JAMB Economics · Demand, supply and prices
The theory of price determination: JAMB Economics Past Questions and Answers
What the JAMB syllabus covers in The theory of price determination
Our summary: How the price system works, how equilibrium price and quantity are found, and what price legislation does.
- The concepts of market and price
- Functions of the price system
- Equilibrium price and quantity in product and factor markets
- Price legislation and its effects
- The effects of changes in supply and demand on equilibrium price and quantity
- Simple linear equation of demand and supply
Objectives
- explain the concepts of market and price;
- examine the functions of the price system;
- evaluate the effects of government interference with the price system;
- differentiate between minimum and maximum price legislation;
- interpret the effects of changes in supply and demand on equilibrium price and quantity;
- determine the equilibrium value of price and quantity.
Syllabus content © The Joint Admissions and Matriculation Board (UTME).
JAMB Economics questions on The theory of price determination
- JAMB 2024At the equilibrium price,
- JAMB 2024Which of the following is NOT associated with minimum price legislation?
- JAMB 2024The following will occur when maximum price is fixed below the free market price EXCEPT that
- JAMB 2024A price floor is usually fixed
- JAMB 2022In a free market economy, the rationing of scarce goods is done principally by?
- JAMB 2022A minimum price legislation is also called
- JAMB 2022If the government imposes a minimum price on a commodity
- JAMB 2022The price mechanism
- JAMB 2022A price floor is usually fixed
- JAMB 2021In a free market economy. the rationing of scarce goods is done principally by …
- JAMB 2021The price mechanism …
- JAMB 2019Given two substitute goods (X and Y) with demand and supply function; Qd = 7p - 12 Qs = 4p + 9 Find the magnitude of excess demand when p = ₦18
- JAMB 2019The determination of price by bargaining between buyers and sellers is …
- JAMB 2019A rise in the supply of a commodity cause …
- JAMB 2019The determination of wages in a labour market depends on the …
- JAMB 2019In a perfect competition, the market price is determined by …
- JAMB 2018If a demand curve that intersects a perfectly inelastic supply curve shifts rightward, then …
- JAMB 2017Given that Qd = 10 - 2p while Qs = 5 + 3P, if P = N 1 determine the equilibrium quantity
- JAMB 2017One of the functions of the price system is that it
- JAMB 2017Excess supply over demand will place a price advantage on …
- JAMB 2017The equilibrium price clears the market; it is the price at which …
- JAMB 2017When the government fix the price of essential commodities, this is referred to as:
- JAMB 2015The demand and supply functions of commodity x are given as follows: Qd = 20- 2p, Qs = 6p - 12 where p = price, Qd = quantity demanded and Qs = quantity…
- JAMB 2015A market will be at equilibrium when
Years with The theory of price determination questions in DeeepSolve's question bank
From the past questions DeeepSolve holds, not a count of everything the exam body has set.
- 2024
- 2022
- 2021
- 2019
- 2018
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- 2015