Government regulations of business - Jamb Commerce Past Questions and Answers

Question 1:

• JAMB 1994

Commerce is defined as the study of how

A. Man utilizes the resources in his physical environment
B. Man produces, distributes and consumes his goods and services
C. Man buys, sells and distributes goods and services
D. Raw materials are changed into finished goods

Question 2:

• JAMB 1994

Governments impose import duties for the following reasons EXCEPT

A. To raise revenue for other services
B. To act as a retaliatory measure against other governments
C. To discourage the redistribution of income at home
D. To protect home industries from external competition

Question 3:

• JAMB 1994

The comprehensive import supervision scheme was set up by the federal government in order to

A. Reverse Nigeria's unfavourable balance of trade
B. Promote fair trade between Nigeria and other countries
C. Counteract all fraudulent business deals of Nigeria with other nationals
D. Ensue that import into Nigeria are of the correct quality, value and quantity

Question 4:

• JAMB 1997

The most important pieces of legislation governing business and commercial activities in Nigeria currently is the

A. Companies degree,1968
B. Trade Disputes degree, 1976
C. Companies and Allied matters degree,1990
D. Banks and Other Financial institution degree,1991

Question 5:

• JAMB 1997

Th overriding objective of the food and drug act in Nigeria is too prevent the

A. Importation of food and drug that can be locally manufactured
B. Consumption of food and drug not tested by the minitries of health
C. Adulteration of food and drug sold in the country
D. Manufactures of food and drug from charging excessive prices