The Concepts Of Market And Price Jamb Economics Past Questions
Question 1
Given a consumption function C = 10 + 0.6Y, determine the value of C if Y is 20
- A. 36.60
- B. 22.00
- C. 30.60
- D. 26.00
Question 2
From the graph above, fixing maximum price of garri below equilibrium prices at P1 will
- A. Encourage the production of garri
- B. Create an excess supply of garri
- C. Increase the consumption of garri
- D. Decrease the consumption of garri
Question 3
From the graph above P2 in price control situation is referred
- A. Minimum price
- B. Shut-down price
- C. Maximum price
- D. Mark-up price
Question 4
Market is defined as?
- A. one geographical location where people meet to buy and sell
- B. the demand and supply of goods and services
- C. a group of people whose sole interest is to make profit
- D. any organizational framework which links the buyers and sellers of a good and service
Question 5
A market is in disequilibrium if?
- A. the quantity purchased is greater than quantity sold
- B. the quantity sold differs from the quantity purchased
- C. at a lower price, a large quantity is sold
- D. the quantity demand differs from the quantity supplied
