Question 386:

• JAMB 2014

A change in demand for a normal goods implies that, there is a

A. Change in the quantity demanded as price changes
B. Shift in the demand curve
C. Movement along a given demand curve
D. Change in the price elasticity of demand

Question 387:

• JAMB 2014

If a 10% rise in price causes a 5% decrease in the quantity demanded of a commodity, the elasticity of demand is

A. Unitary elastic
B. Zero elastic
C. Elastic
D. Inelastic

Question 388:

• JAMB 1978

Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the supply will be

A. The same as equilibrium supply
B. Greater than equilibrium supply
C. Less than the equilibrium supply
D. Determined later by government
E. None of these

Question 389:

• JAMB 1978

Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the supply will be

A. The same as equilibrium supply
B. Greater than equilibrium supply
C. Less than the equilibrium supply
D. Determined later by government
E. None of these

Question 390:

• JAMB 1978

A budget deficit means

A. That a country is buying more than is selling
B. That a country is selling more than is buying
C. That a government is spending more than in takes in taxation
D. That a government is spending less than it takes in taxation
E. That a government is spending as much as it takes in taxation