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

Question 26:

• JAMB 1981

From the market demand and supply schedules for milk, we can say that equilibrium price and quantity are

A. 15k, 13,000
B. 20k, 17,500
C. 13k, 20,000
D. 18k, 18,000
E. 18k, 15,000

Question 27:

• JAMB 1981

Market for Garri: At a price of N5, the excess supply is`

A. 30 tins per week
B. 45 tins per week
C. 15 tins per week
D. 20 tins per week
E. Indeterminate

Question 28:

• 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 29:

• JAMB 1982

The control price for a carton of beer in Nigeria is N7.20. But a carton of beer is sold in parts of the country for as much N15.00 The cause of this exorbitant price is that?

A. There is a Government ban on the importation of beer
B. Beer distributors want more profit
C. Nigeria is a large country
D. Middlemen hoard beer
E. The demand for beer exceeds the supply

Question 30:

• JAMB 1982

The equilibrium market price is determined at a point where?

A. Consumers can buy all they desire
B. Sellers can dispose of all their wares
C. The price is moderate
D. Quantity consumers desires equal quantity sellers offer
E. Sellers and buyers are not quarrelling