Jamb Economics Past Questions For Year 1997
Question 11
One of the fundamental differences between a capitalist and a socialist economy is that while?
- A. the former is characterized by complete government ownership of resources, the latter characterized by complete private ownership
- B. in the former, prices act as signals in the allocation of resources, it is central authority that performs this function in the letter
- C. taxes are levied in a capitalist economy, there is no taxation in a capitalist economy
- D. income and wealth are equally distributed in the socialist economy, this is not so in a capitalist economy
Question 12
One of the features of a free market economy is that?
- A. resources are directed by the price mechanism
- B. workers do not earn equal wages
- C. the profit motive is serverly constrained
- D. descisions on the economy are taken by bureaucratic structures
Question 13
If a demand curve that intersects a perfectly inelastic supply curve shifts rightward, then?
- A. the equilibrium price and quantity will increase
- B. only the price will increase
- C. only the quantity will increase
- D. the price will remain constant
Question 14
Given a market demand curve Q=120-2p and a supply curve Q = 4p, the equilibrium price and quantity respectively are?
- A. 20 and 80
- B. 30 and 120
- C. 40 and 60
- D. 60 and 240
Question 15
A good is said to be inferior if its demand?
- A. rises as it price rises
- B. falls as it price rises
- C. rises as it price falls
- D. is perfectly inelastic
