The Theory of Demand - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2019

A demand which gives rise to the reverse of the law of demand is__________

A. Derived demand
B. Joint demand
C. Abnormal demand
D. Composite demand

Question 2:

• JAMB 2019

If two commodities are unrelated, a change in the price of one will____________

A. Have effect on the quantity demanded of the other
B. Have no effect on the quantity demanded of the other
C. Increase the quantity demanded on the other
D. Decrease the quantity demanded on the other

Question 3:

• JAMB 2019

Demanded
8	10
6	12

If we move from 8 to 6, the elasticity of demand is_______

A. -1.25
B. 0.62
C. 1.25
D. 1

Question 4:

• JAMB 2019

The demand for labour is a________

A. Derived demand
B. Joint demand
C. Complementary demand
D. Composite demand

Question 5:

• JAMB 2018

Given 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

A. 303
B. 30
C. 114
D. 33