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

Question 1:

• JAMB 2019

A demand which gives rise to the reverse of the law of demand is__________

A. Derived demand
B. Joint demand
C. Abnormal demand
D. Composite demand

Question 2:

• JAMB 2018

The determination of price by bargaining between buyers and sellers is________

A. Sales by Auction
B. Tender
C. Higgling and Haggling
D. Price Control

Question 3:

• JAMB 2018

An economy system that uses what is regarded as the "Market mechanism" is called_______

A. Mixed economy
B. Socialism
C. Command economy
D. Capitalism

Question 4:

• JAMB 1987

Given an original price of N3.50 per kilogram of rice and a change in price of 1.40, and given the quantity purchase at the old price as 10kg and a change in the quality as 5kg after the price change, the elasticity is equal to?

A. 10.20
B. 3.57
C. 1.25
D. 0.80

Question 5:

• JAMB 1988

Price leadership is?

A. A form of tacit collusion
B. Used to explain price rigidity
C. Illegal in nigeria
D. A form of overt collusion