Commerce and Supply Chain Quiz

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Questions and Answers

What are the principal factors that give rise to commercial exchanges?

Currency exchange rates, international treaties, and transportation costs
Government regulations, consumer preferences, and technological advancements
Diversity in the distribution of natural resources, differences of human needs and wants, and division of labour along with comparative advantage (correct)
Price fluctuations, market demand, and advertising strategies

What is trade categorized into according to the text?

Online trade exclusively
International trade only
Domestic trade, including retail and wholesale as well as local (correct)
Government-regulated trade

What does commerce consist of along the entire supply chain?

Trade and aids to trade (correct)
Manufacturing and distribution
Advertising and marketing strategies
Consumer feedback and product development

What is the definition of commerce according to the text?

Large-scale organized system of activities, functions, procedures and institutions contributing to the smooth distribution and transfer of goods and services (C) Signup and view all the answers

What is the primary purpose of trade according to the text?

Exchange of goods and services between buyers and sellers in return for a price at traditional (or online) marketplaces (B) Signup and view all the answers