Jamb Economics 1998 Past Questions and Answers

Question 11:

• JAMB 1998

The producer in a perfectly competitive market is faced with a demand curve whose elasticity is?

A. Unitary
B. Greater than one
C. Infinite
D. Less than one

Question 12:

• JAMB 1998

Unlike the retailer, the wholesaler provides?

A. Useful information to the manufacturer about consumers'taste
B. After-sales services to the consumers
C. Useful information to the costumers on the benefits and uses of the product
D. Useful information about market trends and finance to the manufacturer

Question 13:

• JAMB 1998

Liquidation of limited liability company implies that the?

A. Company may not pay its debt
B. Debts of the company can only be paid from its own assets
C. Debts of the company are paid from both business and private funds of the owners
D. Debts of the company musts be paid from public funds only

Question 14:

• JAMB 1998

One form of business organization which is not motivated solely by the profit objective is the?

A. Joint stock company
B. Private limited company
C. Co-operative society
D. Ordinary partnership

Question 15:

• JAMB 1998

Which of the following can have their shares quoted on the stock exchange?

A. Public corporations
B. A partnership
C. A consumer corporative
D. A public limited liability company