Price legislation and its effects - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2019

A demand which gives rise to the reverse of the law of demand is__________

A. Derived demand
B. Joint demand
C. Abnormal demand
D. Composite demand

Question 2:

• JAMB 2017

When the government fix the price of essential commodities, this is referred to as:

A. Price equilibrium
B. Price control
C. Demanded price
D. Asking price

Question 3:

• 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 4:

• JAMB 1978

Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the supply will be

A. The same as equilibrium supply
B. Greater than equilibrium supply
C. Less than the equilibrium supply
D. Determined later by government
E. None of these

Question 5:

• JAMB 1978

Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the supply will be

A. The same as equilibrium supply
B. Greater than equilibrium supply
C. Less than the equilibrium supply
D. Determined later by government
E. None of these