A reduction in the value of a country’s currency in relation to that of other countries is
- A. revaluation
- B. inflation
- C. devaluation
- D. deflation
A disadvantage of privatization is that
- A. there is decline in the supply of goods
- B. public interest outweighs the profit motive
- C. income is unevenly distributed
- D. there is less efficiency in the production of goods
A voluntary association of businessmen who are not in the same line of business is a
- A. bureau de change
- B. trade association
- C. chamber of commerce
- D. trade union
A problem associated with barter is
- A. poor road network delaying transportation of goods
- B. inability to measure what is to be exchanged
- C. difficulty in collecting debt
- D. inability to produce enough goods
Dissolution of a partnership could arise from
- A. fall in output
- B. death of a member
- C. non access to capital
- D. increase in market share
The function of money that makes it generally acceptable is
- A. unit of account
- B. store of value
- C. medium of exchange
- D. standard of deferred payment
A bill of lading that is tagged clean means that the goods being delivered are
- A. on credit
- B. not damaged
- C. paid for
- D. duty free
An organization that could strive for improvement in electricity and telephone services to users is
- A. a trade association
- B. a manufacturers' association
- C. a manufacturers' association
- D. a consumers'association
An example of after-sales services is
- A. sorting and grading of goods
- B. granting of discount
- C. provision of price list and terms
- D. free replacement of parts
Operating a state owned enterprise with the intention of making more profit is
- A. nationalization
- B. deregulation
- C. privatization
- D. commercialization
Industrial, commercial and service are types of
- A. specialization
- B. occupation
- C. manufacturing
- D. extraction
An element of a valid contract is
- A. operation of law
- B. performance
- C. breach
- D. capacity to contract
The excess value of total assets over total liabilites is
- A. capital owned
- B. borrowed capital
- C. paid-up capital
- D. paid-up capital
Which of the following is not a factor of production?
- A. Capital
- B. Staffing
- C. Labour
- D. Land