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

Question 76:

• JAMB 2012

An important function of the price system is to

A. Ensure that producers' profits remain high
B. Guarantee full employment of resources
C. Allocate resources to most productive uses
D. Protect the economic interests of government

Question 77:

• JAMB 2012

A change in the pump price of petrol in Nigeria has a direct effect on the

A. Prices of consumer goods
B. Prices of essential goods
C. Cost of raw materials
D. Cost of transportation

Question 78:

• JAMB 2013

If P = \(\frac{1}{4}\)(Qs + 10). What is the quantity supplied at N14?

A. 14
B. 60
C. 46
D. 32

Question 79:

• JAMB 2013

If P = \(\frac{1}{4}\)(Qs + 10). What is the quantity supplied at N14?

A. 14
B. 60
C. 46
D. 32

Question 80:

• JAMB 2013

If the price of a commodity is fixed below equilibrium, this will lead to

A. Excess demand
B. A decrease in price
C. An increase in price
D. Excess supply