Jamb Economics 2013 Past Questions and Answers

Question 16:

• JAMB 2013

If the price of a commodity is fixed below equilibrium, this will lead to

A. Excess demand
B. A decrease in price
C. An increase in price
D. Excess supply

Question 17:

• JAMB 2013

One of the criticisms of the price mechanism is that

A. Producers are sovereign
B. It provides low degree of freedom
C. It widens the inequitable gap
D. Consumers are sovereign

Question 18:

• JAMB 2013

In Nigeria, government can reduce the cost of accommodation by fixing rent

A. At the prevailing rate
B. At the equilibrium price
C. Above the equilibrium price
D. Below the equilibrium price

Question 19:

• JAMB 2013

If a refinery achieves a reduction in cost by purchasing and transporting crude oil in large quantities, it enjoys

A. Economies of scale
B. Specialization
C. Division of labour
D. Diseconomies of scale

Question 20:

• JAMB 2013

An isoquant lying above to the right of another represents

A. A higher output level
B. Constant returns to scale
C. Over-capacity utilization
D. A lower output level