The Theory of Demand - Jamb Economics Past Questions and Answers

Question 61:

• JAMB 1987

If a good is an inferior good, then?

A. It is also necessarily a Giffen good
B. The quality of the goods demanded varies inversely with its price
C. Its income elasticity of demand is negative
D. The poor buy the good only out of habit

Question 62:

• JAMB 1987

Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. The market demand curve for the commodity cuts the quantity axis when quantity is

A. 75 units
B. 35 units
C. 7 units
D. Not determinable from the schedules except when graphed

Question 63:

• JAMB 1987

Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. What is market demand for the commodity when price is N5?

A. 65 units
B. 40 units
C. 30 units
D. 20 units

Question 64:

• JAMB 1988

A commodity is said to have a derived demand when the commodity

A. And another have joint demand
B. Is demanded because of what it can help to produce
C. Is demanded for different purposes
D. Has inelastic demand

Question 65:

• JAMB 1988

One factor which influences the slope of a non-linear demand curve for a commodity is the?

A. Price of the commodity
B. Quantity of the commodity demanded
C. Availability of substitutes
D. Available of complements