Economics 2006 Jamb Examination
Question 21
Both sole proprietorship and partnership involve unlimited liability — the owners’ personal property can be used to settle business debts.
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Question 22
Nigeria's exports are mainly primary goods such as crude oil, agricultural produce, and raw materials.
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Question 23
Increased investment leads to capital formation, which raises production capacity and accelerates economic growth.
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Question 24
A producer cooperative society is formed by producers to collectively market and sell their products.
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Question 25
A floating exchange rate is determined by the forces of demand and supply in the foreign exchange market.
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Question 26
Import substitution policy encourages the replacement of imported goods with locally produced ones, thereby protecting domestic industries.
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Question 27
UNCTAD (United Nations Conference on Trade and Development) was established to address trade and development issues of less developed countries.
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Question 28
Labour mobility increases when workers have alternative job opportunities in the same area, making it easier to change employment.
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Question 29
Industrialization boosts production capacity, creating jobs and wealth, which drive economic growth and development.
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Question 30
Oil-producing areas in Nigeria demand compensation due to severe environmental pollution caused by oil exploration and exploitation.
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Use this information to answer this question. Below is the trading, profit and loss Account particulars of Amadi peterside and Brothers for the year ended 31st December 1986.
| ₦ | ₦ | ||
| Opening stock Purchase |
1000 7000 |
Sales | 8000 |
| Closing Stock | 3000 |
Electricity Salaries Rent Depreciations |
₦ 135 875 180 210 |