Jamb Economics 1979 Past Questions and Answers

Question 6:

• JAMB 1979

One of the reason why the condition of supply of a commodity may change is

A. A change in real income
B. Changes in the technique of production
C. A change of fashion or taste
D. Change in population

Question 7:

• JAMB 1979

when the demand curve shift to the right it indicate that a larger quantity is demanded at each price. This is caused by one of the following

A. A fall in income
B. A rise in the price of a complement
C. A fall in the price of substitute
D. A change in taste against this commodity
E. None of the above

Question 8:

• JAMB 1979

When the price of a commodity is below the equilibrium price the quantity demanded will exceed the quantity supplied. Such a situation is referred to as

A. Elastic supply
B. Joint demand
C. Excess supply
D. Derived demand
E. None of the above

Question 9:

• JAMB 1979

The central bank controls the activities of other banks by all but one of the following

A. The use of bank rate
B. The purchase or sale of government bonds on the open market
C. Special deposite
D. The use of directives
E. Taxation

Question 10:

• JAMB 1979

which of these alternative is wrong? central banks are

A. Bankers to the government
B. Bankers to commercial banks
C. Merchant banks
D. Controllers and regulators of money supply
E. Issuers of bank note