The Theory of Demand - Jamb Economics Past Questions and Answers

Question 51:

• JAMB 1983

Demand for a factor of production is?

A. A composite demand
B. A joint demand
C. A derived demand
D. An elastic demand
E. Cross-elasticity of demand

Question 52:

• JAMB 1984

Demand for a commodity by a consumer is the quantity of that commodity that the consumer

A. Demands at a given price at a point in time
B. Demand at a given price
C. Actually digests
D. Produces, given its price
E. Can store away during bnad weather

Question 53:

• JAMB 1984

If X and Y are two goods, then the cross elasticity of demand for X WITH RESPECT TO y is defined as the?

A. Percentage change in the quantity of X divded by the percentage change in the price of Y
B. Percentage change in the quantity of X divided by change in the price of Y
C. Change in the quantity of X divided by change in the price of Y
D. Percentage change in the quantity of X divided by the price Y
E. Percentage change in the price of X divided by percentage change in the quantity of Y

Question 54:

• JAMB 1984

For two substitution goods, the cross elastic of demand is?

A. Greater than one but less than two
B. Zero
C. Negative
D. Positive
E. Infinity

Question 55:

• JAMB 1984

A demand curve slopes downwards because of ?

A. An increase inthe money income of the consumer
B. A decrease inthe money income of the consumer
C. The substitution effect and the rise in real income of the consumer
D. The rise in demand for the complementary goods
E. The increase in the demand for factors and production