Jamb Economics 1992 Past Questions and Answers

Question 11:

• JAMB 1992

The price mechanism is more effective in achieving efficient performance of the economy than the planning mechanism because of the?

A. Role of supply and demand
B. Role of material incentive
C. Existence of buyers and sellers
D. Role of money

Question 12:

• JAMB 1992

If demand is relatively inelastic and sellers are able to raise the price of their commodity, then there we be a?

A. Fall in both quantity of demand and total revenue
B. Fall in the quantity demanded and rise in total revenue
C. Fall in the quantity demanded and rise in marginal revenue
D. Rise in both the quantity demanded and the marginal revenue

Question 13:

• JAMB 1992

The demand curve for a normal good will shift to the left if?

A. The incomes of consumers rise
B. The price of the goods rises
C. The price of complementary goods rises
D. Advertising expenditure on complementary goods increase

Question 14:

• JAMB 1992

A firm with marginal cost equals to its marginal revenue will produce the equilibrium output if it is in?

A. Pure competition only
B. Pure monopoly only
C. Monopolistic competition only
D. Any type of market

Question 15:

• JAMB 1992

An important function of the retailer is to?

A. Grant credit to the wholesaler
B. Break bulk and sell products in small units
C. Reduce cost of distribution
D. Generate demand for products through advertisement