Commerce 2022 Jamb Examination
Question 1
Cowries were widely used as a medium of exchange in traditional West African trade before modern currencies.
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Question 2
Service provision is part of tertiary production, which deals with intangible products like services.
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Question 3
Low per capita income reduces purchasing power, which hinders the growth of commerce.
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Question 4
The construction industry produces materials like cement, bricks, and other building-related products.
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Question 5
Retailers enable finished goods to reach consumers, making them part of the distribution process in production.
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Question 6
Goods and services are created by combining factors of production such as land, labor, capital, and entrepreneurship.
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Question 7
Public enterprises provide essential goods and services at subsidized or low cost to citizens.
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Question 8
When sellers pool resources to purchase goods in bulk and sell to members, it is a wholesaler cooperative society.
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Question 9
Average stock is calculated as (Opening stock + Closing stock) ÷ 2.
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Question 10
A mail order firm sells goods through catalogues and delivers by post.
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