The Theory of Price Determination - 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 2017

The equilibrium price clears the market; it is the price at which___________

A. Everything is sold
B. Buyers spend all their money
C. Excess demand is zero
D. None of the above

Question 5:

• JAMB 2017

When the government fix the price of essential commodities, this is referred to as:

A. Price equilibrium
B. Price control
C. Demanded price
D. Asking price