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WAEC Commerce 2003 Question 4

Question 4

Production

Industry is a branch of production because it

  1. A.is a division of commerce
  2. B.increases utility of goods
  3. C.Involves the use of machines
  4. D.deals with durable goods
Show the answer and explanation

Answer: B (increases utility of goods)

Explanation

Production means creating utility; industry adds utility by changing the form of goods.