The Theory of Demand - Jamb Economics Past Questions and Answers

Question 81:

• JAMB 1994

Elasticity demand is an effective tool in the hands of a producer in that it enables him?

A. Raise his profit and lower his costs
B. Discourage buyers from cheating
C. Determine what he will produce
D. Set his price to maximize his profit

Question 82:

• JAMB 1994

Elasticity of demand is an effective tool in the hand of a producer in that it enables him

A. Rise his profits and lower his, costs
B. Discourage buyers from cheating
C. Determine what he will produce
D. Set his price to maximize his profit

Question 83:

• JAMB 1995

The effect of changes in the condition of demand on a demand schedule with the price constant is?

A. A movement along the demand curve
B. Deflation of the demand curve
C. Hyperbola formation by the demand curve
D. Shift of the demand curve

Question 84:

• JAMB 1995

What is the elasticity of demand for commodity X, if at a price of N25 the quantity demanded is 80 and when the price is reduced to N20 the quantity demanded is 100?

A. 1.25
B. 1.45
C. 0.25
D. 0.15

Question 85:

• JAMB 1997

A good is said to be inferior if its demand?

A. Rises as it price rises
B. Falls as it price rises
C. Rises as it price falls
D. Is perfectly inelastic