NECO Commerce 2022 Questions and Answers

Neco 2022 COMMERCE Questions and Answers (100% Verified) Theory and Objectives Expo/Runs

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COMMERCE QUESTIONS BELOW

Neco commerce expo

NECO COMMERCE ANSWERS

 

NECO COMMERCE

(6a)
~ DIRECT SERVICE
(i) Direct service is service paid directly by those who enjoy them.
(ii) Direct service providers render their services to people who are willing to pay for them.

~ INDIRECT SERVICE
(i) Indirect service providers render services to the general public and are paid indirectly by the general public through taxes paid to the government.
(ii) Indirect service is a government-funded service that is delivered to the general public.

(6b)
– Devaluation
– Imposition on embargo
– Import quota
– Reduction of exercise duty
– Licence
– Tariff

(6c)
– Regulatory Measures:
Every country wants to export its surplus natural resources, agricultural produce and manufactured goods to the extent, it can and import only these goods and products which are not produced or manufactured within the country. For this purpose regulatory measures like tariff barriers (custom duties) non-tariff barriers, quota restrictions, foreign exchange restrictions, technological and administrative regulations, consulter for­malities, state trading and preferential arrangements, trade agreements and joint commis­sions etc. Come in the way of free trade and unfettered flow of foreign business.

– Procedural Difficulties:
Different countries have evolved different procedures, practices and documents in order to regulate the export trade. Some of these such as foreign exchange control regulations and others have been formulated after keeping in view the national objectives and have posed certain procedural problems to exporters and importers.

– Risk in transit:
Foreign trade involves much greater risk than home trade. Goods have to be transported over long distances and they are exposed to perils of the sea. Many of these risks can be covered through marine insurance but increases the cost of goods.

– Lack of information about foreign businessmen:
In the absence of direct and close relationship between buyers and sellers, special steps are necessary to verify the creditworthiness of foreign buyers. It is difficult to obtain reliable information concerning the financial position and business standing of the foreign traders. Therefore, credit risk is high.

– Import and export restrictions:
Every country charges customs duties on imports to protect its home industries. Similarly, tariff rates are put on exports of raw materials. Importers and exporters have to face tariff restrictions.
They are required to fulfill several customs formalities and rules. Foreign trade policy, procedures, rules and regulations differ from country to country and keep on changing from time to time.

 

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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)
– 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.

– 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)
– To protect nascent industries
– To fortify national defense programs
– To support domestic employment opportunities
– To combat aggressive trade policies
– To protect the environment

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