Effects Of Changes In Supply And Demand On Equilibrium Price And Quantity Jamb Economics Past Questions
Question 1
In order to raise more revenue for a certain period, the government should impose higher taxes on goods whose demand
- A. elastic
- B. inelastic
- C. perfectly elastic
- D. unitary elastic
Question 2
The supply curve of a locally-produced good may shift to the right if
- A. there is an increase in taxes on inputs
- B. government increases subsidies
- C. rural-urban migration is encouraged
- D. the price of the commodity increases
Question 3
If the government imposes a minimum price on a commodity
- A. market surplus occurs
- B. the market will be cleared in the short-run
- C. excess demand occurs
- D. government regulation is no longer needed
Question 4
The current stage of the economy is depicted in curve I. The movement of curve I to II suggests___________
- A. an Improvement in capital goods technology but not In consumer goods technology
- B. a movement from unemployment to full employment
- C. that the output for the society has declined
- D. a gain in consumer goods technique and not in capital goods technique
Question 5
A rise in the supply of a commodity cause__________
- A. an increase in the equilibrium price and decrease in the equilibrium quantity bought and sold
- B. an increase in both equilibrium
- C. a decrease in the equilibrium price and an increase in the equilibrium quantity bought and sold
- D. a decrease in both equilibrium
