The Theory of Price Determination - Jamb Economics Past Questions and Answers

Question 66:

• JAMB 2006

The diagram above shows the effect of

A. Excess demand over supply at q₃
B. Excess supply over demand at q₂
C. Minimum price legislation at P₂
D. Maximum price legislation at P₂

Question 67:

• JAMB 2007

If P = \(\frac{1}{2}\)(Qs + 15). What is the quantity supplied at N9.00?

A. 33.0
B. 12.0
C. 3.0
D. 1.5

Question 68:

• JAMB 2008

To protect farmers during a bumper harvest,. the government usually

A. Set a mximum price
B. Release products from the buffer stock
C. Sell the excess to consumers
D. Set a minimum price

Question 69:

• JAMB 2008

In the diagram above, there is an excess

A. Demand for 30 units
B. Supply of 40 units
C. Demand for 20 units
D. Supply of 20 units

Question 70:

• JAMB 2008

Use the information below to answer this question.
Given that Q _d = 20 - 4P and Q = 6P + 12
Determine the equilibrium quantity

A. 14.2
B. 16.8
C. 20.8
D. 30.2