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Pregunta 1 Informe
Which of the limited liability companies have a limit of fifty members and do not issues their shares to the public
Detalles de la respuesta
The type of limited liability company that has a limit of fifty members and does not issue their shares to the public is a private limited liability company. A private limited liability company is a type of business structure where the company's shares are owned by a small group of individuals (usually family, friends or business partners). This type of company is restricted to a maximum of fifty shareholders and cannot sell its shares to the public through a stock exchange. The liability of each shareholder is limited to the amount of money they have invested in the company, so they are not personally responsible for the company's debts. In addition, the company's legal identity is separate from that of its owners, which means the company can own property, enter into contracts and take legal action in its own name. Overall, a private limited liability company is a popular option for small businesses and startups as it provides limited liability protection to its owners while also allowing for flexible management and ownership structures.
Pregunta 2 Informe
The policy used when contracts are awarded as a result of tender is________
Detalles de la respuesta
The policy used when contracts are awarded as a result of tender is Bid Pricing. Bid pricing is a strategy used by companies to win contracts by offering the lowest price among all the bidders while still ensuring profitability. When a company or organization puts out a tender for a project, other companies can submit their bids, which include the proposed price, along with other information like project timeline, quality standards, and experience. The company or organization will then review the bids and award the contract to the bidder with the most suitable proposal, often taking into consideration the price quoted. In summary, bid pricing is a competitive strategy used by companies to secure contracts by offering the lowest price possible while still ensuring that the project remains profitable for the company.
Pregunta 3 Informe
An example of vertical integration is___________
Detalles de la respuesta
Trust is an amalgation of different competing firms in different lines of business under a single management. It is vertically integrated in nature.
Pregunta 4 Informe
A document which entitles its holder to the gods named on it, which is stored in a specific warehouse is called________
Detalles de la respuesta
The document which entitles its holder to the goods named on it, which is stored in a specific warehouse is called a Warrant. A warrant is a legal document that gives the holder the right to take possession of a specific commodity or asset. In this case, the warrant entitles its holder to the goods named on it, which are stored in a specific warehouse. The holder of the warrant can present it to the warehouse and take possession of the goods specified on the warrant. Warrants are commonly used in commodity trading, where they serve as a form of guarantee that the holder has the right to take possession of the commodity specified on the warrant. Warrants are also used in other industries, such as finance and logistics, to facilitate the transfer of assets and goods.
Pregunta 5 Informe
Which function of money is described in the following statement?
It serves as a medium through which business transactions are carried out
Detalles de la respuesta
Since money can be stored, it can accumulated to pay debts and can serve as a medium by which business transactions on credit can be settled.
Pregunta 6 Informe
Which of these is a document used in International trade?
Detalles de la respuesta
An invoice is a document used in international trade. It is a commercial document that lists the goods or services that have been sold, along with the price, quantity, and other relevant information. The invoice serves as a record of the transaction between the buyer and the seller, and it is often used for accounting and tax purposes. The invoice is usually sent by the seller to the buyer, and it is important for both parties to keep a copy for their records.
Pregunta 7 Informe
Tourism involving residents of the given country travelling only within this country is called__________
Detalles de la respuesta
Tourism involving residents of a given country traveling only within that country is called "Domestic Tourism." Domestic Tourism refers to the travel of people within their own country for leisure, business, or other purposes. This type of tourism involves residents of a country traveling to different parts of their own country for vacation, sightseeing, or to visit friends and family. Domestic Tourism is an important part of the tourism industry, as it generates revenue for local businesses and supports local economies. It is important to note that Domestic Tourism is different from Inbound Tourism, which refers to the travel of foreign visitors to a country, and Outbound Tourism, which refers to the travel of residents of a country to other countries.
Pregunta 8 Informe
Thee major aim of consumer orientation is_________
Detalles de la respuesta
The major aim of consumer orientation is to ensure consumer satisfaction. Consumer orientation is a business approach that prioritizes meeting the needs and wants of consumers. It involves designing products, services, and marketing strategies that are tailored to the preferences of consumers, as well as seeking feedback from consumers to continuously improve and refine offerings. By placing the needs and wants of consumers at the forefront of decision-making, businesses that adopt a consumer orientation can improve customer satisfaction and build long-term loyalty. This can ultimately lead to increased sales, profits, and market share. Consumer orientation also supports the principle of consumer sovereignty, which means that consumers have the power to determine what is produced in the market through their buying decisions. By understanding and responding to consumer preferences, businesses can better meet the needs of their target markets and improve their competitiveness. Market research is an important component of a consumer orientation strategy, as it provides valuable insights into consumer preferences, behaviors, and attitudes. This can help businesses identify trends, opportunities, and potential areas for improvement, as well as develop more effective marketing campaigns. Overall, the major aim of consumer orientation is to ensure that businesses meet the needs and wants of consumers in order to achieve customer satisfaction, loyalty, and long-term success.
Pregunta 9 Informe
A cheque that is payable to whoever presents it is known as______
Detalles de la respuesta
A cheque that is payable to whoever presents it is known as a "bearer cheque". A bearer cheque is a type of cheque where the person who presents the cheque to the bank for payment is considered the rightful owner, regardless of who actually wrote the cheque. In other words, if you have a bearer cheque, you can cash it at the bank without having to prove that you are the person to whom the cheque was written. This type of cheque is becoming less common due to security concerns, as it makes it easier for someone to fraudulently cash someone else's cheque. In contrast, other types of cheques, such as "order cheques" and "crossed cheques", have added security features to prevent fraud and ensure that the cheque is paid to the correct recipient.
Pregunta 10 Informe
A memory that can be read and write and is volatile is known as
Detalles de la respuesta
A memory that is volatile, meaning that it loses its contents when the power is turned off, and can be read and written to is called Random Access Memory (RAM). RAM is a type of computer memory that is used to store data and programs that are actively being used. The contents of RAM can be easily changed, and it is a fast type of memory that allows the computer to access data quickly. However, because it is volatile, any data stored in RAM is lost when the power is turned off. In contrast, Read-Only Memory (ROM) is a type of memory that is non-volatile, meaning that its contents are permanent and cannot be changed. EPROM (Erasable Programmable Read-Only Memory) and EEPROM (Electrically Erasable Programmable Read-Only Memory) are types of non-volatile memory that can be reprogrammed, but they are not as fast as RAM and are not used for actively storing data and programs.
Pregunta 11 Informe
The basic characteristics of co-operative society include all except one
Detalles de la respuesta
Members in the management committees of Co-operative societies often lack business experience and expertise.
Pregunta 12 Informe
In the formation of a united liability company, the following documents are prepared except_______
Detalles de la respuesta
A prospectus is an invitation to the public to purchase shares or debentures. It is most often issued by public limited companies.
Pregunta 13 Informe
Someone traveling abroad for at least "twenty - four hours" and a maximum stay of six months is known as
Detalles de la respuesta
Someone traveling abroad for at least "twenty-four hours" and a maximum stay of six months is known as a "tourist." Tourism is the industry and activity of traveling for pleasure, which includes visiting places of interest, experiencing different cultures, and engaging in various leisure activities. A tourist is a person who travels to a different location outside of their usual environment for leisure, business, or other purposes. In this case, the requirement of a minimum stay of "twenty-four hours" and a maximum stay of six months is a common definition used by many countries to distinguish between a tourist and someone who is merely passing through. This definition is used by customs and immigration authorities to determine whether a traveler requires a tourist visa, which permits them to stay in the country for a specific period, typically up to six months. Transportation refers to the movement of goods and people from one place to another. It may or may not involve travel for leisure or other purposes. International trade refers to the exchange of goods and services between countries, which can involve the movement of people and goods, but does not necessarily involve travel for leisure. Domestic tourism refers to the activity of traveling within one's own country for leisure or other purposes, which is distinct from international tourism, where a person travels to a different country.
Pregunta 14 Informe
A responsibility to control environmental pollution is the responsibility of____
Detalles de la respuesta
A business has a responsibility to control environmental pollution e.g water, land, sound and air pollution arising from their operations.
Pregunta 15 Informe
Examples of consumer goods include all except________
Detalles de la respuesta
Consumer goods are goods and services that can satisfy the consumer's immediate needs. These goods do not require further process of production for their use by the consumers.
Pregunta 16 Informe
First Bank of Nigeria is an example of
Detalles de la respuesta
First Bank of Nigeria is an example of a commercial bank. A commercial bank is a financial institution that offers a range of services to individuals, businesses, and government entities. These services include deposit accounts, loans, credit cards, wire transfers, foreign currency exchange, and other financial products. Commercial banks earn revenue by charging fees on services, collecting interest on loans, and investing in financial markets. They also play a crucial role in the economy by providing access to credit, managing payments and deposits, and facilitating financial transactions. First Bank of Nigeria is one of the largest and oldest commercial banks in Nigeria, with a long history of serving the banking needs of individuals, businesses, and government entities. The bank offers a wide range of financial products and services, including savings and checking accounts, loans, mortgages, debit and credit cards, and online banking. Overall, First Bank of Nigeria is an example of a commercial bank, which is a key component of the financial system and plays an important role in the economy by providing essential financial services and facilitating economic growth.
Pregunta 17 Informe
Use the following information to answer this question.
Oladosu Bookshop
54, Ahmadu Bello Way
Kaduna
P.O.BOOX 336
6 January 1989
Olu Stationery ltd
17, Kakawa Street
Lagos
Dear Sir,
We require 200 pieces of 0.8mm fountain pens and 1000 pieces of plain single line 21cm × 18cm exercise books.
Please give us quotes for the respective articles for immediate delivery and a statement of your terms of trade.
Yours Faithfully
Manager.
The above represents?
Detalles de la respuesta
The above represents a letter of inquiry. It is a formal letter written by the manager of Oladosu Bookshop to Olu Stationery Ltd requesting quotes for specific items and information about their terms of trade. The letter is not an order form, as it does not contain a commitment to purchase the requested items. Rather, it is a request for information to help the bookshop make an informed decision about whether to place an order with the stationery company.
Pregunta 18 Informe
A conter offer is an offer that is
Detalles de la respuesta
A counter offer is a new offer that is made in response to a previous offer. It's different from the original offer because it includes different terms or conditions. For example, if someone makes an offer to buy your car for $10,000, and you counter with an offer to sell it for $12,000, the counter offer is a new and different offer than the original one. The original offer is no longer valid, and the parties must either accept the counter offer or make a new offer.
Pregunta 19 Informe
The type of insurance policy that is compulsory in International trade so that all goods passing through the sea must be covered is considered to be________
Detalles de la respuesta
Marine Insurance is the type of insurance policy that is compulsory in international trade so that all goods passing through the sea must be covered. This type of insurance is necessary to protect goods in transit against loss or damage that may occur during shipping. For example, if goods are damaged or lost during a voyage, marine insurance can provide compensation to the owner of the goods. This helps ensure that international trade can take place smoothly and that businesses are not negatively impacted by unexpected losses. Marine insurance is therefore an essential part of international trade and is required to ensure that goods are protected during transit.
Pregunta 20 Informe
Use the following information to answer this question.
The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018
| Initial Capital | 5000 |
| Net Profit | 1000 |
| Furniture | 2000 |
| Equipment | 2900 |
| Debtors | 100 |
| Stock | 1000 |
| Bank | 500 |
From the above, calculate Current assets
Detalles de la respuesta
To calculate the current assets of Ojo Trading Company, we need to add up all the assets that are expected to be converted into cash within one year. These include: - Debtors: The amount of money that the company is owed by its customers within one year. - Stock: The value of the goods that the company currently holds in inventory that are expected to be sold within one year. - Bank: The amount of cash that the company has in its bank accounts. Adding these up, we get: Current assets = Debtors + Stock + Bank = 100 + 1000 + 500 = 1600 Therefore, the current assets of Ojo Trading Company as at 31st December, 2018 is 1600. In summary, current assets are those assets that are expected to be converted into cash within one year. For Ojo Trading Company, the current assets include debtors, stock and bank, which when added together, give a total of 1600.
Pregunta 21 Informe
One of the disadvantages of Sole Proprietorship is__________
Detalles de la respuesta
One of the disadvantages of Sole Proprietorship is that it "lacks specialization." A Sole Proprietorship is a type of business structure where an individual operates and owns the business by themselves. This type of business structure is simple to start and requires minimal paperwork, but it also has some disadvantages. One of the disadvantages of Sole Proprietorship is that it lacks specialization. This means that the owner of the business is responsible for all aspects of the business, including management, marketing, finances, and operations. This can be overwhelming for one person to handle, and can lead to burnout or reduced efficiency. Additionally, a Sole Proprietorship does not have any separate legal standing from the owner, which means that the owner is personally liable for all debts and obligations of the business. This can put the owner's personal assets, such as their home or savings, at risk. So, the disadvantage of Sole Proprietorship mentioned in the question is "lacks specialization."
Pregunta 22 Informe
Commerce brings about all except one
Detalles de la respuesta
Commerce brings about international cooperation, improvement in the standard of living, and infrastructural development, but it does not bring about monotony of work. Commerce involves buying and selling goods and services between countries and between individuals, and this can lead to international cooperation as countries work together to exchange goods and services and build relationships. This can also lead to an improvement in the standard of living, as people have access to a wider range of goods and services and can trade with others to get what they need. Infrastructural development, such as the construction of ports, airports, and roads, can also be a result of commerce, as these facilities are needed to support the transportation of goods and services. However, commerce does not bring about monotony of work, as work in commerce can be diverse and dynamic, involving a range of activities such as marketing, sales, and logistics. While some tasks within commerce may become repetitive, the nature of commerce itself is not monotonous.
Pregunta 23 Informe
A business environment that take into consideration the beliefs, attitudes, needs, values and attitudes of the people is_________
Detalles de la respuesta
The business environment that takes into consideration the beliefs, attitudes, needs, values, and customs of the people is called the cultural environment. This environment includes various factors such as social norms, religious beliefs, language, lifestyle, and cultural practices that influence the way people behave and interact with each other. Understanding the cultural environment is essential for businesses to develop products and services that meet the needs of their customers and are acceptable to the society. It helps businesses to identify the cultural differences among different regions and countries and develop strategies to overcome any cultural barriers. By taking cultural factors into account, businesses can improve their relationships with customers, employees, and partners, and create a more inclusive and diverse workplace.
Pregunta 24 Informe
Examples of Commercial occupation are all except___________
Detalles de la respuesta
All the options listed - bankers, traders, insurers, and goldsmiths - are examples of commercial occupations, so the correct answer is "none of the above" or "all of the options are examples of commercial occupations". Commercial occupations are those that are primarily involved in buying, selling, or trading goods or services for a profit. Bankers are involved in the business of banking, which includes accepting deposits, making loans, and other financial services. Traders are involved in buying and selling financial instruments such as stocks, bonds, and commodities. Insurers provide insurance policies to individuals and businesses in exchange for premiums. Goldsmiths are involved in the business of making and selling jewelry and other precious metal items. All of these professions involve commercial activities aimed at making a profit, so they are all examples of commercial occupations.
Pregunta 25 Informe
The factors to be considered in setting up retail trade include all except_____
Detalles de la respuesta
The factor to be considered in setting up retail trade that does not need to be considered is "Age". Age does not have a direct impact on setting up a retail trade business. Other factors such as capital, experience, and location are more important and directly affect the success of the business. Capital refers to the financial resources required to start and run the business, including money for rent, inventory, equipment, and other expenses. Experience refers to the knowledge and skills the owner has in running a retail business, including knowledge of the industry, customer service, and marketing. Location refers to the physical location of the business, and it is crucial to choose a location that is easily accessible to customers and has a high foot traffic.
Pregunta 26 Informe
Use the following information to answer this question.
Oladosu Bookshop
54, Ahmadu Bello Way
Kaduna
P.O.BOOX 336
6 January 1989
Olu Stationery ltd
17, Kakawa Street
Lagos
Dear Sir,
We require 200 pieces of 0.8mm fountain pens and 1000 pieces of plain single line 21cm × 18cm exercise books.
Please give us quotes for the respective articles for immediate delivery and a statement of your terms of trade.
Yours Faithfully
Manager.
From the question above, the document the firm or organization will send to the buyer is
Detalles de la respuesta
The document the firm or organization will send to the buyer is a Quotation. A quotation is a document that provides details about the cost of goods or services requested by a customer. In this case, the Oladosu Bookshop is requesting a quote from Olu Stationery Ltd for 200 pieces of 0.8mm fountain pens and 1000 pieces of plain single line 21cm × 18cm exercise books. The quotation will provide the prices for the requested items and also include the terms of trade, which specify the conditions for payment, delivery, and other important information. The purpose of the quotation is to give the buyer an estimate of the cost of the items requested so that they can make an informed decision about whether or not to proceed with the purchase.
Pregunta 27 Informe
All harbours, docks and waterways of Nigeria are looked after by a public corporation called the
Detalles de la respuesta
All harbours, docks, and waterways of Nigeria are looked after by the "Nigerian Ports Authority." The Nigerian Ports Authority (NPA) is a government-owned organization responsible for managing and regulating the ports and waterways in Nigeria. This includes overseeing the operations of all the harbours, docks, and waterways in the country, ensuring that they are safe, efficient, and well-maintained. The NPA works to improve the efficiency of the ports and waterways, promote economic development in the region, and provide employment opportunities for the local population. By ensuring the smooth and efficient operation of the ports and waterways, the NPA plays a critical role in supporting the economy of Nigeria.
Pregunta 28 Informe
Which of these is not a merit of division of labour
Detalles de la respuesta
The option that is not a merit of division of labour is "creates monotony in the work task." Division of labor is a process whereby tasks are broken down into smaller and more specialized tasks, with each worker performing one or a few of these tasks. This process has several benefits, including increased efficiency, higher productivity, and improved quality of output. However, one potential downside of division of labor is that it can create monotony in the work task. When workers are assigned to perform the same task repeatedly, they may become bored or disengaged from their work, which can reduce their motivation and productivity. In conclusion, while division of labor has many benefits, it is important to consider the potential negative effects, such as monotony in the work task, and take steps to mitigate these effects.
Pregunta 29 Informe
A number of shipping lines operating on a certain route, which agree on a common policy regarding the conditions under which goods are to be carried
Detalles de la respuesta
The correct term for a group of shipping lines that agree on a common policy regarding the conditions under which goods are to be carried is a "conference." A conference is a group of shipping lines that come together to set standards and establish guidelines for the transportation of goods on a particular route. By working together, the conference members can ensure that they are providing a consistent level of service to their customers, as well as agreeing on pricing and other important terms. While some people might use terms like "cartel," "syndicate," or "trust" to describe this kind of arrangement, those terms are generally associated with illegal or unethical practices like price-fixing, market manipulation, or collusion. In contrast, a conference is a legitimate and legal arrangement that allows shipping lines to work together to provide better service to their customers while maintaining healthy competition within the industry.
Pregunta 30 Informe
A terms of payment in which the buyer pays cash immediately for goods bought before he takes them away is called____
Detalles de la respuesta
A spot price is the price that is the current price and at which the instant delivery takes place. Spot payment or price is the same as the market price.
Pregunta 31 Informe
The process of winding up or bringing a company to an end is________
Detalles de la respuesta
The process of winding up or bringing a company to an end is Liquidation. Liquidation refers to the process of selling off a company's assets, paying off its debts and distributing any remaining funds to shareholders. This is typically done when a company is no longer able to continue its operations, or when the owners or shareholders have decided to close the business. During liquidation, the company's assets are sold, and the proceeds are used to pay off creditors, including suppliers, lenders, and employees. Any remaining funds are then distributed to the shareholders, if there are any.
Pregunta 32 Informe
The assembling of Manufactured products into forms usable by humans is classified as
Detalles de la respuesta
Construction occupation is the assembling of manufactured products into forms e.g The building of houses is done by assembling bricks, tiles, door frames, window, frames, ceiling boards e.t.c
Pregunta 33 Informe
An abridged message sent at express speed to reach its destination faster than the airmail letters is known as
Detalles de la respuesta
A telegram is a message sent at express speed to reach its destination faster than airmail letters. It was a means of communication before the widespread use of telephones and email. The message was sent via a telegraph machine to a telegraph office and then delivered to its intended recipient. The telegram was often abbreviated and sent in code to save time and money. It was a popular way to send urgent messages, such as news of a birth, death, or important business information.
Pregunta 34 Informe
In Nigeria, it is mandatory for all business enterprises to be registered with the________
Detalles de la respuesta
In Nigeria, all business enterprises are required to be registered with the Corporate Affairs Commission (CAC). The CAC is a government agency that is responsible for registering and regulating all business activities and organizations in Nigeria. By registering with the CAC, a business can legally operate in Nigeria and receive protection under the law. The CAC also helps to ensure that businesses are operating in a fair and transparent manner, and provides a database of all registered businesses for the public to access.
Pregunta 35 Informe
The Sole aim of government owned business is to
Detalles de la respuesta
The sole aim of a government-owned business depends on the specific goals and objectives of the government that owns it. In general, government-owned businesses are established to achieve specific policy goals, such as providing essential services to the public, promoting economic development, and generating revenue for the government. Unlike privately-owned businesses whose primary aim is to maximize profits for their owners and shareholders, government-owned businesses may prioritize other objectives such as providing affordable services to the public, promoting social welfare, and ensuring environmental sustainability. For example, a government-owned utility company may aim to provide affordable and reliable electricity to households and businesses, while a government-owned transportation company may aim to provide safe and efficient transport services to commuters. However, it's important to note that government-owned businesses can also face challenges such as bureaucratic inefficiencies and political interference that can affect their ability to achieve their intended objectives.
Pregunta 36 Informe
A document that embody the conditions and exceptions attached to the contract is
Detalles de la respuesta
A document that embodies the conditions and exceptions attached to the contract is the "policy." A policy is a legal contract between the insurer and the insured that outlines the terms and conditions of the insurance coverage. It specifies what is covered, how much is covered, and under what circumstances the coverage will be provided. The policy also lists any exceptions or exclusions that are not covered under the policy. In simple terms, the policy is the document that outlines the agreement between the two parties and lays out all the details of the insurance coverage.
Pregunta 37 Informe
All but one is not a barriers to foreign trade
Detalles de la respuesta
Trade Fair is not a barrier to foreign trade. Trade barriers are obstacles that can make it difficult for companies to trade goods and services internationally. There are different types of trade barriers, including natural barriers, economic barriers, and social and language barriers. Natural barriers refer to geographic features such as mountains or oceans that can make it difficult to transport goods. Economic barriers include tariffs, quotas, and other regulations that make it more expensive or difficult to import or export goods. Social and language barriers are cultural and linguistic differences that can make it challenging for companies to do business in other countries. Trade fairs, on the other hand, are events that bring together companies and individuals from different countries to showcase their products and services. Trade fairs can actually facilitate foreign trade by providing a platform for companies to meet and network with potential partners and customers from around the world. Trade fairs can also help to promote international understanding and cooperation, which can be beneficial for foreign trade. In summary, while natural, economic, and social and language barriers can impede foreign trade, trade fairs are not a barrier to foreign trade. In fact, they can actually help to promote and facilitate it.
Pregunta 38 Informe
The scope of commerce is limited to________
Detalles de la respuesta
Commerce scop embraces trade and aids to trade.
Pregunta 39 Informe
The following is a summary of the asset and liabilities of Ojo trading company as at 31st December, 2018
| Initial Capital | 5000 |
| Net Profit | 1000 |
| Furniture | 2000 |
| Equipment | 2900 |
| Debtors | 100 |
| Stock | 1000 |
| Bank | 500 |
From the above, calculate Current liabilities
Detalles de la respuesta
From accounting equation;
Assets = Capital + liabilities
Therefore, liabilities = Assets - Capital
Liabilities = (4900 + 1600) - (500 + 1000) = 6500 - 6000
⇒ ₦600
Pregunta 40 Informe
One of these is not a factor affecting prices of securities?
Detalles de la respuesta
The financial statements of a company are not a factor that directly affects the prices of securities. Financial statements provide information about a company's financial performance, which can influence investors' perceptions of the company and its prospects. However, it is ultimately the forces of demand and supply in the market, along with the activities of speculators and the political situation of a country, that determine the price of securities. The forces of demand and supply are the most fundamental factors affecting securities prices. If there is a high demand for a security and a limited supply, the price of the security will increase. Conversely, if there is low demand and a surplus supply, the price of the security will decrease. Activities of speculators can also affect securities prices. Speculators buy and sell securities with the intention of making a profit from short-term price fluctuations. Their actions can amplify or dampen the effects of supply and demand, leading to increased volatility in securities prices. The political situation of a country can also have an impact on securities prices. Political events such as elections, wars, and changes in government policy can affect the economy and investor sentiment, leading to fluctuations in securities prices. Overall, the prices of securities are influenced by a combination of factors, with the forces of demand and supply being the most important.
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