of States: The authority of heads of states and governments is made up of all the presidents of the 16 member countries. This organ is the main decision-making body.
(ii) The Council of Ministers: The council of ministers is made up of two representatives from each country. They monitor the functioning and development of the community and make recommendations to the heads of states. They are responsible for implementing the decisions of the heads of states.
(iii) Technical and Specialised Commission: Four technical and specialised commissions were established to submit reports and recommendations to the council of ministers. These are: defence, social and cultural, industry and agriculture, trade and customs and monitoring commissions.
IMPORTANT INFORMATION: Physics and Commerce has been shifted to 2.00pm today.
CRK and IRS has been shifted to tomorrow Friday 29th by 3.00pm
Agric still holds tomorrow morning Friday 29th by 10.00am
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