In a common market, member countries agree basically to
- A. place bans on the other countries’ product
- B. wage war against other countries’ product
- C. establish common barriers against countries outside the market
- D. negotiate with countries outside the market for favourable terms of trade .
The reduction of import duties among the members countries of ECOWAS is an example of
- A. preference duties
- B. preferential treatment
- C. preferential tariff
- D. preferential excise
Inventory control is an aspect of a
- A. operations research
- B. materials management
- C. C the organizing function
- D. D span of control
When a business enterprise provides free service to its environment, the service is said to be a
- A. civic responsibility
- B. philanthropic consideration
- C. social responsibility
- D. political consideration
EXTERNAL ENVIRONMENT
Which of the following sequences can best fit into the structure above?
- A. People control ideals
- B. Material production ideas
- C. Finance marketing production
- D. Material production product
Under normal circumstances, a business enterprise can be ideally structured
- A. by product, function or territories
- B. around the personalities in the enterprise
- C. on the ruling of the management
- D. on the basis of an order from stockholders
Management is described as
- A. getting things done through people
- B. implementing of business decision
- C. the numbers of levels in an organization
- D. the people in authority in an organization
The main function of thrift, credit and loans co-operative societies is to
- A. educate their members
- B. collect money from their members
- C. disburse money to their members
- D. raise investment finance among thir members
The Continental West African Conference is a
- A. group of all West African countries trading in the same products
- B. conference to foster unity among the West African countries
- C. gorups of shipping lines operating on the same West African route
- D. trust with shareholders fromall West African countries
The body that organizes, promotes and participates in local and foreign trade fairs is the
- A. Ministry of Commerce and Tourism
- B. Ministry of finance
- C. Chambers of Commerce
- D. Export Promotion Council
An example of a consumer protection agency is the?
- A. Nigeria Bar association
- B. Nigeria Medical Association
- C. Ferderal Environmental Protection Agency
- D. Manufacturers Association of Nigeria
Which of the following is a disadvantage of nationalization
- A. It promotes poor economic planning
- B. The cost of services is not determined by by market forces
- C. It may lead to rationalization of resources
- D. The development of local skills and technologyis retarded
The most essential element of a product is the
- A. price
- B. utility
- C. design
- D. colour
A person who is cheated in business transaction can seek legal remedy
- A. even if the agreement is verbal and the amount involved is large
- B. only if the business is a sole proprietorship whose owner is known
- C. regardless of the form of business organization
- D. only if the transaction is documented in a contract
A minor is not permitted to enter into a valid contract because he
- A. Cannot pay the consideration
- B. Is too young to interpret the law
- C. Is young in the eye of the law
- D. May not be able to write the contract
Sabo and Gambo entered into a contract for the sale of two baskets of tomatoes belonging to Gambo. Before the date the date of delivery and without any default by Gambo, the tomatoes were stolen. This is an example of termination of contract by
- A. breach
- B. performance
- C. fault
- D. frustration
An agent must not make any secret profit in the performance of his duties but can be rewarded by his principal through
- A. remuneration and indemnity
- B. payments of commision and salary
- C. granting of business concessions
- D. forwarding of business links
Personnel activities that promote the general image of an organization are part of
- A. advertising
- B. sales promotion
- C. public relations
- D. business correspondence
The oral presentation iv a conversation with one or more prospective buyers for the purpose of making sales is
- A. branding of goods
- B. personal selling
- C. packaging
- D. publicity
Product X was introduced into the market at N4.00 with its cost of product at N3.90 while competing products are at N4.50. What pricing policy are producers of X adopting?
- A. market skimming
- B. market penetration
- C. product live promotion
- D. above the market pricing
An underlined principle in the marketing of goods is that firms should
- A. Train their personnel
- B. be consumers oriented
- C. advertise the goods
- D. sell through outlets