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Economics 1986 JAMB Past Questions

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16
The main function of price mechanism is to?
  • A. limit consumer demand
  • B. enable producers make profit
  • C. allocate scarce resources among competing ends
  • D. ensure consumer sovereignty
View Answer & Discuss JAMB 1986
17

Use the table below to answer question 17 and 18.
Market Demand Schedule for Commodity X. \(\begin{array}{c|c}
\text{ Price N} & \text{Quantity(Million units)} \\ 60 & 100 \\
50 & 140 \\
40 & 220 \\
30 & 260 \\
20 & 300 \\
10 & 340 \\
\end{array}\)

If the price of commodity X falls from N40.00 to N30.00 what is the price elasticity of demand?

  • A. 0.62
  • B. 0.73
  • C. 1.00
  • D. 1.50
View Answer & Discuss (4) JAMB 1986
18
The revenue accruing to the seller of commodity X as a result of a fall in price will
  • A. increase `
  • B. fall
  • C. first fall but will increase later
  • D. remain unchanged
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19
Which of the following is an important function of prices in a market economy?
  • A. Ensuring that resources are used in the most efficient manner
  • B. Ensuring an equitable distribution of goods and services
  • C. Ensuring that all industries are perfectly competitive in the long run
  • D. Equating level of purchases with level of needs
View Answer & Discuss JAMB 1986
20
One major difference between monopoly and perfect competition is that?
  • A. the perfect competitor is a price taker while the monopolist determines his own output
  • B. homogeneity of purpose exists for the perfect competitor while non-homogeneity of purpose exist for the monopolist
  • C. sellers are located all over the world in the perfect competition but sellers are only in one country in the case of the monopolist
  • D. there is free entry and exist in perfect competition but no free exist in monopoly
View Answer & Discuss JAMB 1986
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