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

  1. consumer goods
  2. domestic goods 
  3.  luxury goods
  4. producer goods
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(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
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(v)       The exchange of money value of a good and services:

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