Commerce 2004 Jamb Examination
Question 11
The members of the Niger Basin Commission include
Correct option: B. Burkina Faso, Guinea and Nigeria
The Niger Basin Commission (also known as the Niger Basin Authority) has nine member countries that share territory within the Niger River basin. These include Benin, Burkina Faso, Cameroon, Chad, Côte d’Ivoire, Guinea, Mali, Niger Republic, Nigeria, and Benin (en.wikipedia.org).
Among the given options, only option B accurately lists three of its member states: Burkina Faso, Guinea, and Nigeria.
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Question 12
Business environment refers to all elements that are
Correct option: A. outside an organization but relevant to its operations
The business environment includes all external factors such as economic, legal, technological, political, and social conditions that influence an organization's operations, decisions, and performance.
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Question 13
Consumer rights include the right to
Correct option: C. redress
Consumer rights include the right to redress, which ensures that consumers can seek compensation or remedy when products or services are defective, misleading, or cause harm.
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Question 14
One important requirement for the membership of the ECOWAS is
Correct option: B. independence
One important requirement for membership in ECOWAS (Economic Community of West African States) is being an independent state within the West African region. This ensures that member countries can fully participate in regional decision-making and agreements.
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Question 15
In Nigeria, the body that ensures that its members operate according to their professional ethics is the
Correct option: A. SON (Standards Organisation of Nigeria)
The Standards Organisation of Nigeria (SON) is the body responsible for ensuring that products, services, and their producers or providers adhere to established standards and ethics. It enforces compliance to quality and safety regulations across industries in Nigeria.
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Question 16
A transporter who had to sell some perishable goods without the prior authority of the owner becomes an agent by
Correct option: B. necessity
A transporter who sells perishable goods without prior authority due to urgent circumstances becomes an agent by necessity, as the action is taken to protect the owner’s interest in an emergency.
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Question 17
Poor sewage disposal, oil spill and indiscriminate refuse dumping all lead to
Correct option: C. land and water pollution
Poor sewage disposal, oil spills, and indiscriminate dumping of refuse contaminate both land and water sources, leading to land and water pollution that harms ecosystems and human health.
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Question 18
One of the advantages of commercialization is that it
Correct option: A. encourages entrepreneurship
Commercialization promotes efficiency and competition, which can encourage entrepreneurship by opening up opportunities for private individuals and organizations to invest and participate in sectors previously dominated by the government.
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Question 19
A common element in all contracts is
Correct option: D. agreement
An agreement is a fundamental element in all contracts, formed when there is a valid offer and acceptance. Without agreement, no enforceable contract exists.
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Question 20
Sources of finance to a business include personal savings, shares, debentures and
Correct option: B. bank overdrafts
Sources of finance for a business include personal savings, shares, debentures, and bank overdrafts, which provide short-term borrowing options to support daily operations or urgent expenses.