Jamb Economics 1985 Past Questions and Answers

Question 21:

• JAMB 1985

Limited liability means?

A. The debts of a company can only be paid from its own assets
B. The debts of a company are paid from business as well as private funds of the owners
C. Government cannot tax the company
D. The debts of a company must be paid from private funds only
E. The company does not have to pay its debts

Question 22:

• JAMB 1985

The purchasing power of the naira will fall when?

A. The naira is devalued
B. Government cuts all salaries and wages
C. There is inflation
D. The colour of the naira is changed
E. Workers are retrenched

Question 23:

• JAMB 1985

When a business has unlimited liability

A. All its profits can be taxed away by the government
B. All its assets are owned by the members of its board of directors
C. The business ceases to exist at the death of one of its owners
D. The owners are responsible for all its financial debts
E. The owners are not responsible for all its financial debts

Question 24:

• JAMB 1985

Which of the following factors is mostly responsible for the concentration of population around the oil fields in Eastern Nigeria?

A. Establishement of industries
B. Presence of mineral deposits
C. Transportation facilities
D. Favourable soils
E. Favourable climate conditions

Question 25:

• JAMB 1985

The petro- chemical industries are located in the River State of Nigeria due to?

A. Favourable climate
B. Favourable soil
C. Oil deposits
D. Palm oil products
E. Coal deposit