Economics Questions and Answers
Economics questions and answers to help you prepare for JAMB, WAEC, NECO, Post UTME and job aptitude tests or interviews.
Economics questions and answers to help you prepare for JAMB, WAEC, NECO, Post UTME and job aptitude tests or interviews.
Excess demand
Excess supply
Parallel market
Hoarding of goods
Correct answer is B
A price floor is the lowest legal price a commodity can be sold at. Price floors are used by the government to prevent prices from being too low. When a market reaches a price floor, it results in an excess supply because quantity supplied at the price floor exceeds the quantity demanded.
How does producers expectation of a price fall affect the supply curve of a product? There will be
A moment along the curve
A leftward shift
No shift of the supply curve
A shift to the right
Correct answer is D
If sellers expect that the price of the good will be decreasing in the future, then they are likely to sell more today. This causes an increase in supply and a rightward shift of the supply curve.
108tons
52tons
-52tons
-108tons
Correct answer is A
Qs = - 80 - 0.7p
(minus x minus = +)
Qs = 80 + 0.7(40)
Qs= 80 + 28
Qs= 108
Positively sloping supply curve
Perfectly elastic supply curve
Backward bending supply curve
Perfectly inelastic
Correct answer is A
No explanation has been provided for this answer.
Price elasticity of demand or supply measures how responsive
Consumers are to a change in price
Sellers are to a change in price
Sellers are to a change in price
Buyers are to a change in income
Correct answer is C
Price elasticity of supply or demand measures the responsiveness to the supply of a good or service after a change in its market price.