Jamb Economics Past Questions For Year 1979
Question 6
The central bank controls the activities of other banks by all but one of the following
- A. The use of bank rate
- B. The purchase or sale of government bonds on the open market
- C. special deposite
- D. the use of directives
- E. taxation
Question 7
When the price of a commodity is below the equilibrium price the quantity demanded will exceed the quantity supplied. Such a situation is referred to as
- A. elastic supply
- B. joint demand
- C. excess supply
- D. derived demand
- E. none of the above
Question 8
when the demand curve shift to the right it indicate that a larger quantity is demanded at each price. This is caused by one of the following
- A. a fall in income
- B. a rise in the price of a complement
- C. a fall in the price of substitute
- D. a change in taste against this commodity
- E. none of the above
Question 9
One of the reason why the condition of supply of a commodity may change is
- A. a change in real income
- B. changes in the technique of production
- C. a change of fashion or taste
- D. change in population
Question 10
If two commodities are good substitutes for one another, e.g butter and margarine,an increase in the demand for one will reduce the demand for the other. This type of demand is called
- A. composite demand
- B. elastic demand
- C. derived demand
- D. competitive demand
- E. inelastic demand
