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

Question 51 :

• JAMB 2006

An important determinant of price elasticity of demand is

A. The state of technology
B. The prices of other commodities
C. The ease of substitution
D. Government policy

Question 52 :

• JAMB 2006

The law of demand can be expressed as

A. P = f(Q _d)
B. Q _d = f(\(\frac{1}{p}\)
C. P = f(\(\frac{1}{Q_d}\)
D. Qd = f(P)

Question 53 :

• JAMB 2007

The major determinant of cross elasticity of demand is the

A. Price of the good
B. Degree of necessity of the good
C. Level of income of consumers
D. Closeness of the substitutes

Question 54 :

• JAMB 2008

If the demand elasticity coefficient of cars is 0.5, it implies that the demand for petrol is

A. Elastic
B. Perfectliy inelastic
C. Inelastic
D. Perfect elastic

Question 55 :

• JAMB 2012

From the above, calculate the price elasticity of demand

A. 5.0
B. 2.0
C. 1.0
D. 0.5