I'm going to guess the steering wheel column slip ring, what some may call a clock spring, though which contact is made for the SRS Air Bag (if equipped) and the horn.
http://www.volvowiringdiagrams.com/?dir=volvo/740%20Wiring%20Diagrams
The 1993 Volvo 940 PDF page seven shows the circuit.
The slip ring can fail, losing all continuity with anything on teh steering wheel.
The slip ring, or clock spring, is the thing that allows you to turn your steering wheel while you have full horn tooting ability as you turn.
The Volvo 740 1989 Wiring.pdf on page six shows the same thing.
Else, maybe carbon pitting of the horn switch prevents continuity, thus, no electrons flow through, and no 1990 Volvo 740 toot-toot.
Does your steering wheel have the two horn buttons on the steering wheel spokes?
How you remove the horn switches is beyond me. Maybe prise up at along an edge or corner so you can test continuity.
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