Question 801:

• JAMB 1986

Which of the following statements describes a mixed economy?

A. The government and the private sector interact in solving the basic economic problems
B. The invisible hand solves the basic economic problems
C. The government produces and distributes all goods and services
D. Society answers the 'what', 'how', and 'for whom' questions only through the market system

Question 802:

• JAMB 1986

In drawing an individual's demand curve for a commodity, which of the following is not kept constant? The

A. Individual's money income
B. Price of subtitutes
C. Price of complementary goods
D. Price of the commodity under consideration

Question 803:

• JAMB 1986

Given that beef and fish are substitutes, a rise in the price of beef relative to that of fish will?

A. Induce greater demand for beef
B. Induce greater demand for fish
C. Induce lower demand for fish
D. Equate demands for beef and fish

Question 804:

• JAMB 1986

The main function of price mechanism is to?

A. Limit consumer demand
B. Enable producers make profit
C. Allocate scarce resources among competing ends
D. Ensure consumer sovereignty

Question 805:

• JAMB 1986

Use the table below to answer question 17 and 18.
Market Demand Schedule for Commodity X. \(\begin{array}{c|c}
\text{ Price N} & \text{Quantity(Million units)} \\ 60 & 100 \\
50 & 140 \\
40 & 220 \\
30 & 260 \\
20 & 300 \\
10 & 340 \\
\end{array}\)
If the price of commodity X falls from N40.00 to N30.00 what is the price elasticity of demand?

A. 0.62
B. 0.73
C. 1.00
D. 1,50