Equilibrium Price And Quantity In Product And Factor Markets - Economics Jamb Past Questions and Answers

Question 21 :

• JAMB 1997

Given a market demand curve Q=120-2p and a supply curve Q = 4p, the equilibrium price and quantity respectively are?

A. 20 and 80
B. 30 and 120
C. 40 and 60
D. 60 and 240

Question 22 :

• JAMB 1997

From the diagram above, the quantity of output is determined by the point

A. M
B. N
C. H
D. F

Question 23 :

• JAMB 2001

The fixing of the price of an item above or below the equilibrium price is most likely to take place in a?

A. Centrally planned economy
B. Free market economy
C. Developed economy
D. Mixed economy

Question 24 :

• JAMB 2003

For an inferior good, a decreased in real income will lead to?

A. A lower equilibrium price
B. A change in quantity demanded
C. An outward shift of the demand curve
D. An inward shift of the demand curve

Question 25 :

• JAMB 2005

An inverse relationship between price and quantity demanded implies that

A. The two variables change in opposite directions
B. The two variables change in the same direction
C. Only one variable changes
D. The two variables remain unchanged