Jamb Economics 1994 Past Questions and Answers

Question 21:

• JAMB 1994

Output restriction, fixing of prices, creating obstacles to free entry into the market are features of?

A. Pure monopoly
B. Perfect monopoly
C. Perfect competition
D. Monopsonist competition

Question 22:

• JAMB 1994

A major shortcoming of the sole proprietorship form of business is lack of?

A. Working capital
B. Patronage
C. Continuity
D. Market

Question 23:

• JAMB 1994

In the event of liquidation of a private limited liability company, the shareholders' liability is limited in their total?

A. Income from all sources
B. Family assets
C. Collateral offered for bank loans
D. Investment inthe company

Question 24:

• JAMB 1994

The major factor that causes fluctuations in the supply of agricultural produce is?

A. High price
B. Pests
C. Weather variations
D. Rural-urban migration

Question 25:

• JAMB 1994

The system of agriculture practice which involves hunting, gathering and growing of food crops for family consumption only is described as?

A. Peasant agriculture
B. Plantation agriculture
C. Co-operative farming
D. Subsistence farming