Types Nature And Determinants Of Elasticity And Their Measurement - Economics Jamb Past Questions and Answers

Question 46 :

• JAMB 2001

If the price elasticity of demand for a good is 0.43, an increase in the price of the good will result in?

A. An increase in profit by 43%
B. A net gain
C. A decrease in profit 43%
D. A net loss

Question 47 :

• JAMB 2001

A normal good with close substitutes is likely to have its price elasticity of demand?

A. Between zero and one
B. Equal to unity
C. Less than unity
D. Greater than unity

Question 48 :

• JAMB 2002

In the diagram above, what is the excess demand at the price of N60

A. 200
B. 300
C. 600
D. 100

Question 49 :

• JAMB 2004

In order to increase revenue, the seller of a commodity whose demand is fairly elastic is advised to

A. Increase price
B. Reduce output
C. Reduce price
D. Retain price

Question 50 :

• JAMB 2005

If elasticity of demand is greater than I and less than infinity, demand is said to be

A. Elastic
B. Perfectly inelastic
C. Inelastic
D. Perfectly elastic