1994 - JAMB Economics Past Questions and Answers - page 3

21
A major shortcoming of the sole proprietorship form of business is lack of?
A
working capital
B
patronage
C
continuity
D
market
correct option: c
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22
In the event of liquidation of a private limited liability company, the shareholders' liability is limited in their total?
A
income from all sources
B
family assets
C
collateral offered for bank loans
D
investment inthe company
correct option: d
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23
The major factor that causes fluctuations in the supply of agricultural produce is?
A
high price
B
pests
C
weather variations
D
rural-urban migration
correct option: c
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24
The system of agriculture practice which involves hunting, gathering and growing of food crops for family consumption only is described as?
A
peasant agriculture
B
plantation agriculture
C
co-operative farming
D
subsistence farming
correct option: d
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25
What is the term used to describe a policy aimed at promoting the local production of goods which are usually imported?
A
Deregulation
B
import substitution
C
Tariff reduction
D
Backward integration
correct option: b
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26
Labour-intensive strategy of industrialization emphasizes the use of?
A
steam energy in the process of production
B
manual method of production
C
synthetic raw materials
D
hydro-electric power
correct option: b
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27
Petroleum is the mainstay of the Nigerian economy because it is the?
A
main foreign exchange earner
B
greatest employer of labour
C
greatests contributor to the growth of agriculture
D
source of high income for its workers
correct option: a
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28
An indigenous company wholly owned by the federal government of Nigeria which currently engaged in prospecting for oil is?
A
the Nigerian National Oil Company
B
Peak Petroleum Industries Nigeria Limited
C
Nigeria Exploration and Production Company
D
the Nigeria National Petroleum Corporation
correct option: d
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29
An increase in both the legal reserve ratio and discount rate has the effect of?
A
increasing the quantity of money in circulation
B
decreasing the quantity of money in circulation
C
increasing the value of money
D
decreasing the value of money
correct option: b
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30
Inflation n the Nigeria economy may be fueled by increase in?
A
the dollar price of crude oil
B
the sale of company shares
C
government expenditure
D
sale of government bonds
correct option: c
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