Commerce involves all activities that enable goods and services to be moved from the producer to the:

1.  final consumer
2.  manufacturer
3. retailer
4.  wholesaler

If a great change in price brings about a small change in the quantity demanded then the price elasticity of demand is:

1.  constant 
2. elastic
3. inelastic 
4. unitary

(iii)     A tractor used in agricultural activities is in the category of:

1. consumer goods
2. domestic goods 
3.  luxury goods
4. producer goods

(iv)     The stock level when new goods are required in the warehouse is:

1.  average stock
2. maximum stock
3.  minimum stock 
4.  order point

(v)       The exchange of money value of a good and services:

1.  brakeage
2. commission
3. interest
4.  price

(vi)     Marginal cost is defined as:

1.   a change of fixed cost per unit of output
2.  a change of total output due to additional unit of cost 
3. a change in total sales due to additional unit of cost
4. distribution of total cost per unit of output.

(vii)    A retail outlet which sells a product of only one manufacturer is termed as:

1.  itinerant trader
2.   multiple shop
3.  tied shop 
4.  top shop

(viii)  Which ofthe following is NOT normally done by the wholesaler?

1.  Breaking the bulk
2. Buying goods from producers
3.  Market research
4. Selling goods to consumers

(ix)     Home trade is divided into:

1.  export trade and import trade
2. foreign trade and international trade
3.  retail trade and wholesale trade 
4.  trade and aids to trade

(x)       An agent who sells goods at a public auction is:

1.  a broker
2. a del-credere agent
3. a factor
4. an auctioneer