JAMB and WAEC Economics questions

745 questions with answers and explanations. Tap an option to check yourself.

All JAMB WAEC

Question 661· Theory of price determination· WAEC
If demand increases and supply remains unchanged, the equilibrium price will
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Answer: B. rise
Explanation and discussion
Question 662· Theory of price determination· WAEC
A maximum price fixed below the equilibrium price leads to
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Answer: B. shortages
Explanation and discussion
Question 663· Theory of price determination· WAEC
Government fixes the pump price of fuel well below the price the market would set. The most likely result is
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Answer: D. long queues and black-market selling
Explanation and discussion
Question 664· Theory of price determination· JAMB
Rationing is often introduced along with
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Answer: D. maximum price control
Explanation and discussion
Question 665· Theory of price determination· WAEC
The price at which quantity demanded equals quantity supplied is the
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Answer: C. equilibrium price
Explanation and discussion
Question 666· Theory of price determination· WAEC
Given Qd = 60 − 2P and Qs = 3P − 15, find the quantity bought and sold at equilibrium.
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Answer: C. 30
Explanation and discussion
Question 667· Theory of price determination· WAEC
Equilibrium price is the price at which
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Answer: D. quantity demanded equals quantity supplied
Explanation and discussion
Question 668· Theory of price determination· WAEC
If demand is Qd = 60 − 2P and supply is Qs = 4P, the equilibrium price is
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Answer: D. 10
Explanation and discussion
Question 669· Theory of price determination· JAMB
A minimum price fixed above the equilibrium price causes
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Answer: C. a surplus
Explanation and discussion
Question 670· Theory of price determination· JAMB
The demand and supply functions of a good are Qd = 100 − 2P and Qs = 20 + 2P. Find the equilibrium price.
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Answer: B. ₦20
Explanation and discussion
Question 671· Theory of price determination· WAEC
A minimum wage set above the equilibrium wage may cause
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Answer: B. unemployment
Explanation and discussion
Question 672· Theory of price determination· WAEC
At the equilibrium price,
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Answer: B. quantity demanded equals quantity supplied
Explanation and discussion
Question 673· Theory of price determination· JAMB
If the government fixes a maximum price below the equilibrium price, the likely result is
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Answer: C. a shortage and the rise of black markets
Explanation and discussion
Question 674· Theory of price determination· JAMB
A price floor set above the equilibrium price leads to
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Answer: C. a surplus
Explanation and discussion
Question 675· Theory of price determination· WAEC
An increase in demand with supply unchanged leads to
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Answer: A. higher price and higher quantity
Explanation and discussion
Question 676· Theory of price determination· JAMB
A tax on a good shifts its supply curve
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Answer: B. upward to the left
Explanation and discussion
Question 677· Theory of price determination· JAMB
The equilibrium price of a commodity is the price at which
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Answer: D. quantity demanded equals quantity supplied
Explanation and discussion
Question 678· Theory of price determination· JAMB
Hoarding of goods by traders usually leads to
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Answer: C. artificial scarcity and higher prices
Explanation and discussion
Question 679· Theory of price determination· WAEC
Given Qd = 60 − 2P and Qs = 3P − 15, find the equilibrium price.
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Answer: A. 15
Explanation and discussion
Question 680· Theory of price determination· JAMB
If both demand and supply increase by the same amount, equilibrium
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Answer: C. quantity rises and price is unchanged
Explanation and discussion

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JAMB and WAEC Economics questions

If demand increases and supply remains unchanged, the equilibrium price will

A maximum price fixed below the equilibrium price leads to

Government fixes the pump price of fuel well below the price the market would set. The most likely result is

Rationing is often introduced along with

The price at which quantity demanded equals quantity supplied is the

Given Qd = 60 − 2P and Qs = 3P − 15, find the quantity bought and sold at equilibrium.

Equilibrium price is the price at which

If demand is Qd = 60 − 2P and supply is Qs = 4P, the equilibrium price is

A minimum price fixed above the equilibrium price causes

The demand and supply functions of a good are Qd = 100 − 2P and Qs = 20 + 2P. Find the equilibrium price.

A minimum wage set above the equilibrium wage may cause

At the equilibrium price,

If the government fixes a maximum price below the equilibrium price, the likely result is

A price floor set above the equilibrium price leads to

An increase in demand with supply unchanged leads to

A tax on a good shifts its supply curve

The equilibrium price of a commodity is the price at which

Hoarding of goods by traders usually leads to

Given Qd = 60 − 2P and Qs = 3P − 15, find the equilibrium price.

If both demand and supply increase by the same amount, equilibrium