Jamb Economics Past Questions For Year 2009
Question 11
A movement along the same demand curve is caused by the
- A. price of the product
- B. price of other products
- C. income of the consumer
- D. taste of the consumer
Question 12
The privatization exercise in Nigeria is a move towards a
- A. mixed economy
- B. subsistence economy
- C. market economy
- D. command economy
Question 13
Production takes place when
- A. output is transformed into input
- B. machines replace human effort
- C. input is transformed into output
- D. there is specialization and division of labour
Question 14
In a regulated market, price is determined by
- A. consumers
- B. producers
- C. auction
- D. government
Question 15
A decrease in supply without a corresponding change in demand will lead to
- A. an increase in equilibrium price and a decrease in equilibrium quantity
- B. a decrease in equilibrium price and an increase in equilibrium qantity
- C. a decrease in equilibrium price and equilibrium quantity
- D. an increase in equilibrium price and quantity
