Commerce 2017 Jamb Examination

Commerce includes trade (buying and selling) and aids to trade (services that facilitate trade such as transportation, banking, and insurance). Correct option is B.

Promotion is one of the four key elements of the marketing mix (Product, Price, Place, Promotion). Hence, correct option is B.

Co-operative societies operate on the principle of one member, one vote regardless of the number of shares held. Correct option is D.

Manufacturing involves converting raw materials into finished consumer and industrial products. Hence, correct option is B.

Land is fixed in quantity and location and does not vary in supply. Hence, correct option is A.

Devaluation makes a country's exports cheaper and more competitive globally, leading to an increase in exports. However, it also makes imports more expensive for domestic consumers, discouraging imports and potentially leading to a decrease in the standard of living. 

Warehousing allows goods to be stored until needed, enabling production in anticipation of demand. Correct option is B.

Key factors for setting up a retail business include capital, type of goods sold, and source of supply. Correct option is D.

Marketing encompasses all activities involved in moving goods from producers to consumers, including selling. Hence, correct option is D.

Using profit to improve the community reflects a business's social responsibilities. Correct option is C.