WAEC 2022 Commerce (Objective & Essay) Question and Answer
Division of Labour
(i)Efficient Mastery and innovation
(ii)Without the division of labour, mastery of a skill takes much longer.
(iii)Quicker Training and cheaper product
(iv)Some industries have a higher turnover rate than others
(v)Productivity and Efficient Allocation of Workers.
(i)Monotony in work and Retarded personality
(ii)Lack of responsibility and Loss of job pride
(iv)Reduced mobility of labour.
(PICK ANY EIGHT)
A – Speaker
B – Microphone
C – External webcam
D – Flash drive
E – Monitor
F – Printer
G – Keyboard
H – Light pen
I – Joystick
(i) Microphone: It is used input sound that is then stored in a digital form
(ii) External webcam: It capture images and videos and then send them onto your CPU
(iii) Flash drive: It is used for storage, data backup, and transferring files between devices.
(iv) Keyboard: It is used for putting information including letters, words and numbers into your computer.
(v) Light pen: It allows a user to point to display object or draw on the screen in a Similar way to a touchscreen but with greater positional accuracy
(vi) Joystick: It is used for controlling the movement of the cursor or a pointer in a computer device
(i) Personal Capital
(ii) Loans and Credit Lines from Banks
(iii) Hire Purchase
(iv) Sale of Assets
(i) Acceptance credit: This is a type of letter of credit that is paid by a time draft authorizing payment on or after a specific date, if the terms of the letter of credit have been complied with.
(ii) luncheon voucher: It is a voucher for a meal given to employees as an employee benefit, allowing them to eat at outside restaurants, typically for lunch.
(iii) Bill of exchange: This is an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it s addressed to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person, or to bearer.
(i) It increases sales and thus profit
(ii) It encourages impulse buying
(i) Increases the risk of bad debt
(ii) Repossessed goods may not be fit for resale
(iii) Capital is tied up in form of debts
-International trade payment method-
(i)Cash in Advance; The cash in advance method is the safest for exporters because they are securely paid before goods are shipped and ownership is transferred.
(ii)Letter of Credit; A letter of credit, or documentary credit, is basically a promise by a bank to pay an exporter if all terms of the contract are executed properly.
(iii)Documentary Collection; A documentary collection is when the exporter instructs their bank to forward documents related to the sale to the importer’s bank with a request to present the documents to the buyer as a request for payment.
-Home payment trade-
(i)Cash payment; This is where payment for goods and services is made using notes and coins.
(ii)Cheque; A cheque is a written order by the account holder to his bank to pay on demand a specified amount of money to the named person or to the bearer.
(iii)Bill of exchange; This is an unconditional order, made in writing, addressed by one person to another, requiring the person to whom it is addressed to pay on demand, or at a stated future date.
(i)Differences in Technology; Advantageous trade can occur between countries if the countries differ in their technological abilities to produce goods and services.
(ii)Differences in Resource Endowments; Advantageous trade can occur between countries if the countries differ in their endowments of resources. Resource endowments refer to the skills and abilities of a country’s workforce, the natural resources available within its borders (minerals, farmland, etc.),
(iii)Differences in Demand; Advantageous trade can occur between countries if demands or preferences differ between countries. Individuals in different countries may have different preferences or demands for various products.
(iv)Existence of Economies of Scale in Production; The existence of economies of scale in production is sufficient to generate advantageous trade between two countries. Economies of scale refer to a production process in which production costs fall as the scale of production rises.
(v)Existence of Government Policies; Government tax and subsidy programs alter the prices charged for goods and services. These changes can be sufficient to generate advantages in production of certain products.
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