Jamb Economics 1987 Past Questions and Answers

Question 21:

• JAMB 1987

An increase in supply will lower price unless?

A. Supply is perfectly inelastic
B. Demand is perfectly inelastic
C. It is followed by an increase in demand
D. Demand is highly inelastic

Question 22:

• JAMB 1987

Which of the following is compatible with a firm in a purely competitive market?

A. Demand is inelastic
B. Demand is infinitely inelastic
C. Marginal Cost is falling
D. Price is greater than Marginal Cost

Question 23:

• JAMB 1987

What form of market is found in an imperfect competition where there are few buyers and many sellers?

A. Oligopoly
B. Monopoly
C. Duopoly
D. Oligopsony

Question 24:

• JAMB 1987

To which of the following sectors do services belong?

A. Primary
B. Secondary
C. Tertiary
D. Construction

Question 25:

• JAMB 1987

The liability of the sole trader is?

A. Indeterminable
B. Unlimited
C. Transferable
D. Limited