Search SchoolNGR

Saturday, 15 August 2026
Register . Login

Economics Past Questions and Answers

Topic: The Theory of Price Determination

Jamb Economics Questions - The Theory of Price Determination

Question 41:
Above the equilibrium point, a further rise in price tends to
  • A Increase demand and restrict supply
  • B Restrict demand and decrease supply
  • C Increase demand and decrease supply
  • D Decrease demand and increase supply
View Answer & Explanation
Question 42:
Which of the following statement is TRUE of the effect of changes in demand and supply on price?
  • A A decrease in supply will lead to fall in price and a fall in the quantity bought and sold
  • B An increase in demand will lead to a fall in price and quantity bought and sold
  • C A decrease in demand will lead to a rise in price and in the quantity bought and sold
  • D An increase in supply will lead to a fall price and a rise in the quantity bought and sold
View Answer & Explanation
Question 43:
A rise in the market price of fixed interest securities is an indication that the?
  • A Supply of money has decreased
  • B Liquidity preference has increased
  • C Market rate of interest has risen
  • D Market rate of interest has fallen
View Answer & Explanation
Question 44:
In the diagram above, the price P2 in price control situation, is referred to as
  • A Minimum price
  • B Markup price
  • C Maximum price
  • D Mark-down price
View Answer & Explanation
Question 45:
In the diagram above, DoDo is the original demand curve, SoSo is the original supply curve, D1D1 is the new demand curve. What is the new equilibrium quantity?
  • A Q<sub style='font-size: smaller;'>1</sub>
  • B Q<sub style='font-size: smaller;'>2</sub>
  • C Q<sub style='font-size: smaller;'>3</sub>
  • D Q<sub style='font-size: smaller;'>4</sub>
View Answer & Explanation