Meaning and determinants of demand - Jamb Economics Past Questions and Answers

Question 46:

• JAMB 2003

The price of a good rises from N5 to N8 and the quantity demanded falls from 200 to 190 units Over this price range, the demand curve is

A. Perfectly inelastic
B. Fairly inelastic
C. Perfectly elastic
D. Fairly elastic

Question 47:

• JAMB 2003

If there is an increase in demand without a corresponding increase in supply, there will be a

A. Rise in price
B. Shift in demand curve to the left
C. Fall in price
D. Shift in supply curve to the right

Question 48:

• JAMB 2004

A change in demand for a normal good means

A. A shift in the demand curve
B. A change in the price changes
C. A movement along a given demand curve
D. A change in the price elasticity

Question 49:

• JAMB 2007

When the demand for a good increases owing to an increase in income, it means that

A. There is an increase in quantity demanded
B. Inflation has taken place
C. Demand has exceeded supply
D. There is an increase in demand

Question 50:

• JAMB 2008

A major determinant of the demand for a luxury goods is

A. The price of the goods
B. The price of other goods
C. The income of consumers
D. Tastes and fashion