Jamb Economics 2014 Past Questions and Answers

Question 41:

• JAMB 2014

Given the supply function P = 1/4(Qs+10) when P = N10, what is Qs?

A. 20
B. 15
C. 50
D. 30

Question 42:

• JAMB 2014

When price is set below equilibrium, this will lead to

A. An increase in the quantity supplied
B. A new equilibrium
C. A decrease in the quantity supplied
D. A fall in price

Question 43:

• JAMB 2014

Price mechanism determines the prices of commodities through

A. Auctioning
B. Market forces
C. The sales of treasury bills
D. Government legislation

Question 44:

• JAMB 2014

If the production of a large firm is higher than that of a small firm, it is experiencing.

A. External economies of scale
B. External diseconomies of scale
C. Internal economies of scale
D. Internal diseconomies of scale

Question 45:

• JAMB 2014

The choice of how to produce in a command economy is determined by

A. Government
B. Consumer
C. Industrialists
D. Labour unions