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

Question 71:

• JAMB 2008

Use the information below to answer this question.
Given that Q _d = 20 - 4P and Q = 6P + 12
If price is increased to N3, how much is the excess supply?

A. 30
B. 22
C. 12
D. 8

Question 72:

• JAMB 2009

In a regulated market, price is determined by

A. Consumers
B. Producers
C. Auction
D. Government

Question 73:

• JAMB 2010

The downturn in the prices of shares on stock markets is a highlight of

A. Efficient allocation of resources
B. The invisible hand
C. The regulatory nature of the market
D. Consumer rationality

Question 74:

• JAMB 2010

In order to reduce hardship faced by consumers due to high prices government can introduce

A. Maximum prices
B. Commodity boards
C. Minimum prices
D. Price control boards

Question 75:

• JAMB 2011

Minimum price legislation by government will

A. Reduce supply
B. Increase supply
C. Reduce demand and create surplus
D. Increase demand and create scarcity