NECO 2022 COMMERCE ESSAY AND OBJ ANSWERS

Commerce (Objective & Essay)
10:00am – 12:40pm

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COMMERCE-OBJ
1-10: ACBEDCABBA
11-20: DACACEDEDE
21-30: EEAEDDCBAB
31-40: BABADADCDE
41-50:CBEDEACCEB
51-60: EEECCBBADE
COMPLETED
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COMMERCE-ESSAY
(6a)
(i)Direct services are paid directly by those who enjoy them while indirect services are paid by the government through taxes levied on those who enjoy them
(ii) Direct services are provided to people who specifically request them While Indirect services are provided to the general public.

(6b)
(i) Import duties or tariffs
(ii) Foreign exchange control
(iii) Devaluation
(iv) Embargo
(v)Import monopoly
(vi) import quota

(6c)
(i) problem of distance: The cost of freight ,whether by road, air or sea, is high as well as the risk of loss or damage since most merchant do not always take insurance policy.

(ii) Difference in currency: Fluctuations in exchange rate may work against the volume of transaction as well as non-availability of foreign exchange

(iii)Difference in languages: Difference in languages is a serious set back in international trade as most countries experience translation problems which result in loss of accurate meaning to word or terms.

(iv) Difference in law and regulations: Business is not regulated by the law of the importing country but by international law. There is need for the knowledge of other country’s law, to assist countries/businessmen in trade transactions

(v) Difference in weights and measures: This is one of the problem associated with international trade. The issue of weight and measures create a problem of conversion from imperial to metric system
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(4a)
(i) An agent cannot vote on behalf of the principal
(ii) The agent cannot give testimony in court on behalf of the principal

(4b)
(i) By necessity
(ii) By Ratification
(iii) By estoppel
(iv) By Expressly

EXPLANATION
(i) By necessity: Agency by necessity arises when an emergency situation happens. When somebody who is in possession of another person’s property has to do something to preserve the property, then we have agency by necessity

(ii)By Ratification: This arises when the principal ratifies or approves the actions of a person having no authority to act as his agent. He assumes all the rights and objectives under the contract.

(iii)By implication: An agent can be appointed impliedly where the principal, without expressly conferring authority on him, place him in a situation in which it is understood by them that he can act on behalf of the principal

(iv) By estoppel: This arises when somebody by conduct or words allow another party to believe that somebody is acting as his authorised agent even where no agency was intended. He will estopped from denying the agency if the other party relies on such presentation.

(9a)
An economic grouping is the coming together of different countries with common economic interests and goals to promote economic cooperation and development among member states.

(9b)
(i) To promote co-operation and development in all fields of economic activity
(ii) To raise the standard of living of the people
(iii) To increase and maintain economic stability in the sub-region
(iv) To have regional economic co-operation

(9c)
(i) The Executive Secretariat:
It is responsible for coordination of the work of the Department of State internally, serving as the liaison between the department’s bureaus and the offices of the Secretary, deputy secretaries, and under secretaries.

(ii) The Tribunal of the Community:
Tribunal is responsible for interpreting ECOWAS treaties. The ECOWAS Tribunal is the judicial organ of the community, It ensures that law and justice prevail in the interpretation and implementation of ECOWAS treaty.
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(7a)
Balance of trade (BOT) is the difference between the value of a country’s exports and the value of a country’s imports for a given period.

(7b)
(i) Current account: This account scans all the incoming and outgoing of goods and services between countries. All the payments made for raw materials and constructed goods are covered under this account. Few other deliveries that are included in this category are from tourism, engineering, stocks, business services, transportation, and royalties from licenses and copyrights. All these combine together to make a BOP of a country.

(ii) Capital account: Capital transactions like purchase and sale of assets (non-financial) like lands and properties are monitored under this account. This account also records the flow of taxes, acquisition, and sale of fixed assets by immigrants moving into the different country. The shortage or excess in the current account is governed by the finance from the capital account and vice versa.

(7c)
(i) To protect nascent industries
(ii) To fortify national defense programs
(iii) To support domestic employment opportunities
(iv) To combat aggressive trade policies
(v) To protect the environment
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(8a)
Communication is the transmission of messages or information from one source to another.

(8b)
(i) It enhances contact with suppliers of goods and services
(ii) For advertisements-Businesses need to inform the public about the availability of their products
(iii) Communication is needed for payment of business transactions
(iv) Communication aids effective business management by providing the necessary information for sound decisions and also keeping staff and management well in-formed.
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