Commerce Questions and Answers
Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
Test and improve your knowledge of the fundamentals of buying and selling with these Commerce past questions and answers.
The major problem encountered in international trade is that of
distance
differences in culture
politics
differences in currency
Correct answer is D
The most common issues you can face doing international trade is the difference in currency and exchange rate
The basis for international trade is embedded in the principle of
absolute advantage
globalization
deregulation
comparative advantage
Correct answer is D
A person has a comparative advantage at producing something if he can produce it at lower cost than anyone else. This is one of the basis of international trade
The main purpose of branding is to
create identity for a product
make a product look attractive
create product awareness
increase sales volume
Correct answer is A
It is a way of distinguishing yourself from the competitors and clarifying what it is you offer that makes you the better choice.
The sales of goods through a medium that accepts money and delivers the items to the customer is
an automated teller machine
a vending machiine
a counting machine
a branding machine
Correct answer is B
vending machiine; a machine that dispenses small articles such as food, drinks, or cigarettes when a coin or token is inserted.
The allocation of tasks to different skills in a production process is referred to as
production technique
production function
division of labour
delegation of responsibility
Correct answer is C
Division of labour; the assignment of different parts of a manufacturing process or task to different people in order to improve efficiency.