WAEC Commerce Past Questions & Answers - Page 138

686.

When an industry is nationalized, ownership belongs to the

A.

private investors

B.

indigenes

C.

state

D.

shareholders

E.

foreigners

Correct answer is C

No explanation has been provided for this answer.

687.

Mr Ojo paid Nnamdi the sum of #3,000 for a piece of land without their signing any deed of sale. Which of the following elements of contract is lacking in the transaction?

A.

Valuable consideration

B.

Formality

C.

Offer and acceptance

D.

Capacity

E.

Consensus ad idem

Correct answer is B

No explanation has been provided for this answer.

688.

An agent with authority to bind his principal in everything, provided he acts lawfully is called

A.

a del credere agent

B.

a special agent

C.

a universal agent

D.

a factor

E.

an aunctioneer

Correct answer is C

No explanation has been provided for this answer.

689.

The art of combining human, material and other resources to achieve the stated goals of a business is known as

A.

planning

B.

controlling

C.

motivation

D.

directing

E.

organizing

Correct answer is E

No explanation has been provided for this answer.

690.

A restriction on the quantity of a commodity that could be imported is known as

A.

licence

B.

price control

C.

quota

D.

tariff

E.

ban

Correct answer is C

No explanation has been provided for this answer.