WAEC Commerce 1999 Theory question 109

Theory question 109

Trade Associations

Commerce 2 (answer any five questions)
Outline two functions of each of the following:
(a) Trade Association
(b) Consumer Association
(c) Customs Authority
(d) Manufacturers' Association
(e) Chamber of Commerce

Show the model answer
Model answer

(a) Trade association (any two): protects members' interests and represents them before government; sets standards of quality and conduct; provides information and training; settles disputes among members.
(b) Consumer association (any two): protects consumers against exploitation, fake and sub-standard goods; educates consumers on their rights; tests and compares products; presses government for consumer laws; takes up consumers' complaints.
(c) Customs authority (any two): collects import and export duties and excise duties; prevents smuggling and seizes contraband; controls bonded warehouses; enforces import bans and quotas; compiles trade statistics.
(d) Manufacturers' Association (any two): represents manufacturers' interests to government (tariffs, taxes); promotes local manufacturing and use of local raw materials; organises trade fairs and exhibitions; provides information, research and training to members.
(e) Chamber of commerce (any two): promotes trade, commerce and industry in its area; represents business interests to government; organises trade fairs; provides commercial information and issues certificates of origin; settles trade disputes by arbitration.

Explanation

Two short points under each heading.