The Theory of Demand - Jamb Economics Past Questions and Answers

Question 56:

• JAMB 1986

In drawing an individual's demand curve for a commodity, which of the following is not kept constant? The

A. Individual's money income
B. Price of subtitutes
C. Price of complementary goods
D. Price of the commodity under consideration

Question 57:

• JAMB 1986

Given that beef and fish are substitutes, a rise in the price of beef relative to that of fish will?

A. Induce greater demand for beef
B. Induce greater demand for fish
C. Induce lower demand for fish
D. Equate demands for beef and fish

Question 58:

• JAMB 1986

Use the table below to answer question 17 and 18.
Market Demand Schedule for Commodity X. \(\begin{array}{c|c}
\text{ Price N} & \text{Quantity(Million units)} \\ 60 & 100 \\
50 & 140 \\
40 & 220 \\
30 & 260 \\
20 & 300 \\
10 & 340 \\
\end{array}\)
If the price of commodity X falls from N40.00 to N30.00 what is the price elasticity of demand?

A. 0.62
B. 0.73
C. 1.00
D. 1,50

Question 59:

• JAMB 1987

A shift in the demand curve for commodity when the supply curve is vertical will lead to a change in the?

A. Price only
B. Quantity only
C. Quality only
D. Price and quantity

Question 60:

• JAMB 1987

For normal goods the income elasticity of demand is?

A. Positive
B. Negative
C. Zero
D. Infinite