Functions Of The Price System Jamb Economics Past Questions
Question 1
The price mechanism______
- A. Rations the consumers
- B. Rewards the producers
- C. Regulates supply and demand
- D. Allocates scarce resources.
Question 2
One of the functions of the price system is that it
- A. encourages high volume of production
- B. dictates what the citizens will consume
- C. discourages the consumption of harmful goods
- D. regulates production and consumption
Question 3
Given the table, if the total budget of the country to be 100 million naira, what is the ratio of expenditure on manufacturing to agriculture?
- A. 1:2
- B. 3:2
- C. 2:1
- D. 2:3
Question 4
A profit-maximizing monopolist should produce within the range where his demand is
- A. Inelastic
- B. Elastic
- C. Infinitely elastic
- D. Unitary elastic
Question 5
The price per unit of a commodity to a buyer is the same as the
- A. Normal profit of the seller
- B. Average revenue of the seller
- C. Marginal cost of the commodity
- D. Marginal revenue of the seller
