Jamb Economics 1980 Past Questions and Answers

Question 36:

• JAMB 1980

In a normal (typical) demand schedule, the quantity demand is?

A. Directly related to price
B. Inversely related to price
C. Independent of price
D. Proportional related to supply
E. Solely dependent on haggling skill

Question 37:

• JAMB 1980

Division of labour is limited by the?

A. Available of raw materials
B. Size of the labour force
C. Size of a labour firm
D. Absolute size of the country's population
E. Per capital income and number of potential buyers

Question 38:

• JAMB 1980

In a limited liability company, the greatest risk is borne by?

A. Debenture holders
B. Company executives
C. Ordinary shareholders
D. Preference shareholders
E. Borad of directors

Question 39:

• JAMB 1980

Which of the following is NOT a function of Nigeria commercial Banks?

A. Acceptance of deposit
B. Lending of money
C. Investment in securities and business
D. Issue of currency
E. Selling and buying of travellers cheques

Question 40:

• JAMB 1980

In Nigeria, cheques are not money because?

A. Their use is confined to business houses
B. There are no banks in rular areas
C. They are not legal tender
D. They are not generally acceptable as a medium of exchange
E. Most Nigerians cannot identify them