The Effects Of Changes In Supply And Demand On Equilibrium Price And Quantity - Economics Jamb Past Questions and Answers

Question 6 :

• JAMB 1982

The supply of and demand for goods and services are influenced by the?

A. Supermarkets
B. Entrepreneurs
C. Mechanism of the law
D. Mechanism of equilibrium
E. Price mechanism

Question 7 :

• JAMB 1988

If in this demand-supply diagram, the quantity supplied is OQ, then

A. Price will be OP
B. There will be excess demand of RT
C. Price will be ON
D. Price will tend to rise

Question 8 :

• JAMB 1997

The major determinant of the total volume of output in an economy is the?

A. Level of wholesale prices
B. Size of the labour force
C. Level of total expenditure
D. Composition of consumer spending

Question 9 :

• JAMB 2000

Use the information below to answer questions.
When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the price of commodity X to N50 per unit, the demand for commodity Y fell to 20 units.
The two commodities can be classified as?

A. Substitutes
B. Durable and non-durable
C. Intermediate and final
D. Complements

Question 10 :

• JAMB 2004

The diagram above shows the shifts in both demand supply curves. What is the new equilibrium point after the shifts?

A. E₃
B. E₁
C. E₄
D. E₂