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

Question 56:

• JAMB 2012

A rise in income will, ceteris paribus, bring about

A. A movement along the demand curve
B. A leftward shift of the demand curve
C. A rightward shift of the demand curve
D. No effect on the demand curve

Question 57:

• JAMB 2012

If the price of an item increases by 8% while the quantity demanded falls from 1500 units to 1492 units, the demand is said to be

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

Question 58:

• JAMB 2013

An increase in demand without a corresponding change in supply will lead to

A. A decrease in equilirium price and increase in equilibrium quantity
B. An increase in equilibrium price and quantity
C. A decrease in equilibrium price and quantity
D. An increase in equilibrium price and a decrease in equilibrium quantity

Question 59:

• JAMB 2013

An increase in the price of a commodity will result in

A. A decrease in the quantity demanded
B. An increase in demand
C. An increase in quantity demanded
D. A decrease in demand

Question 60:

• JAMB 2021

If the quantity demanded of a commodity increase from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of demand is ____________

A. Zero
B. 10
C. 2
D. 1