Jamb Economics 1997 Past Questions and Answers

Question 16:

• JAMB 1997

A market where there are many differentiated products is called?

A. Monopoly
B. Perfect competition
C. Monopolistic competition
D. Oligopoly

Question 17:

• JAMB 1997

The best channel of distribution of baked bread is through?

A. Wholesalers to retailers then to consumers
B. Direct sales to consumers
C. Wholesalers to consumers
D. Retailers to consumers

Question 18:

• JAMB 1997

A form of business organization which is characterized by limited authority and liability of individual owners is the?

A. Sole proprietorship
B. Partnership
C. Joint stock company
D. Co-operative society

Question 19:

• JAMB 1997

The shares that must be redeemed first at liquidation of a company are?

A. Preference shares
B. Non-voting ordinary shares
C. Ordinary shares
D. Debentures

Question 20:

• JAMB 1997

The suggestion that peasants in Africa have backward-bending supply curves of output implies that their response to an increase in the price of their crops will be to?

A. Increase their output
B. Decrease their output
C. Keep their output constant
D. Hoard their output