Jamb Commerce 1998 Past Questions and Answers

Question 36:

• JAMB 1998

A person who is cheated in business transaction can seek legal remedy

A. Even if the agreement is verbal and the amount involved is large
B. Only if the business is a sole proprietorship whose owner is known
C. Regardless of the form of business organization
D. Only if the transaction is documented in a contract

Question 37:

• JAMB 1998

The most essential element of a product is the

A. Price
B. Utility
C. Design
D. Colour

Question 38:

• JAMB 1998

Which of the following is a disadvantage of nationalization

A. It promotes poor economic planning
B. The cost of services is not determined by by market forces
C. It may lead to rationalization of resources
D. The development of local skills and technologyis retarded

Question 39:

• JAMB 1998

An example of a consumer protection agency is the?

A. Nigeria Bar association
B. Nigeria Medical Association
C. Ferderal Environmental Protection Agency
D. Manufacturers Association of Nigeria

Question 40:

• JAMB 1998

The body that organizes, promotes and participates in local and foreign trade fairs is the

A. Ministry of Commerce and Tourism
B. Ministry of finance
C. Chambers of Commerce
D. Export Promotion Council