JAMB UTME - Commerce - 2010

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An agency contract must involve a principal and an agent. An agency contract is a legal agreement in which one party, known as the agent, is authorized to act on behalf of another party, known as the principal. The agent has the authority to make binding decisions and perform actions that affect the principal's legal position. This relationship is created when the principal grants the agent authority to act on their behalf, and the agent agrees to act in the principal's best interest and follow their instructions. Therefore, the agency contract involves only the principal and the agent.

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Selling goods in foreign countries at a price below their marginal cost is called "dumping." It is a strategy used by companies to gain a foothold in a foreign market by undercutting local competitors. Dumping is considered an unfair trade practice because it can harm the domestic industry of the importing country by making it difficult for local companies to compete. This can lead to job losses, reduced economic activity, and ultimately a negative impact on the overall economy.

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ATM means Automated Teller Machine in e-banking. An ATM is an electronic device that allows bank customers to carry out financial transactions without visiting the bank. It allows the customers to withdraw cash, check account balance, transfer money between accounts, and perform other banking services. The machine is automated and works with a card and a personal identification number (PIN) provided by the bank to its customers.

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The main concern of marketing concept is to identify the needs and wants of the consumers and satisfy them profitably. This means that businesses must research and understand what consumers want and then develop products and services that will meet those needs in a way that is profitable for the company. The focus is on satisfying customers, building relationships with them, and creating customer loyalty, rather than solely on increasing sales or reducing costs.

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The rewards of rents, wages, interests and profits are commonly referred to as the "factors of production". The factors of production are the resources used in the production of goods and services. The rewards are associated with the different factors of production as follows: - Rents are the rewards earned from land - Wages are the rewards earned from labour - Interests are the rewards earned from capital - Profits are the rewards earned from entrepreneurship. Therefore, the correct answer is "land, labour, capital and entrepreneurship respectively".

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The three components of staffing are recruitment, selection, and placement. Recruitment is the process of attracting candidates to apply for a job, selection is the process of evaluating and choosing the best candidate for the job, and placement is the process of assigning the selected candidate to a specific job within the organization.

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Education and training can be used to differentiate skilled and unskilled labour. Skilled labour requires a higher level of education, training and expertise to perform specialized tasks that require specific knowledge and skills. In contrast, unskilled labour usually requires less training and expertise and often involves manual labour or tasks that do not require specialized knowledge. Therefore, education and training are key factors in determining the level of skill required for a particular job, and can help to distinguish between skilled and unskilled labour.

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Consumerism refers to the social and economic movement that advocates for the protection and promotion of the interests of consumers in relation to the goods and services they consume. One of the main functions of consumerism is to protect consumers' rights by ensuring that they are not exploited by unscrupulous businesses or individuals. This includes the right to safety, the right to be informed, the right to choose, and the right to be heard. Consumerism also aims to provide consumers with more choice by encouraging competition among businesses, which can lead to better quality products and services at more affordable prices. Additionally, consumerism promotes the provision of consumers' needs by advocating for access to essential goods and services such as food, healthcare, and education. While consumerism may make profiteering more difficult for businesses that engage in unethical practices, this is not its primary function.

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A worker who processes rice is engaged in "manufacturing activity". This is because processing rice involves the transformation of the raw material (rice grains) into a finished product (processed rice) through various manufacturing processes such as cleaning, polishing, milling, and packaging. The goal of manufacturing is to create tangible goods from raw materials or components, adding value to the original materials. Therefore, processing rice can be classified as a manufacturing activity.

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The document that gives an importer a freehand to obtain goods from any manufacturer is an open indent. An open indent is a purchase order that does not specify any particular supplier or manufacturer. Instead, it allows the importer to obtain goods from any source that meets their requirements. This gives the importer more flexibility in sourcing their goods and often leads to more competitive pricing.

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The best pricing strategy for a company that produces warm clothing is product line pricing. This strategy involves setting different prices for different products in the same product line based on factors such as quality, features, and target market. In the case of a company that produces warm clothing, they may have different products within their product line such as jackets, sweaters, and thermal underwear. Each of these products may have different features and be targeted towards different market segments. By setting different prices for each product based on these factors, the company can maximize their profits while still meeting the needs and expectations of their customers.

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The best mode of ensuring that items posted reach their intended destination is by using registered mail. This is because registered mail provides a record of the delivery and signature of the recipient, which serves as proof of delivery. With registered mail, the sender can also track the package to know its exact location at any given time. Additionally, registered mail is insured, so in the event of loss or damage, the sender can be compensated.

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The warehouse that is owned and controlled by the government is a state warehouse.

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Division of labour ultimately leads to specialization. This is because division of labour involves breaking down the production process into smaller tasks which are assigned to different individuals or groups. Over time, these individuals or groups become more efficient in their assigned tasks, which leads to increased productivity and expertise. As a result, specialization occurs where individuals or groups become highly skilled and specialized in their assigned tasks, leading to improved efficiency and productivity.

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The major problem confronting Cyber Cafe operators is high operating costs. Cyber Cafe operators have to incur costs for rent, electricity, internet service, computer maintenance, and other expenses. These expenses can be very high, especially if the Cyber Cafe is located in an expensive area. Additionally, competition from other Cyber Cafes can make it difficult for operators to generate sufficient revenue to cover their costs. As a result, many Cyber Cafe operators struggle to remain profitable and may have to shut down their business if they cannot find ways to reduce their operating costs or increase their revenue.

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Entrepot trade usually occurs in importing goods to be re-exported. Entrepot trade refers to a type of trade where goods are imported into a country with the intention of re-exporting them to other countries. In other words, the imported goods are not meant for domestic consumption, but rather for resale to other countries. This type of trade usually involves the use of specialized ports or trading centers, known as entrepots, where goods are stored, processed, and re-exported to their final destination. Therefore, the correct option is importing goods to be re-exported.

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The characteristic of money that ensures its value is not lost is relative scarcity. Money is a medium of exchange that has value and can be used to purchase goods and services. Relative scarcity means that money has a limited supply and is not readily available in abundance. This scarcity ensures that money retains its value over time and is not subject to depreciation or inflation. Therefore, relative scarcity is an important characteristic of money to ensure that it retains its value as a medium of exchange.

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The deliberate and sustained efforts of an organization towards the creation of goodwill for its products and services is known as "public relations". Public relations refer to the strategic communication process between an organization and its public, with the aim of creating a mutually beneficial relationship. It involves managing the spread of information and influencing the perception of the public towards the organization's products and services. This could be done through various means such as press releases, media interviews, events, and social media campaigns. Public relations is an essential aspect of an organization's marketing strategy, as it helps to build trust, credibility and a positive reputation for the organization.

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A printed copy of processed information from the computer is called a "hard copy." A hard copy is a physical printout of electronic data that can be read and touched. It is printed on paper or other materials using a printer and is considered to be a permanent form of the document. Hard copies are useful for archiving, sharing, and reviewing data, and can be kept for future reference. In contrast, a "soft copy" refers to electronic data that is not printed, but rather stored on a computer or other digital device.

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The document issued to a port authority when goods are deposited is called a dock warrant. A dock warrant is a legal document that certifies that the goods described in it are in the possession of the holder of the warrant, and that the holder has the right to take possession of the goods upon presentation of the warrant. It is often used in international trade as a proof of ownership and as collateral for loans. The port authority uses dock warrants to keep track of the goods that are stored in their facilities, and to ensure that the goods are released only to the rightful owner or holder of the warrant.

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An opportunity to reject a binding contract at will by a third party is said to be a "voidable contract". A voidable contract is a legal agreement between two parties that may be rendered unenforceable by one of the parties. The right to void a contract usually rests with one of the parties, but in some cases, a third party may have the power to void the contract. This third party could be someone who is not yet born, someone who is not yet identified, or someone who has the power to reject the contract for some other reason.

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One way by which a business can discharge its social responsibility to its community is to build public health centres. This is because a public health centre will provide health care services to the people in the community, which is a basic need for every human being. By building public health centres, businesses can help to improve the health of the people in the community, which will in turn improve their productivity and overall wellbeing. This is a way of giving back to the community that the business operates in, and it also helps to create a positive image for the business. Other social responsibility initiatives like awarding scholarships to staff children and holding monthly meetings of its customers are also important, but building public health centres is more impactful and beneficial to the community.

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A device that enables the downloading of information from the internet is a modem. A modem is a device that allows a computer to send and receive data over telephone or cable lines. It converts digital signals from the computer into analog signals that can be transmitted over a phone or cable line, and then converts the analog signals back into digital signals that can be understood by the computer. This enables the computer to access and download information from the internet.

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One of the merits of television as a medium of advertising is that it has more sensory stimulation. Television is an audio-visual medium that appeals to both sight and sound. The combination of moving images, sound, and colors makes it an effective medium for advertising products and services. Television advertising can stimulate the senses of the viewers and create emotional connections with the brand or product being advertised. This makes it an effective medium for creating brand awareness and increasing sales.

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The trend in retailing which enables consumers to have free access to different products is called self-service. Self-service is a retailing concept where consumers have unrestricted access to different products in a store without the need for assistance from a salesperson. This concept allows customers to browse through different products and select what they want to purchase on their own. Self-service is commonly found in supermarkets, convenience stores, and other retail outlets. This trend allows for a more efficient and faster shopping experience for the consumers, as they can quickly locate and purchase the products they need without having to wait for assistance from salespeople.

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Tourism is an important sector that contributes to the growth of a country's economy. However, there are various factors that hinder the growth of tourism in Nigeria. One of the major hindrances to tourism growth in Nigeria is the lack of a tourism master plan. A tourism master plan is a comprehensive plan that outlines the development of tourism in a country, including the creation of tourist sites and attractions, marketing strategies, and tourism policies. Without a tourism master plan, it becomes difficult to attract tourists to the country, and this could negatively affect the growth of the tourism sector.

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Manufacturing and constructive activities are classified under secondary production. Secondary production refers to the manufacturing and construction activities involved in transforming raw materials into finished goods or structures. This is in contrast to primary production, which involves the extraction of raw materials, and tertiary production, which involves the provision of services. Examples of secondary production activities include the manufacturing of cars, the construction of buildings, and the production of consumer goods.

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The document issued by a port authority for goods deposited is a warehouse warrant. A warehouse warrant is a legal document that gives the holder the right to claim ownership of goods stored in a warehouse. It is issued by the warehouse manager or port authority as evidence that the goods have been received and are being held in storage. The warehouse warrant specifies the quantity and quality of the goods, and the conditions under which they are being stored. It is an important document for the owner of the goods, as it can be used to obtain financing or to transfer ownership of the goods to another party.

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The conversion of raw materials into finished goods leads to the creation of form utility. Form utility refers to the value that is added to a product or service by transforming raw materials into finished products or services. This utility is created by manufacturing or production processes that transform raw materials into finished goods that are useful and desirable to consumers. The process of adding form utility can involve shaping, cutting, assembling, or combining different materials or components to create a new and improved product that meets the needs and wants of consumers.

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The factor of production that is subject to depreciation is capital. Capital refers to the tools, machinery, buildings, and other physical assets used in the production of goods and services. Over time, these assets lose value due to wear and tear, obsolescence, and other factors. This loss of value is known as depreciation, and it must be taken into account when calculating the profitability of a business. Therefore, capital is the factor of production that is subject to depreciation.

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The label on a product such as 'pampers' is a type of trademark. A trademark is a symbol, design, word or phrase that is used to identify and distinguish the products or services of one seller from those of another. It helps to establish brand recognition and loyalty, and can be protected by law.

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After-sales service is a function usually rendered by a retailer. After-sales service is a customer support service provided by a retailer after a sale is completed. It is aimed at ensuring that the customer is satisfied with the product and continues to patronize the retailer. Examples of after-sales services include installation, maintenance, repair, and customer support.

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A partnership is a business structure where two or more people operate a business together and share the profits and losses. One of the main features of a partnership is the lack of corporate existence. This means that the partnership is not a separate legal entity from its owners, which implies that the owners are personally responsible for the debts and obligations of the partnership. In other words, the partners are liable for the debts and obligations of the business, and their personal assets may be used to pay off any debts incurred by the partnership.

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The correct answer is "a direct service worker". A doctor who attends to patients at home after his official duty is directly providing a service to patients, as opposed to indirectly providing a service by, for example, conducting research or developing healthcare policies. Therefore, the doctor is considered a direct service worker.

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The activity which entails buying of goods in bulk and selling in small quantities to retailers is known as "wholesaling." Wholesaling involves the purchase of large quantities of goods from manufacturers or suppliers at a lower price, with the intention of selling them to retailers who sell the goods to consumers. Wholesalers typically handle large volumes of goods and may provide additional services such as transportation, storage, and financing to retailers.

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The instrument used in the capital market is a financial security that represents ownership in a company, such as a stock or a bond. Stocks represent partial ownership of a company, while bonds represent a loan made to a company or government. The capital market is a market where long-term securities such as stocks and bonds are traded. Therefore, the correct option is "stock".

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The matter of personal preference on the part of a superior officer is delegation of authority. Delegation of authority refers to the process of assigning responsibility and authority for performing tasks to subordinates. The superior officer has the discretion to delegate authority to subordinates based on personal preference, taking into consideration factors such as competence, experience, and workload.

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The answer is "commercial activities." Commercial activities refer to the production and exchange of goods and services in a market economy. The wealth of a nation is determined by the volume of its commercial activities, which in turn is influenced by factors such as access to natural resources, level of technological advancement, and availability of a skilled workforce. The more goods and services a nation produces and exchanges with other countries, the greater its wealth. Bilateral and multilateral trade activities and the stock market can be factors that contribute to commercial activities, but they are not the main determinant of a nation's wealth.

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An agent who brings a customer into business contact with his principle is known as a broker. Brokers act as intermediaries between two parties in a transaction, such as a buyer and seller, and facilitate the negotiation of terms and conditions. They typically earn a commission or fee based on the value of the transaction.