WAEC 2021 Economics Obj & Essay Question And Answer Now Available

(4a)
Product retailing is the process when the dealing are based on tangible goods and usually a relationship with the buyer develops overtime when the buyer visits the product retailer frequently over a period of time.

(4b)
(i) Breaking of bulk: The Wholesaler serves as a bulk breaker to the manufacturer to enable the retailer buy the goods. By buying the goods from the manufacturer and selling in a smaller unit to the retailers, the Wholesaler is helping the to make sure that the goods goes through the channels of distribution.
(ii) Financing: In the absence of Wholesaler the manufacturer might face financial challenges in his business because he won’t be able to get back the capital invested in the production of the goods.
(iii) Information dissemination: Since the Wholesaler is more closer to the retailers and the consumers, he knows what they want and the complaints that has been made on the goods of the manufacturer.

(4c)
(i) Packaging problems: The packaging of goods is not standardized. This may result in damage or loss in transit.

(ii) Inadequate transport facilities: The poor transport system also affects commodity distribution and marketing in the country. The roads are so bad that commodities sustain great damage due to accidents.

(iii) Long chain of distribution: There are too many middlemen. The numerous links along the chain of distribution make the price of commodities to increase considerably.

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(8a)
Domestic trade is the trade that is conducted between parties within the political and geographical boundaries of a nation, while external trade is the trade that is conducted between two parties that are outside the nation’s borders or between two countries.

(8b)
Terms of trade (TOT) represent the ratio between a country’s export prices and its import prices, while 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.

(8c)
(i) Rapid Economic Development
(ii) Political Disturbance
(iii) High rate of Inflation
(iv) Change in demand

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