Market Structures - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2019

In a perfect competition, the market price is determined by_______

A. The government
B. The producer
C. The consumer
D. The market supply and demand junctions

Question 2:

• JAMB 2019

In the short-run, the monopoly makes_______

A. Normal profit
B. Abnormal Profit
C. Loss
D. Sales

Question 3:

• JAMB 2019

The demand curve facing the monopolist in the foreign market is__________

A. Elastic
B. Inelastic
C. Perfectly elastic
D. Unitary

Question 4:

• JAMB 2019

A permit that allows an importer to bring a certain quantity of foreign goods into a country is_________

A. Import monopoly
B. Import licence
C. Import quota
D. Embargo

Question 5:

• JAMB 2018

Adam Smith's Theory of value stated that the value of a commodity depended on________

A. The market price in a free market over a long period
B. The over-all cost of production of the commodity
C. The amount of labour expended on its production
D. Its relative scarcity at any given time