Commerce 2018 Jamb Examination
Question 1
Selling goods abroad at a price lower than the cost to gain market share is called dumping. Correct option is A.
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Question 2
Current account holders use cheques to withdraw funds directly from their accounts. Correct option is B.
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Question 3
Sole proprietors often face difficulty in raising sufficient funds for operations. Correct option is A.
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Question 4
Verbal communication involves spoken words; the telephone is a direct verbal communication method. Correct option is A.
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Question 5
Chambers of commerce organize trade fairs to promote business opportunities among members and the public. Correct option is B.
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Question 6
Privatization involves transferring ownership of public enterprises from government to private individuals or organizations. Correct option is C.
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Question 7
In the law of contact, a counter offer operates as
A counter offer is when one party responds to an offer with new terms, effectively rejecting the original offer and proposing a new one in its place. Since it changes the original terms, it is considered a rejection of the initial offer. Accepting a counter offer would then create a new contract with the modified terms.
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Question 8
A quota is a physical limit on the quantity of certain goods that can be imported into a country. Correct option is B.
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Question 9
Warehousing stores goods and helps stabilize prices but does not create artificial scarcity. Correct option is C.
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Question 10
Stock is a current asset because it can be converted into cash within a year. Correct option is D.
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