Jamb Economics 1988 Past Questions and Answers

Question 16:

• JAMB 1988

Which of the following changes in equilibrium price and quantity is as a result of an upward shift in the market demand for a commodity?

A. Both the price and the quantity fall
B. The price rise and the quantity falls
C. The price falls and the quantity rises
D. Both the price and the quantity rise

Question 17:

• JAMB 1988

One factor which influences the slope of a non-linear demand curve for a commodity is the?

A. Price of the commodity
B. Quantity of the commodity demanded
C. Availability of substitutes
D. Available of complements

Question 18:

• JAMB 1988

One of the characteristics of an imperfect market is?

A. A large number of buyers and sellers
B. A lack of homogeneity of products
C. An adequate awareness of market conditions by buyers and sellers
D. The availability of substitutes

Question 19:

• JAMB 1988

Total revenue is always equal to?

A. Marginal revenue multiplied by the quantity sold
B. Average revenue plus marginal revenue
C. Marginal revenue multiplied by marginal cost
D. Average revenue multiplied by the quantity sold

Question 20:

• JAMB 1988

If prices fall in a perfectly competitive industry, the firms in that industry in the short run will?

A. Not decrease in number
B. Keep output at the same level but make losses
C. Reduce production
D. Intensity the advertisement of their products