Question 571:

• JAMB 1981

unlimited liability means?

A. The government can tax a company without limit
B. The debts of a company must be paid out of it assets
C. A company ceases to exist at the death of one of its owners
D. A firm must pay its debts from business as well as private funds
E. None of the above

Question 572:

• JAMB 1981

One of the probable effects of an increased minimum wage in Nigeria is?

A. To create volunteer unemployment
B. To decrease the wage rate
C. To increase the level of unemployment
D. To create involuntary unemployment
E. To increase the demand for labour

Question 573:

• JAMB 1981

If the income of a consumer rises and his demand for good X falls, good X can be described as

A. A normal good
B. An adnoral good
C. A good with inelastic demand
D. A good with unitary elastic demand
E. None of the above

Question 574:

• JAMB 1981

Inflation is likely to benefit?

A. Persons with bank savings
B. Persons employed in financial houses
C. Debtors
D. Persons who lived on fixed pension funds
E. Creditors

Question 575:

• JAMB 1981

Which of the following is NOT a characteristic of perfect competition?

A. Many sellers and buyers in the markets
B. There is perfect knowledge
C. Supply and demand are equal
D. There is no advertising
E. Products are identical