JAMB Economics Past Questions & Answers - Page 302

1,506.

Given a market demand curve Q=120-2p and a supply curve Q=4p, the equilibrium price and quantity respectively are

A.

20 and 80

B.

30 and 120

C.

40 and 60

D.

60 and 240

Correct answer is A

No explanation has been provided for this answer.

1,507.

In the event of liquidation of a private limited liability company, the shareholders' liability is limited in their total

A.

Income from all sources

B.

Family assets

C.

Collateral offered for bank loans

D.

Investment in the company

Correct answer is D

No explanation has been provided for this answer.

1,508.

A major shortcoming of the sole proprietorship form of business is lack of

A.

Working capital

B.

Patronage

C.

Continuity

D.

Market

Correct answer is C

No explanation has been provided for this answer.

1,509.

A good is said to be inferior if its demand

A.

Rises as it price rises

B.

Falls as it price rises

C.

Rises as it price falls

D.

Is perfectly inelastic

Correct answer is B

No explanation has been provided for this answer.

1,510.

Output restriction, fixing of prices, creating obstacles to free entry into the market are features of

A.

Pure monopoly

B.

Perfect monopoly

C.

Perfect competition

D.

Monopsonist competition

Correct answer is A

No explanation has been provided for this answer.