Jamb Economics Past Questions and Answers

Question 2106:

• JAMB 2013

One of the major factors that brings about changes in supply is

A. Market discrimination
B. Availability of storage facilities
C. The cost of storage
D. Incentives granted to workers

Question 2107:

• JAMB 2013

If the supply of a product is elastic, a small reduction in price will

A. Reduce the cost of production
B. Reduce the quantity supplied
C. Increase the quantity supplied
D. Lead to no change in the quantity supplied

Question 2108:

• 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

Question 2109:

• JAMB 2013

One of the criticisms of the price mechanism is that

A. Producers are sovereign
B. It provides low degree of freedom
C. It widens the inequitable gap
D. Consumers are sovereign

Question 2110:

• JAMB 2013

In Nigeria, government can reduce the cost of accommodation by fixing rent

A. At the prevailing rate
B. At the equilibrium price
C. Above the equilibrium price
D. Below the equilibrium price