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Tambaya 1 Rahoto
The Nigeria Enterprises promotion Decree brought about policy
Bayanin Amsa
The Nigeria Enterprises Promotion Decree was a significant legislative action aimed at altering the structure of ownership in the Nigerian economy. The primary objective of this decree was to achieve indigenization of the Nigerian economy. This means that the decree was designed to increase Nigerian participation and ownership in various businesses and enterprises operating within the country.
Indigenization is a policy whereby a nation seeks to transfer ownership and control of foreign or expatriate-owned assets to its indigenous people. This was done by setting quotas or limits on foreign participation in certain sectors, thereby reserving those sectors for Nigerians. The goal was to promote local entrepreneurship, boost economic growth, and reduce foreign dominance in the economy.
While nationalization involves taking private assets into public ownership, and privatization is about transferring public sector enterprises into private hands, the Nigeria Enterprises Promotion Decree primarily focused on indigenizing the economy by empowering Nigerian citizens and businesses to own and control economic activities in the country.
Tambaya 2 Rahoto
One of the easiest means of transporting petroleum product is by
Bayanin Amsa
Pipelines are one of the easiest and most efficient means of transporting petroleum products. Here is why:
1. Continuous Flow: Pipelines allow for a constant and uninterrupted flow of petroleum products from one location to another. This continuity ensures a steady supply and minimizes delays that can occur with other modes of transportation.
2. Cost-Efficient: Over long distances, pipelines are generally more cost-effective than other transportation methods. This is due to lower operating costs and the ability to transport large volumes of product with minimal energy input once the infrastructure is in place.
3. Safety: Pipelines are considered to be a safer option for transporting petroleum products compared to road or rail. They reduce the likelihood of accidents or spills that can occur with vehicles or trains, making them a preferred choice for minimizing environmental impact.
4. Reliability: Unlike air or road transport, pipelines are less affected by weather conditions, traffic, or other disruptions, which makes them a reliable choice for consistent delivery schedules.
5. Low Environmental Impact: While the construction of pipelines can initially impact the environment, their operation creates fewer emissions compared to repeated vehicle trips. This makes pipelines a more environmentally friendly option in the long term.
Overall, due to these advantages, pipelines are often the preferred method for transporting large volumes of petroleum products over long distances in a safe, cost-effective, and reliable manner.
Tambaya 3 Rahoto
A tax paid on goods manufactured and consumed in your country is called
Bayanin Amsa
The type of tax that is paid on goods that are manufactured and consumed within a country is called excise duty.
Excise duty is essentially a tax on the manufacturers of certain goods and products within the country. It is typically levied on goods that are considered either luxurious or harmful if over-consumed, such as cigarettes, alcohol, or fuel. The government imposes this tax to either limit the consumption of these goods, to increase government revenue, or both.
This tax is different from custom duty or income tax. Custom duty is charged on goods that are imported into a country, whereas income tax is charged on individuals' or entities' earnings.
Tambaya 4 Rahoto
Tariff can be defined as a compulsory levy on
Bayanin Amsa
A tariff is a compulsory levy imposed by a government on imported goods only. This means that when products are brought into a country from abroad, a tax or duty is charged by the government on these goods. Tariffs are typically used to protect domestic industries from foreign competition by making imported goods more expensive, encouraging consumers to buy locally produced items. They can also be a source of revenue for the government. By increasing the cost of imports, tariffs influence the prices and choices available to consumers, often making domestic goods more appealing. In summary, tariffs are specifically associated with imports, not exports, foreign exchange earnings, or foreigners working in a particular country.
Tambaya 5 Rahoto
A dealer who buys securities at low prices in anticipation of reselling them at higher prices is called a
Bayanin Amsa
A dealer who buys securities at low prices in anticipation of reselling them at higher prices is called a bull.
Here's a simple explanation:
Let's contrast this with the other terms mentioned:
Tambaya 6 Rahoto
Prospectus in relation to a public limited inability company means
Bayanin Amsa
In the context of a public limited company, a prospectus refers to a formal document that is issued by the company to provide essential information to potential investors. It serves as an invitation to the public to buy shares in the company.
The main purpose of the prospectus is to help potential investors make informed decisions about whether or not to invest in the company's shares. It typically contains details such as:
The prospectus is a crucial document because it ensures transparency and allows investors to assess the potential risks and rewards involved in purchasing shares from the company.
Tambaya 7 Rahoto
The difference between the higher prices and the lower prices quoted for shares and stocks at the stock exchange is known as
Bayanin Amsa
The difference between the higher prices and the lower prices quoted for shares and stocks at the stock exchange is known as "jobbers turn."
Here's a simple explanation:
In the stock exchange, there are individuals known as jobbers who buy and sell stocks. They do not deal directly with the public but with brokers. Jobbers make a profit from the difference between the price at which they are willing to buy a stock (the lower price) and the price at which they are willing to sell it (the higher price). This difference is referred to as the "jobbers turn."
It's important to note that the jobbers turn is essentially the profit margin for the jobber, earned from trading activities. This is not to be confused with terms like commission or brokerage, which refer to fees charged by brokers for facilitating trades. Interest, on the other hand, is the cost of borrowing money, not related to the pricing of shares and stocks.
Tambaya 8 Rahoto
Which of the following warehouse is generally found near a port?
Bayanin Amsa
Warehouses that are generally found near a port are known as bonded warehouses.
Bonded warehouses are storage facilities where imported goods are stored until the customs duties are paid.
Key reasons for their location near a port include:
Therefore, locating these warehouses near ports helps streamline international trade processes and enhances logistics efficiency.
Tambaya 9 Rahoto
The rules and regulations guiding the conduct of business transactions are known as law
Bayanin Amsa
In the context of **business transactions**, the rules and regulations that govern them are primarily known as **commercial law**. This is because **commercial law deals specifically with the legal aspects of business and trade**, and it includes a variety of laws that regulate how businesses operate, how they interact with other businesses, and how consumers are protected in these transactions.
Other laws mentioned, such as:
Therefore, when discussing the guidelines and frameworks for business transactions specifically, **commercial law** is the umbrella under which these rules and regulations fall.
Tambaya 10 Rahoto
Which of the following is NOT part of the marketing mix?
Bayanin Amsa
The marketing mix is commonly referred to as the "4 Ps", which are key elements involved in executing a marketing strategy effectively. These elements are:
Unlike the "4 Ps," personnel is not traditionally considered a part of the marketing mix. While having skilled and well-trained staff is crucial for customer service and operations, it is not one of the main components in the traditional marketing mix. Thus, among the options provided, personnel is NOT part of the marketing mix.
Tambaya 11 Rahoto
The breaking down of work into different processes is known as
Bayanin Amsa
The breaking down of work into different processes is known as division of labour. This concept involves splitting a job into a series of smaller tasks, with each task assigned to a different worker or group of workers. By doing this, each worker can focus on what they do best, increasing their efficiency and productivity in that particular task.
Here's a simple way to understand it: Imagine a bakery that makes loaves of bread. Instead of one person doing everything from mixing the ingredients, kneading the dough, baking, and packaging, the work is divided among several people. One person may be responsible for mixing the ingredients, while another focuses on kneading the dough, yet another bakes it, and a final person packages the bread. This makes the entire process faster and more efficient, as each worker becomes proficient in their specific task.
The division of labour allows for a more effective use of skills and resources, leading to higher productivity and often resulting in goods being produced more quickly and for less cost.
Tambaya 12 Rahoto
The body charged with the responsibility monitoring the quality of goods supplied is the
Bayanin Amsa
The body responsible for monitoring the quality of goods supplied is the Nigerian Standards Organization. This organization, also known as the Standards Organization of Nigeria (SON), is charged with setting and ensuring compliance with product quality standards for goods in the country. Their primary role is to develop and implement standards that help safeguard both consumers and the environment by ensuring that products are safe, reliable, and of good quality.
The SON conducts inspections, tests, and other evaluative measures on products to ascertain their quality. Additionally, they educate manufacturers and stakeholders about necessary standards and oversee adherence to these standards in production and distribution processes. Through these activities, the organization aims to protect consumers from harm, fraudulent practices, and low-quality products, while also enhancing the competitiveness of Nigerian goods both locally and internationally.
Tambaya 13 Rahoto
The components of a balance of payments account are
Bayanin Amsa
The balance of payments (BOP) is a record of all economic transactions between residents of one country and residents of other countries over a specific period. It is divided into three main components, which are: Current, Capital and Monetary movement (financial) account.
Tambaya 14 Rahoto
Stock exchange quoted the shares of ABC Plc at #0.75K for #1.25K per share. This means the shares were sold at a
Bayanin Amsa
When shares are quoted on a stock exchange, it signifies the price at which the stock is available for purchase. The problem provides two prices regarding the shares of ABC Plc:
In this scenario, since the selling price (#1.25K) is higher than the par value (#0.75K), the shares were sold at a premium. Therefore, the stocks of ABC Plc were sold for more than their face value, which indicates that investors were willing to pay more than the nominal value for those shares, typically due to the company's perceived potential or existing market demand.
Tambaya 15 Rahoto
Departmental store, supermarket and chain store are examples of
Bayanin Amsa
Departmental stores, supermarkets, and chain stores are examples of large scale retailers. This is because they operate on a much larger scale compared to typical small shops. Here’s why each of these falls under this category:
In summary, all these stores are structured to cater to a vast number of customers with extensive offerings, significant inventory, and often require substantial investment and infrastructure, which are defining traits of large scale retailers.
Tambaya 16 Rahoto
Bayanin Amsa
The term "caveat emptor" is a Latin phrase which translates to "let the buyer beware." This principle is used primarily in property transactions and essentially means that the buyer assumes the risk of the quality and condition of the item purchased, unless it is covered by a warranty. In simple terms, it emphasizes the responsibility of the purchaser to examine and evaluate what they are buying. It is a warning that the buyer should be cautious and perform any necessary due diligence prior to completing a transaction. Sellers are not obligated to volunteer details about the products or properties they sell unless asked by the buyer or required by law.
Tambaya 17 Rahoto
Which of the following is NOT a credit instrument?
Bayanin Amsa
The term **credit instrument** refers to a written document that provides evidence of a borrower's promise to repay a debt. These instruments allow the transfer of money or credit between parties. Each of the options given is assessed below:
Bill of Exchange: This is a written order used primarily in international trade that binds one party to pay a fixed sum of money to another party at a predetermined future date. It is a credit instrument as it facilitates deferred payments.
Bank Notes: These are the paper currency issued by a central bank that people can use to pay for goods and services. They are not credit instruments because they represent actual money rather than a promise to pay in the future.
Cheques: A cheque is a written order directing a bank to pay money as instructed from the account holder's balance. It is a credit instrument as it allows the holder to defer payment until it is presented at the bank.
Bill of Lading: This is a document issued by a carrier to acknowledge receipt of cargo for shipment. It is mainly used to transfer goods and does not involve deferred payments or evidence of a debt, thus it is not a credit instrument.
Therefore, among the given options, the Bill of Lading is NOT a credit instrument as it is primarily related to the shipment and receipt of goods, and not to financial credit or promises of payment.
Tambaya 18 Rahoto
The first Nigerian enterprises promotion decree was promulgated in
Bayanin Amsa
The Nigerian Enterprises Promotion Decree of 1973, also known as the Indigenization Decree, was a significant policy implemented by the Nigerian government aimed at promoting indigenous participation and ownership in the country's economy. The decree outlined provisions for the transfer of ownership and control of certain businesses from foreign owners to Nigerian citizens.
Tambaya 19 Rahoto
Which type of advertisement induces consumer to purchase the goods he does not need?
Bayanin Amsa
Persuasive advertisement is the type that induces consumers to purchase goods they do not need. This form of advertising aims to create a desire in the consumer by appealing to their emotions, beliefs, or aspirations. Instead of providing just information about the product, it focuses on convincing the consumer that they will gain certain benefits or status by owning or using the product. This can be achieved through various techniques such as celebrity endorsements, fear of missing out (FOMO), appealing to trends, or showcasing how the product improves one's lifestyle or social standing. By doing this, consumers are often led to believe that they need the product to achieve happiness, success, or social acceptance, thereby encouraging them to make purchases that were originally unnecessary to them.
Tambaya 20 Rahoto
The deliberate throwing of some goods into the sea to prevent the ship from sinking is an example of
Bayanin Amsa
The scenario you described is an example of a general average loss. This term is used in maritime law and insurance. It refers to a situation where part of the cargo or equipment is deliberately sacrificed or damaged to save the rest of the ship and its cargo from imminent danger. In this case, the throwing of some goods into the sea is done to prevent the ship from sinking, which benefits all parties involved. As a result, the losses are shared proportionally among all stakeholders, such as the shipowner and cargo owners. This shared approach to dealing with loss is known as a general average loss.
Tambaya 21 Rahoto
An instruction to an agent abroad restricting him to buy from a named manufacturer is known as
Bayanin Amsa
The instruction given to an agent abroad restricting him to buy from a specific or named manufacturer is known as a closed indent.
Let me explain it in a straightforward way:
1. **Indent:** This is a purchase order sent by a buyer to an agent or supplier to buy goods on their behalf. It contains details about the product, quantity, and specifications.
2. **Closed Indent:** This type of indent indicates that the buyer has decided to purchase products from a particular, specified manufacturer or supplier. The agent must comply with this restriction while procuring the goods. The buyer has already made a choice, and the agent is simply carrying out their instructions.
In contrast, an **open indent** allows the agent to choose the manufacturer or supplier from whom to buy the goods, as long as the buyer’s requirements are met. So, the key difference is the level of freedom or restriction given to the agent in selecting the supplier.
Tambaya 22 Rahoto
Which of the following is NOT part of Pre-Sales Service/ice?
Bayanin Amsa
Pre-sales services are the activities and support provided to potential buyers before the actual sale takes place. These services aim to assist customers in making informed purchasing decisions and to facilitate a smooth sales process. They typically include activities such as providing information about the products, answering inquiries, and assisting with product selection. However, granting credit or hire purchase sales facilities is not typically considered a pre-sales service.
Tambaya 23 Rahoto
Which of these is used in calculating working capital?
Bayanin Amsa
Working capital is a financial metric that represents the difference between a company's current assets and current liabilities. It is used to assess a company's short-term liquidity and operational efficiency. In calculating working capital, we focus on the **current assets**, which are assets that are expected to be converted into cash or used up within one year.
Among the options provided:
Therefore, the **stock of raw material** is used in calculating working capital because it is a **current asset**. Working capital is calculated using the formula:
Working Capital = Current Assets - Current Liabilities
In this formula, **current assets** would include items such as stocks of raw material, cash, accounts receivable, etc. As a result, stock of raw material is relevant for determining a company's ability to meet its short-term obligations and manage day-to-day operations.
Tambaya 24 Rahoto
All the following are principles of insurance EXCEPT
Bayanin Amsa
In insurance, there are several fundamental principles that ensure the contractual agreement between the insurer and the insured is fair and effective. Among these principles, three are well-known:
Insurable Interest: This principle states that the insured must have a financial stake in the object or life insured. The policyholder should suffer a financial loss if the insured event occurs. This ensures that insurance is not a mere gambling proposition.
Utmost Good Faith (Uberrimae Fidei): Both parties involved in an insurance contract are required to disclose all relevant information truthfully. The insured must reveal all material facts, and the insurer should provide honest terms and conditions.
Subrogation: After compensating the insured for a loss, the insurer may step into the shoes of the insured to seek recovery from a third party responsible for the loss. This principle prevents the insured from profiting more than once for the same loss.
On the other hand, the term "Particular Average" is not one of the fundamental principles of insurance. Instead, it is a maritime insurance term used to describe partial loss or damage to a ship or its cargo that is not shared by all parties but borne only by the individual whose cargo was damaged. Therefore, among the options provided, "particular average" is the exception as it is not a principle of insurance.
Tambaya 25 Rahoto
Which of these is NOT a governments legislation to protect the consumer?
Bayanin Amsa
The correct option that is NOT a government legislation to protect the consumer is Privatization and Commercialization.
Let me explain this in a simple way:
However:
Therefore, while the first three directly aim to protect consumers, Privatization and Commercialization are more about economic management and do not serve as consumer protection legislation.
Tambaya 26 Rahoto
The act of being on one job for expertise is called
Bayanin Amsa
The act of being on one job for expertise is called specialization. Specialization is when an individual, group, or company focuses on a specific task, role, or field to become highly skilled and efficient in that area. For example, a person might specialize in medicine, engineering, or teaching, dedicating their time and effort to gaining deep knowledge and expertise in that particular domain.
Specialization allows individuals to become experts, improving their ability to perform their job effectively and efficiently. It also contributes to overall productivity and quality, as specialized professionals can apply their specific skills to complex tasks or problems, leading to more innovative and precise solutions.
In summary, by focusing on one job or area, individuals can hone their skills and contribute to greater efficiencies and advancements in their field.
Tambaya 27 Rahoto
Fishing is an example of
Bayanin Amsa
Fishing is an example of the extractive industry. This industry involves activities that extract natural resources from the earth or water bodies. In the case of fishing, it means obtaining fish and other sea creatures from oceans, rivers, and lakes. The extractive industry is characterized by the removal of raw materials from their natural environment without any transformation into other forms before they are further processed, utilized, or consumed.
For example, when fishermen catch fish, they are directly taking resources from nature without altering them. These resources can either be directly consumed or processed into different products, depending on the demand and usage.
Tambaya 28 Rahoto
Bayanin Amsa
In an organization, welfare services are those that aim to improve the well-being and satisfaction of employees, providing them with a supportive and healthy working environment. Welfare services often include amenities or benefits that contribute directly to employees' health, happiness, and overall work-life balance.
Let's examine each option:
Considering the above definitions, training is NOT typically regarded as a welfare service in an organization. Unlike the other options, which focus on employee well-being, training emphasizes enhancing performance and skill sets to benefit organizational goals.
Tambaya 29 Rahoto
A contract in which all parties to the contract have carried out their obligation is said to be terminated by
Bayanin Amsa
A contract in which all parties have fully met their obligations is said to be terminated by performance.
Here's an explanation:
Tambaya 30 Rahoto
Obi received a cheque for #1000 from Mr. Ade and this cheque was stolen. He must
Bayanin Amsa
If Obi received a cheque from Mr. Ade and it was stolen, the appropriate course of action would be to inform Mr. Ade to tell his bank to stop payment on the cheque. Here’s why:
1. Informing Mr. Ade: Obi should immediately inform Mr. Ade because the cheque belongs to Mr. Ade and he is the one who can authorize the bank to stop payment. The cheque is drawn from Mr. Ade's account, so his bank is the one that needs to be notified to prevent the cheque from being cashed by an unauthorized party.
2. Stopping Payment: By stopping the payment, Mr. Ade ensures that if someone tries to cash or deposit the stolen cheque, the bank will reject it, thus preventing any unauthorized withdrawal of funds from Mr. Ade's account.
3. Legality and Authorization: Obi cannot directly stop payment with Mr. Ade's bank because he is not the account holder, and the bank will not act on Obi’s request without Mr. Ade's authorization.
4. Request for Replacement: Once Mr. Ade has successfully stopped payment on the stolen cheque, Obi can politely request Mr. Ade for a replacement cheque, assuming the situation is amicable and Mr. Ade is willing to issue another cheque.
In summary, the first step is to inform Mr. Ade so he can take the necessary action with his bank.
Tambaya 31 Rahoto
Closing stock is also known as
Bayanin Amsa
Closing stock is also known as Ending Inventory. It refers to the amount of inventory or stock that remains unsold at the end of an accounting period. This can include raw materials, work-in-progress, and finished goods. Closing stock is important for financial reporting, as it affects the cost of goods sold and, ultimately, the company's profit. It is calculated by taking into account all the inventory purchases and subtracting the cost of goods that have been sold during the period. To express it simply, closing stock is what is left over after sales have been accounted for.
Therefore, the correct and precise term for closing stock is Ending Inventory.
Tambaya 32 Rahoto
A typical example of an event covered by an Assurance Policy is
Bayanin Amsa
An event that is typically covered by an Assurance Policy is death.
Assurance policies are often referred to as life assurance or life insurance. The primary purpose of these policies is to provide a financial safety net for beneficiaries in the event of the policyholder's death.
Life assurance is considered a form of long-term coverage that guarantees a payout when the insured person passes away, as long as the premiums have been paid consistently. This type of policy is different from insurance policies that cover specific events, like accidents or burglary, which are often provided as short-term risk coverages.
Therefore, **death** is the typical event covered by an assurance policy because the primary intent of such policies is to ensure that financial obligations can be met and dependents are taken care of after the policyholder's death.
Tambaya 33 Rahoto
The sum which the insured pays periodically to his insurance company is called
Bayanin Amsa
The sum which the insured pays periodically to his insurance company is called a premium.
Explanation:
When you purchase an insurance policy, whether it's for health, life, car, or any other type of insurance, you agree to pay a certain amount of money at regular intervals to the insurance company. This amount is known as the premium. The premium is the cost you pay to the insurance company so that they will provide you with coverage and financial protection against specified risks.
Insurance companies calculate your premium based on various factors including the type of insurance, the amount of coverage you want, your age, your health (for health or life insurance), and other risk factors. In return for paying your premium, the insurance company promises to cover certain costs or losses as outlined in your policy.
Tambaya 34 Rahoto
Which of the following is NOT an aim of advertising?
Bayanin Amsa
Advertising primarily focuses on promoting products or services to potential customers. Here are typical aims of advertising:
On the other hand, reducing the cost of the goods produced is NOT an aim of advertising. This is more associated with production processes and cost management strategies within a company. Advertising itself often incurs costs and does not directly reduce production expenses but is intended to increase sales and generate revenue, which can offset costs over time.
Tambaya 35 Rahoto
An agent held responsible for non-payment of goods bought by the customer he introduced to his principal is called agent
Bayanin Amsa
The agent responsible for non-payment of goods bought by the customer he introduced to his principal is called a del-credere agent.
This type of agent provides an additional guarantee or assurance to their principal that customers introduced by them will pay for the goods purchased. If the customer fails to pay, the del-credere agent is liable and must cover the payment to the principal. This arrangement reduces the risk for the principal regarding customer payments.
Here's a simple breakdown:
Tambaya 36 Rahoto
Shares are said to be sold at a discount when they are sold
Bayanin Amsa
Shares are said to be sold at a discount when they are sold below par value. In finance, the par value of a share is its nominal or face value as stated on the certificate or in the company's financial statements. The par value is typically set when the company is formed and does not usually change.
Selling shares below this par value means that the company is offering them at a lower price than their nominal value. This can occur as a strategy to attract investors when market conditions are tough, or if the company needs to raise capital quickly.
For example: If the par value of a share is $10 and it is sold for $8, it is being sold at a discount of $2 from its par value.
It's important to note that selling shares below par can have implications for a company's perceived financial health and can affect investor confidence. Therefore, companies may do this strategically and with consideration of market reactions.
Tambaya 37 Rahoto
When the price quoted includes all the cost to the actual destination, that is, from the seller's warehouse to the buyer's warehouse. it is called
Bayanin Amsa
When the price quoted includes all the costs from the seller's warehouse to the buyer's warehouse, it is referred to as "Franco".
In the context of goods transportation and sales, "Franco" means that the seller is responsible for all the costs associated with delivering the goods to the buyer's specified location. This includes packaging, loading, transportation, and unloading costs. Basically, the buyer does not have to worry about any extra charges that might occur while the goods are being transported. The seller takes care of everything until the goods reach the buyer's destination.
In contrast, terms like "Loco price" and "Carriage paid" have different conditions regarding the division of responsibilities and costs between the buyer and seller. For instance, "Loco price" typically involves the buyer bearing the cost of picking up the goods from the seller's location, while "Carriage paid" implies that the seller pays the carriage charges up to a certain point.
Overall, "Franco" provides a convenient option for buyers who prefer not to handle the logistics of moving goods from the seller to their final destination.
Tambaya 38 Rahoto
Gross profit can be calculated as
Bayanin Amsa
The calculation of **gross profit** is done by taking the total **sales revenue** and subtracting the **cost of goods sold (COGS)**. Hence, the correct formula to calculate gross profit is:
Gross Profit = Sales - Cost of Goods Sold
Let's break it down for clarity:
The **gross profit** reflects the company's **profitability** related to its core operations, excluding other expenses such as operating expenses, taxes, and interest.
For example, if a company records total sales of $100,000 and its cost of goods sold is $60,000, the gross profit would be:
Gross Profit = $100,000 - $60,000 = $40,000
The gross profit of $40,000 provides insight into the financial **efficiency** of the company's production and sales processes.
Tambaya 39 Rahoto
The rights of the consumers does NOT include
Bayanin Amsa
In discussing the rights of consumers, it's important to recognize that these rights are intended to ensure fair treatment, safety, and access to necessary information. Let's look closely at the options provided to determine which one does not align with consumer rights:
The right to fix prices: However, this is not a consumer right. **Consumers do not have the right to set or fix the prices of goods and services.** ^Pricing is usually determined by companies, influenced by factors like production costs, market demand, and competition.^ While consumers can compare prices and make choices based on their budget and preferences, the **determination of prices is not within their rights**.
In summary, **the correct answer is that consumers do not have the right to fix prices**. This responsibility lies with businesses and is regulated to prevent practices like price fixing, which can harm consumer interests.
Tambaya 40 Rahoto
Bayanin Amsa
An agreement that is enforceable in law is called a contract.
Here's why:
1. A contract is a legal agreement between two or more parties. Each party agrees to do or not to do something in exchange for some benefit, typically referred to as consideration. In simpler terms, it's a promise or set of promises that the law will enforce.
2. For an agreement to be considered a contract, it generally must contain the following elements:
3. Unlike a decree or a declaration which are generally formal statements or orders typically issued by a government or authority, or an offer which is a proposal but not yet binding, a contract actively binds the parties involved and can be enforced by law. If one party fails to fulfill their stipulated duties, the other can seek legal remedies.
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