The concepts of market and price - Jamb Economics Past Questions and Answers

Question 6:

• JAMB 1992

if in the graph, it is assumed that the price is initially P₁, it can be deduced that price will

A. Fall because there is a surplus
B. Remain constant because it is the equilibrium price
C. Rise because there is a shortage
D. Double

Question 7:

• JAMB 2006

Given that demand and price remain unchanged an outward shift of the supply curve will lead to

A. Hoarding
B. Excess supply
C. Excess demand
D. A blank market

Question 8:

• JAMB 2009

In a regulated market, price is determined by

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

Question 9:

• 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 10:

• 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