WAEC Commerce Past Questions & Answers - Page 34

166.

The essence of adopting marketing concept by a firm is the recognition that goods and services have no values unless they are

A.

desirable to customers

B.

company oriented

C.

beautifully packaged

D.

profit oriented

Correct answer is A

No explanation has been provided for this answer.

167.

A false statement made by one party with an intention of inducing to enter into a contract with him is known as

A.

misrepresentation

B.

legal capacity

C.

consensus ad idem

D.

consideration

Correct answer is A

A misrepresentation is a false statement of fact made by one party which affects the other party's decision in agreeing to a contract.

168.

Which of the following is not a member of the Lake Chad Basin Commission

A.

Nigeria

B.

Chad

C.

Gabon

D.

Cameroun

Correct answer is C

The Lake Chad Basin Commission (LCBC) was established on 22nd of May 1964 by the four countries that border Lake Chad: Cameroon, Niger, Nigeria and Chad.

169.

The development of commerce was encouraged by the desire to

A.

get goods and services of others

B.

work with others

C.

create wealth for the nation

D.

satisfy all wants and needs

Correct answer is D

The satisfaction of economic and human needs is the bedrock of commerce

170.

The completion of the production process by grading and branding of goods is a function of the

A.

transporter

B.

wholesaler

C.

retailer

D.

consumer

Correct answer is B

 Many wholesalers sort out goods according to size, shape, quality, etc. They break the goods into small lots, repack them and put their own brand names. In this way, they perform the functions of packing, branding and grading.